Page:United States Statutes at Large Volume 89.djvu/173

 PUBLIC LAW 9 4 - 2 9 — J U N E 4, 1975

89 STAT. 113

is consistent with the public interest, the protection of investors, and the purposes of this section, including the maintenance of fair and orderly markets in securities and the removal of impediments to and perfection of the mechanism of a national market system: Provided, however, That a securities information processor not acting as the exclusive processor of any information with respect to quotations for or transactions in securities is exempt from the requirement to register in accordance with this subsection unless the Commission, by rule or order, finds that the registration of such securities information processor is necessary or appropriate in the public interest, for the protection of investors, or for the achievement of the purposes of this section. " (2) A securities information processor may be registered by filing Registration, with the Commission an application for registration in such form as the Commission, by rule, may prescribe containing the address of its principal office, or offices, the names of the securities and markets for which it is then acting and for which it proposes to act as a securities information processor, and such other information and documents as the Commission, by rule, may prescribe with regard to performance capability, standards and procedures for the collection, processing, distribution, and publication of information with respect to quotations for and transaction in securities, personnel qualifications, financial condition, and such other matters as the Commission determines to be germane to the provisions of this title and the rules and regulations thereunder, or necessary or appropriate in furtherance of the purposes of this section. " (3) The Commission shall, upon the filing of an application for Application, registration pursuant to paragraph (2) of this subsection, publish notice of filing, notice of the filing and afford interested persons an opportunity to submit written data, views, and arguments concerning such application. W i t h i n ninety days of the date of the publication of such notice (or within such longer period as to which the applicant consents) the Commission shall— " (A) by order g r a n t such registration, or " (B) institute proceedings to determine whether registration should be denied. Such proceedings shall include notice of the Hearing, grounds for denial under consideration and opportunity for hearing and shall be concluded within one hundred eighty days of the date of publication of notice of the filing of the application for registration. A t the conclusion of such proceedings the Commission, by order, shall g r a n t or deny such registration. The Commission may extend the time for the conclusion of such proceedings for u p to sixty days if it finds good cause for such extension and publishes its reasons for so finding or for such longer periods as to which the applicant consents. The Commission shall grant the registration of a securities information processor if the Commission finds that such securities information processor is so organized, and has the capacity, to be able to assure the p r o m p t, accurate, and reliable performance of its functions as a securities information processor, comply with the provisions of this title and the rules and regulations thereunder, carry out its functions in a manner consistent with the purposes of this section, and. insofar as it is acting as an exclusive processor, operate fairly and efficientlv. The Commission shall deny the registration of a securities information processor if the Commission does not make any such finding. " (4) A registered securities information processor may, upon such terms and conditions as the Commission deems necessary or aporopriate in the public interest or for the protection of investors. withdraAV from registration by filing a written notice of withdrawal with the Commission. I f the Commission finds that any registered securities

Withdrawal from registration.

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