Page:United States Statutes at Large Volume 108 Part 5.djvu/593

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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.