PUBLIC LAW 103-389 —OCT. 22, 1994
108 STAT. 4083
final agency action for pttrposes of section 704 of title 5, United
States Code. Upon such suspension—
"(i) the exchange shall cease trading in the security by
the close of busiaess on the date of such suspension, or at
such time as the Commission may prescribe by rule or order
for the maintenance of fair and orderly markets, the protection
of investors sind the public interest, or otherwise in furtherance
of the purposes of this title; and
"(ii) if the exchange seeks to extend unMsted trading privileges to the sectirity, the exchange shall file an application
to reinstate its ability to do so wilii the Commission pursuant
to such procedures as the Commission may prescribe by rule
or order 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.
"(B) A suspension under subparagraph (A) shall remain La
effect until the Commission, by order, grants approval of an apphcation to reinstate, as described in subparagraph (A)(ii).
"(C) A suspension under subparagraph (A) shall not affect
the vaUdity or force of an extension of imlisted trading privileges
in effect prior to such suspension.
"(D) The Commission shall not approve an application by a
national securities exchange to reinstate its abliity to extend
unhsted trading privileges to a security unless the Commission
finds, after notice and opportunity for hearing, that the extension
of unlisted trading privileges pursuant to such apphcation is consistent with the maintenance of fair and orderly markets, the protection
of investors and the public interest, and otherwise La furtherance
of the purposes of this title. If the application is made to reinstate
unhsted trading privileges to a seciuity described La paragraph
(l)(A)(ii), the Commission—
"(i) shall take account of the public trading activity La
such security, the character of such trading, the impact of
such extension on the existing markets for such a security,
and the desLrabLUty of removing impediments to and the
progress that has been made toward the development of a
national market system; and
"(ii) shall not grant any such apphcation if any rule of
the national securities exchange making apphcation under this
subsection would unreasonably impair the abihty of a dealer
to sohcit or effect transactions in such security for its own
account, or would unreasonably restrict competition among
dealers in such security or between such dealers acting La
the capacity of marketmakers who are speciahsts and such
dealers who sire not specialists.".
(b) CONFORMING AMENDMENT.— Section 12(f)(3) of the Securities
Exchange Act of 1934 (15 U.S.C. 781(f)(3)) is amended by striking 15 USC 78Z.
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