Page:United States Statutes at Large Volume 91.djvu/1534

 91 STAT. 1500

PUBLIC LAW 95-213—DEC. 19, 1977

Exemption.

" (6) The Commission may, by rule or order, exempt, in whole or in part, any person or class of persons from any or all of the reporting requirements of this subsection as it deems necessary or appropriate in the public interest or for the protection of investors. Report to "(h) The Commission shall report to the Congress within thirty Congress. months of the date of enactment of this subsection with respect to (1) the effectiveness of the ownership reporting requirements contained in this title, and (2) the desirability and the feasibility of reducing or otherwise modifying the 5 per centum threshold used in subsections Ante, p. 1498. (d)(1) and (g)(1) of this section, giving appropriate consideration to— " (A) the incidence of avoidance of reporting by beneficial owners using multiple holders of record; "(B) the cost of compliance to persons required to report; "(C) the cost to issuers and others of processing and disseminating the reported information; "(D) the effect of such action on the securities markets, including the system for the clearance and settlement of securities transactions; " (E) the benefits to investors and to the public; " (F) any bona fide interests of individuals in the privacy of their financial affairs; "(G) the extent to which such reported information gives or would give any person an undue advantage in connection with 15 USC 78m, activities subject to sections 13(d) and 14(d) of this title; 78n. " (H) the need for such information in connection with the administration and enforcement of this title; and " (I) such other matters as the Commission may deem relevant, including the information obtained pursuant to section 13(f) of this title.". "Held of record." SEC. 204. Section 15(d) of the Securities Exchange Act of 1934 is 15 USC 78o. amended by inserting immediately before the last sentence the following new sentence: "The Commission may, for the purpose of this subsectioil, define by rules and regulations the term 'held of record' as it deems necessary or appropriate in the public interest or for the protection of investors in order to prevent circumvention of the provisions of this subsection.". •

Approved December 19, 1977.

LEGISLATIVE HISTORY: HOUSE REPORTS: No. 95-640 accompanying H.R. 3815 (Comm. on Interstate and Foreign Commerce) and No. 95-831 (Comm. of Conference). SENATE REPORT No. 95-114 (Comm. on Banking, Housing, and Urban Affairs). CONGRESSIONAL RECORD, Vol. 123 (1977): May. 5, considered and passed Senate. Nov. 1, considered and passed House, amended, in lieu of H.R. 3815. Dec. 6, Senate agreed to conference report. Dec. 7, House agreed to conference report. WEEKLY COMPILATION OF PRESIDENTIAL DOCUMENTS, Vol. 13, No. 52: Dec. 20, Presidential statement.

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