Page:United States Statutes at Large Volume 89.djvu/230

 89 STAT. 170

PUBLIC LAW 94-29—JUNE 4, 1975

"(C) The exemption provided by subparagraphs (A) and (B) hereof shall not apply to resales of the securities acquired pursuant thereto, unless each of the conditions for sale contained in subparagraphs (A)(1)(a) through (c) are satisfied.". Effective date. SEC. 31. (a) This Act shall become effective on the date of its enact15 USC 78b note, ment except as hereinafter provided. The amendments made by this Act to sections 3(a) (12), 6(a) through (d), l l A (b), 15(a), 15A, v4rete, pp.97,104, 15B(a), 17A(b) and (c), and 19(g) of the Securities Exchange Act 111, 121, 127, of 1934 shall become effective one hundred eighty days after the date 131, 141, 146. of enactment of this Act, and the amendments made by this Act to Ante, p. 162. section 31 of the Securities Exchange Act of 1934 shall become effective on January 1, 1976. Neither the provisions of section 3(a)(3), 6(b)(2), or 6(c)(1) of the Securities Exchange Act of 1934 (as amended by this Act) nor any rule or regulation thereunder shall apply so as to deprive any person of membership in any national securities exchange (or its successor) of which such person was, on the date of enactment of this Act, a member or a member firm as defined in the constitution of such exchange, or so as to deny membership in any such exchange (or its successor) to any natural person who is or becomes associated with such member or member firm, 15 USC 78f note. (b) If it appears to the Commission at any time within one year of the effective date of any amendment made by this Act to the Securities Exchange Act of 1934 that the organization or rules of any national securities exchange or registered securities association registered with the Commission on the date of enactment of this Act do not comply with such Act as amended, the Commission shall so notify such exchange or association in writing, specifying the respects in which the exchange or association is not in compliance with such Act. On and after the one hundred eightieth day following the date of receipt of such notice by a national securities exchange or registered securities association, the Commission, without regard to the provisions of secAnte, p. 146. tion 19(h) of the Securities Exchange Act of 1934, as amended by this Act, is authorized by order, to suspend the registration of any such exchange or association or impose limitations on the activities, functions, and operations of any such exchange or association, if the Commission finds, after notice and opportunity for hearing, that the organization or rules of such exchange or association do not comply with such Act. Any such suspension or limitation shall continue in effect until the Commission, by order, declares that such exchange or association is in compliance with such requirements. Approved June 4, 1975.

LEGISLATIVE HISTORY: HOUSE REPORTS No. 94-123 accompanying H.R. 4111 (Comm. on Interstate and Foreign Commerce) and No. 94-229 (Comm. of Conference). SENATE REPORT No. 94-75 (Comm. on Banking, Housing and Urban Affairs). CONGRESSIONAL RECORD, Vol. 121 (1975): Apr. 17, considered and passed Senate. Apr. 24, considered and passed House, amended, in lieu of H.R. 4111. May 20, Senate agreed to conference report. May 22, House agreed to conference report. WEEKLY COMPILATION OF PRESIDENTIAL DOCUMENTS, Vol. 11, No. 23: June 5, Presidential statement.

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