1376
74TH C ONGRESS . SESS. II. CH. 462. MAY 27, 1936. duties substantially equivalent to the duties which would arise pur- suant to this title if such security were duly listed and registered on Exceptions . a national securities exchange ; except that such terms and conditions need not be imposed in any case or class of cases in which it shall appear to the Commission that the public interest and the protection of investors would neverthe less best be served by such extension of Publ ication of tra ns- unlisted trading privileges . In the publication or making available actions or quotations ; di fferent iation between for publication by any national securities exchange, or by any person listed and unlisted se- curities . directly or indirectly controlled by such exchange, of quotations or transactions in securities made or effected upon such exchange, such exchange or controlled person shall clearly differentiate between quo tatio ns or tran sacti ons i n lis ted s ecuri ties, and quota tions or transactions in securities for which unlisted trading privileges on such exchange have been con tinued or extended pursuant to this sub- Other than bre ticker . section . In the publication or making available for publication of such quotations or transactions otherwise than by ticker, such exchange or controlled person shall group under separate headings (A) quotations or transactions in listed securities, and (B) quota- tions or transactions in securities for which unlisted trading priv- ile ges o n suc h exc hange has been conti nued or ex tende d pur suant to this subsection . Suspension of privi- "The Commission shall by rules and regulations suspend unlisted loges whe n in public interest, etc. trading privileges in whole or in part or any or all classes of securities for a period not exceeding twelve months, if it deems such suspension necessary or appropriate in the public interest or for the protection of investors or to prevent evasion of the purposes of this title . T ermination of privi- "Unlisted trading privileges continued for any securit y pursuant loges; notice and hear- lng-
to clause (1) of this subsection shall be terminated by order, after withdrawal of secur- itr e by issuer ; exc epti on . appropriate notice and opportunity for hearing, if it appears at any time that such security has been withdrawn from listing on any exchange by the issuer thereof, unless it shall be established to the satisfaction of the Commission that such delisting was not designed to evade the purposes of this title or unless it shall appear to the Commission that, notwithstanding any such purpose of evasion, the continuation of such unlisted trading privileges is nevertheless necessary or appropriate in the public interest or for the protection lion, tra ding activit r e, In ad equ ate
i
of investors . On the application of the issuer o f any security for etc . which unlisted trading privileges on any exchange have been con- tinued or extended pursuant to this subsection, or of any broker or dealer who makes or creates a market for such security, or of any other person having a bona-fide interest in the question of termina- tion or suspension of such unlisted trading privileges, or on its own motion, the Commission shall by order terminate, or suspend for a period not exceeding twelve months, such unlisted trading privileges for such security if the Commission finds , after appropriate notice and opportunity for hearing, that by reason of inadequate public distribution of such security in the vicinity of said exchange, or by reason of inadequate public trading activity or of the character of trading therein on said exchange such termination or suspension is nece ssary or a ppropriate in the pu blic inter est or for the prote ction of inve stors . Notice, hearing, etc. "In any proceeding under this subsection in which appropriate notice and opportunity for hearing are required, notice of not less than ten days to the applicant in such proceeding, to the issuer of the security involved, to the exchange which is seeking to continue or extend or has continued or extended unlisted trading privileges for such security, and to the exchange, if any, on which s uch security is listed and registered, shall be deemed adequate not ice, and any broke r or deale r who make s or creat es a marke t for such secu rity,
