Page:United States Statutes at Large Volume 49 Part 1.djvu/1424

 74TH C ONGRESS. SESS. II. CH. 462. MAY 27, 1936. 1379 "(d) Each registration statement hereafter filed pursuant to the meegistration s tate- Securities Act of 1933, as amended, shall contain an undertaking by su Un dertakinghb is- the issuer of the issue of securities to which the registration state- odic information, etc, ment relat es to file with the Commission, in accor dance with such rules and regulations as the Commission may prescribe as necessary or appropriate in the public interest or for the protection of inves- tors, such supplemen tary and p eriodic in formation, documents , and reports as may be required pursuant to section 13 of this title in Vol. 48, p. 894. respect of a security listed and registered on a national securities exchange ; but such * undertaking shall become operative only if the 'When operative . aggregate offering price of such issue of securities, plus the aggre- gate value of a ll other securi ties of such is suer of the sam e class (as hereinafte r defined) outstandi ng, comput ed upon th e basis of such offering price, amounts to $2,000,000 or more. The issuer shall file Dutre to file informa- t ion susp ende d un der su ch supplementary and periodic information, documents, and d esi gnat ed circ um- reports pursuant to such undertaking, except that the duty to file stances` shall be automatically suspended if and so long as (1) such issue of securities is listed and registered on a national securities exchange, or (2) by reason of the listing and registration of any other security of such issuer on a national securities exchange, such issuer is required to file pursuant to section 13 of this title information, doc- uments, and reports substantially equivalent to such as would be required if such issue of securities were listed and registered on a national securities exchange, or (3) the aggregate value of all out- stan ding securities of the class t o which such is sue belongs is reduced to less than $1,000,000, computed upon the basis of the offering price of the last issue of securities of said class offered to the public. For "Class" construed. the purposes of this subsection, the term `class' shall be construed to i nclude all secu rities of an is suer which are of substantiall y simi- lar character and the holders of which enjoy substantially similar rights and privileges. Nothing in this subsection shall apply to g Securities of foreign securities issued by a foreign government or political subdivision thereof or to any other security which the Commission may by rules cuotheer exempted se- and regulations exempt as not comprehended within the purposes of this subsection ." SnC. 4 . Subsection (a) of section 17 of such Act is amended by Broker's accounts striking out "every broker or dealer making or creating a market and records recor ds s`~8s7 . for both the purchase and sale of securities through the use of the mai ls or of a ny means or instrum entality o f intersta te commerc e", and inserting in lieu thereof "every broker or dealer registered pur- suant to section 15 of this title" . SEC . 5 . Subsection (a) of section 18 of such Act is amended by me leadingstate- inserting immediately before the comma following "any rule or reg- vol .4s, p.897. ulati on thereun der" the f ollowing : "o r a ny undertaking contained in a registration statement as provided in subsection (d) of section 15 of this title". SEC . 6 . Subsection (c) of section 20 of such Act is amended by fig nreas o naabl re delay - inserting immediately before the period the following : "or any vo1 .4a,p .sss, und erta kin contained in aa regi stration s tatement a s provided in subs ecti on g (d) of section 15 of this title" . SEC. 7. Subsection (f) of section 21 of such Act is amended by mad of writs of inserting immediately before the period the following : "or with voL48,p .s o1. any unde rtaking co ntained in a registr ation stat ement as p rovided in subsection (d) of section 15 of this title" . SEC. 8. Subsection (a) of section 23 of such Act is amended to read as follows "(a) The Commission and the Board of Governors of the Federal tio Rules and regula- Reserve Sy stem shall each have power to make such rules and regu- vol. 48, p .W 1. lations as may be necessary for the execution of the functions vested