Page:United States Statutes at Large Volume 94 Part 2.djvu/1015

 PUBLIC LAW 96-477—OCT. 21, 1980

94 STAT. 2293

ation for the purposes of carrying out the policies and projects set forth in paragraphs (2) and (3). "(2) It is the declared policy of this subsection that there should be greater Federal and State cooperation in securities matters, including— "(A) maximum effectiveness of regulation, "(B) maximum uniformity in Federal and State regulatory standards, "(C) minimum interference with the business of capital formation, and "(D) a substantial reduction in costs and paperwork to diminish the burdens of raising investment capital (particularly by small business) and to diminish the costs of the administration of the Government programs involved. "(3) The purpose of this subsection is to engender cooperation between the Commission, any such association of State securities officials, and other duly constituted securities associations in the following areas: "(A) the sharing of information regarding the registration or exemption of securities issues applied for in the various States; "(B) the development and maintenance of uniform securities forms and procedures; and "(C) the development of a uniform exemption from registration for small issuers which can be agreed upon among several States or between the States and the Federal Government. The Commission shall have the authority to adopt such an exemption as agreed upon for Federal purposes. Nothing in this Act shall be construed as authorizing preemption of State law. "(4) In order to carry out these policies and purposes, the Commission shall conduct an annual conference as well as such other meetings as are deemed necessary, to which representatives from such securities associations, securities self-regulatory organizations, agencies, and private organizations involved in capital formation shall be invited to participate. "(5) For fiscal year 1982, and for each of the three succeeding fiscal years, there are authorized to be appropriated such amounts as may be necessary and appropriate to carry out the policies, provisions, and purposes of this subsection. Any sums so appropriated shall remain available until expended.".

Registration exemption.

Annual conference.

REDUCTION OF COSTS OF SMALL SECURITIES ISSUES

SEC. 506. (a) The Securities and Exchange Commission shall use its 15 USC 80c-3. bt^t efforts to identify and reduce the costs of raising capital in coniiection with the issuance of securities by firms whose aggregate outstanding securities and other indebtedness have a market value of $25,000,000 or less, through such means as studies, giving appropriate publicity to improved technology developments in fields such as printing, communications, and filing, and giving special attention to the effect of existing and proposed regulatory changes upon the small companies wishing to raise capital and independent broker-dealers which are in a key position with respect to the costs of underwriting and making markets in the securities of smaller companies. (b) The Commission shall report on these efforts at the annual Report. Government-business forum required by section 503.

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