Page:United States Statutes at Large Volume 84 Part 2.djvu/167

 84 STAT. ]

PUBLIC LAW 91-567-DEC. 22, 1970

1497

Public Law 91-567 AN ACT

To amend sections 13(d), 13(e), 14(d), and 14(e) of the Securities Exchange Act of 1934 in order to provide additional protection for investors.

December 22, 1970

[s.343i]

Be it enacted by the Seriate and House of Re^resentatives of the United States of America in Congress assembled, That (a) the part of Securities Exparagraph (1) of subsection (d) of section 13 of the Securities anfen^dment." ' Exchange Act of 1934 (15 U.S.C. 78m(d)(1)) which precedes clause investor protection. (A) is amended— 82*Stat. 454. (1) by inserting after "section 12 of this title" the following: 48 Stat. 392; ", or any equity security of an insurance company which would ^^IS'USC^TSL have been required to be so registered except for the exemption contained in section 12(g)(2)(G) of this title,"; and (2) by striking out "10 per centum" and inserting in lieu thereof "5 per centum". (b) Paragraph (5) of subsection (d) of section 13 of the Securities Exchange Act of 1934 (15 U.S.C. 7 8 m (d)(5)) is redesignated as paragraph (6) and the following new paragraph is inserted immediately after paragraph (4). "(5) The Commission, by rule or regulation or by order, may permit Notice in iieu any person to file in lieu of the statement required by paragraph (1) mem?""^^'* ^'^*' of this subsection or the rules and regulations thereunder, a notice stating the name of such person, the number of shares of any equity securities subject to paragraph (1) which are owned by him, the date of their acquisition and such other information as the Commission may specify, if it appears to the Commission that such securities were acquired by such person in the ordinary course of his business and were not acquired for the purpose of and do not have the effect of changing or influencing the control of the issuer nor in connection with or as a participant in any transaction having such purpose or effect." SEC. 2. Paragraph (2) of subsection (e) of section 13 of the Securities ^^^^^^^^"^^ Exchange Act of 1934 (15 U.S.C. 78m (e)(2)) is amended by adding at the end thereof the following: "The Commission shall have power to make rules and regulations implementing this paragraph in the public interest and for the protection of investors, including exemptive rules and regulations covering situations in which the Commission deems it unnecessary or, inappropriate that a purchase of the type described in this paragraph shall be deemed to be a purchase by the issuer for purposes of some or all of the provisions of paragraph (1) of this subsection." SEC. 3. The first sentence of paragraph (1) of subsection (d) of section 14 of the Securities Exchange Act of 1934 (15 U.S.C. 78n(d) (1)) is amended— (1) by inserting after "section 12 of this title," the following: "or any equity security of an insurance company which would have been required to be so registered except for the exemption contained in section 12(sr)(2)(G) of this title,"; and 78 Stat. 557. (2) by striking out "10 per centum" and inserting in lieu thereof "5 per centum". SEC. 4. Paragraph 8 of subsection (d) of section 14 of the Securities Exchange Act of 1934 (15 U.S.C. 78n(d)(8)) is amended by striking out clause (A) and redesignating clauses (B), (C), and (D) as clauses (A), (B), and (C), respectively. SEC. 5. Subsection (e) of section 14 of the Securities Exchange Act (15 U.S.C. 78n(e)) is amended by adding the following sentence at the end thereof: "The Commission shall, for the purposes of this subsection, by rules and regulations define, and prescribe means reason-

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