Page:United States Statutes at Large Volume 81.djvu/184

 150

PUBLIC LAW 90-59-JULY 31, 1967

fel

STAT.

latest tinancial statement tiled with the Securities and Exchange Commission on form X-17A-5 prior to July 13, 1967, or which effected at least 300 transactions with respect to the sale or acquisition of stock of foreign issuers or debt obligations of foreign obligors during either the week commencing on July 2, 1967, or the week commencing on July 9, 1967. " (C) TERMINATION OF STATUS.—The status of a member or

member organization of a national securities exchange or association registered with the Securities and Exchange Commission qualifying as a participating firm shall be terminated if— " (i) such member or member organization qualifies as a participating firm during the interim period described in subparagraph (B) and does not submit to the Secretary or his delegate, on or before August 15, 1967, the notification described in subparagraph (A); "(ii) such member or member organization files a written request with the Secretary or his delegate to terminate such status; or "(iii) the Secretary or his delegate has reasonable cause to believe a participating firm is failing to comply with the statutory provisions and procedural requirements described in subparagraph (A), and notifies the participating firm of such noncompliance. Any termination of the status of a participating firm in accordance with this subparagraph shall be effective as of the date specified in a notice to such participating firm issued by the Secretary or his delegate which date shall be subsequent to the date on which information regarding the termination of such status is published for the purpose of informing the remaining participating firms and participating custodians. For purposes of this paragraph, an associate member or member organization of the New York Stock Exchange, the American Stock Exchange, or a national securities association registered with the Securities and Exchange Commission shall be deemed a member or member organization of such exchange or association. " (d) ISSUANCE OF I E T

CLEAN CONFIRMATION BY PARTICIPATING

FIRM.—A participating firm may issue an I E T clean confirmation (referred to in subsection (b)(1)(B)) in connection with an acquisition of stock of a foreign issuer or a debt obligation of a foreign obligor by a United States person— "(1) if such participating firm— " (A) acted as a broker in effecting such acquisition and received from another participating firm a written comparison or broker-dealer confirmation under subsection (e) which indicates that the exemption for prior American ownership and compliance provided in subsection (a) applies to such acquisition; " (B) acted as a broker in effecting both the sale and acquisition on the same day of such stock or debt obligation and would have been entitled to issue a written comparison or broker-dealer confirmation under paragraph (e) which indicates that the exemption for prior American ownership and compliance provided in subsection (a) applies to such acquisition if such acquisition had been effected by another participating firm; or " (C) sold such stock or debt obligati(m for its own account and is a person described in subsection (a) with respect to such acquisition; or

�