Page:United States Statutes at Large Volume 89.djvu/177

 PUBLIC LAW 94-29—JUNE 4, 1975 committee appointed to advise the Commission with respect to the national market system which is in existence at the time of the establishment of the Advisory Board. "(B) The Advisory Board shall study the possible need for modifications of the scheme of self-regulation provided for in this title so as to adapt it to a national market system, including the need for the establishment of a new self-regulatory organization (hereinafter in this section referred to as a 'National Market Regulatory Board' or 'Regulatory Board') to administer the national market system. In the event the Advisory Board determines a National Market Regulatory Board should be established, it shall make recommendations as to: "(i) the point in time at which a Regulatory Board should be established; " (ii) the composition of a Regulatory Board; " (iii) the scope of the authority of a Regulatory Board; "(iv) the relationship of a Regulatory Board to the Commission and to existing self-regulatory organizations; and " (v) the manner in which a Regulatory Board should be funded. The Advisory Board shall report to the Congress, on or before December 31, 1976, the results of such study and its recommendations, including such recommendations for legislation as it deems appropriate. "(C) In carrying out its responsibilities under this paragraph, the Advisory Board shall consult with self-regulatory organizations, brokers, dealers, securities information processors, issuers, investors, representatives of Government agencies, and other persons interested or likely to participate in the establishment, operation, or regulation of the national market system. "(e) The Commission is authorized and directed to make a study of the extent to which persons excluded from the definitions of 'broker' and 'dealer' maintain accounts on behalf of public customers for buying and selling securities registered under section 12 of this title and whether such exclusions are consistent with the protection of investors and the other purposes of this title. The Commission shall report to the Congress, on or before December 31, 1976, the results of its study together with such recommendations for legislation as it deems advisable.". SEC. 8. Section 12(f) of the Securities Exchange Act of 1934 (15 U.S.C. 781 (f)) is amended as follows: (1) Paragraphs (1) and (2) thereof are amended to read as follows: "(f)(1) Notwithstanding the foregoing provisions of this section, any national securities exchange, subject to the terms and conditions hereinafter set forth— "(A) may continue unlisted trading privileges to which a security had been admitted on such exchange prior to July 1, 1964; "(B) upon application to and approval of such application by the Commission, may extend unlisted trading privileges to any security listed and registered on any other national securities exchange; and "(C) upon application to and approval of such application by the Commission, may extend unlisted trading privileges to any security registered pursuant to section 12 of this title or which would be required to be so registered except for the exemption from registration provided in subsection (g)(2)(B) or (g)(2) (G) of that section. If an extension of unlisted trading privileges to a security is based upon its listing and registration on another national securities exchange, such privileges shall continue in effect only so long as such security remains listed and registered on a national securities exchange.

RI-IOA

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89 STAT. 117

Report to Congress. Legislative recommendations. Consultation.

Study.

15 USC 78/. Report to Congress. Legislative recommendations. Registration requirements for securities. 15 USC 78/.

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