Page:United States Statutes at Large Volume 108 Part 5.djvu/591

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PUBLIC LAW 103-389—OCT. 22, 1994 108 STAT. 4081 Public Law 103-389 103d Congress An Act Unlisted Trading Privileges Act of 1994. 15 USC 78a note. 15 USC 78Z. To amend the Securities Exchange Act of 1934 with respect to the extension of Oct. 22, 1994 \mlisted trading privileges for corporate securities, and for other pvuposes. [H.R. 4535] Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SECTION 1. SHORT TITLE. This Act may be cited as the "UnUsted Trading Privileges Act of 1994". SEC. 2. AMENDMENTS TO THE SECURITIES EXCHANGE ACT OF 1934. (a) UNUSTED TRADING PRIVILEGES. —Section 12(f) of the Securities Exchange Act of 1934 (15 U.S.C. 781(f)) is amended by striking paragraphs (1) sind (2) and ioserting the following: ^f)(l)(A) Notwithstanding the preceding subsections of this section, any national securities exchange, in accordsince with the requirements of this subsection and the rules hereunder, may extend unhsted trading privileges to— "(i) any security that is listed and registered on a national securities exchange, subject to subparagraph (B); and "(ii) any security that is omerwise registered pursuant to this section, or that would be required to be so registered except for the exemption fix)m registration provided in subparagraph (B) or (G) of subsection (g)(2), subject to subparagraph (E) of this paragraph. "(B) A national securities exchange may not extend unhsted trading privileges to a securi^ described in subparagraph (A)(i) during such interval, if any, after the commencement of an initial public offering of such security, as is or may be required pursuant to subparagraph (C). "(C) Not later than 180 days after the date of enactment of Regulations. the Unlisted Trading Privileges Act of 1994, the Commission shall prescribe, by rule or regulation, the duration of the interval referred to in subparagraph (B), if any, as the Commission determines to be necessary or appropriate for the maintenance of fair and orderly markets, the protection of investors and the public interest, or otherwise in furtherance of the purposes of this title. Until the earlier of the effective date of such rule or regulation or 240 days after such date of enactment, such interval shall begin at the opening of trading on the day on which such security commences trading on the national securities exchange with which such security is registered and end at the conclusion of the next day of trading. ^D) The Commission may prescribe, by rule or regulation such additional procedures or requirements for extending unhsted trading privileges to any security as the Commission deems necessary