Page:United States Statutes at Large Volume 74.djvu/926

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[74 Stat. 886]
[74 Stat. 886]
PUBLIC LAW 86-000—MMMM. DD, 1960

886

PUBLIC LAW 86-750-lSEPT. 13, 1960

[74

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nently or temporarily enjoined by order, judgment, or decree of any court of competent jurisdiction from acting as an investment adviser, underwriter, broker, or dealer, or as an affiliated person or employee of any investment company, bank, or insurance company, or from engaging in or continuing any conduct or practice in connection with any such activity, or in connection with the purchase or sale of any security; or (D) has willfully violated any provision of the Securities 48 Stat. 74, 881. Act of 1933, or of the Securities Exchange Act of 1934, or of this 15 USC 77a, 78a. title, as any of such statutes heretofore have been or hereafter may be amended, or of any rule or regulation under any of such statutes; or (E) has aided, abetted, counseled, commanded, induced, or procured the violation by any other person of the Securities Act of 1933, or the Securities Exchange Act of 1934, or of this title, as any of such statutes heretofore have been or hereafter may be amended, or of any rule or regulation under any of such statutes." SEC. 4. Subsection (e) of section 203 of the Investment Advisers 15 USC 80b-3. Act of 1940, as amended, is amended to read as follows: e o m m encement "(e) The commencement of a proceeding to deny registration of proceedings. under this section shall operate to postpone the effective date of registration for a period of ninety days, or until final determination whether such registration shall be denied if that determination is made within such ninety-day period; but if, after appropriate notice and opportunity for hearing, it shall appear to the Commission to be necessary or appropriate in the public interest or for the protection of investors to postpone the effective date of such registration beyond such ninety-day period and until final determination of whether such registration shall be denied, the Commission shall so order. Upon request of any interested party, made more than ninety days after the effective date of such order, the Commission shall consider whether such postponement should continue, and shall take such action, if any, with respect thereto as in its discretion is necessary or appropriate in the public interest or for the protection of investors." Withdrawal from SEC. 5. Subsection (g) of section 203 of the Investment Advisers regi stration. Act of 1940, as amended, is amended to read as follows: " (g) Any person registered under this section may, upon such terms and conditions as the Commission finds necessary in the public interest or for the protection of investors, withdraw from registration by filing a written notice of withdrawal with the Commission. If the Commission finds that any person registered under this section, or who has pending an application for registration filed under this section, is no longer in existence or is not engaged in business as an investment adviser, the Commission shall by order cancel the registration of such person." 15 USC 80b-4. SEC. 6. Section 204 of the Investment Advisers Act of 1940, as amended, is amended to read as follows: Records and re"SEC. 204. Every investment adviser who makes use of the mails or ports. of any means or instrumentality of interstate commerce in connection with his or its business as an investment adviser (other than one 15 USC 80b-3. specifically exempted from registration pursuant to section 203(b)), shall make, keep, and preserve for such periods, such accounts, correspondence, memorandums, papers, books, and other records, and make such reports, as the Commission by its rules and regulations may prescribe as necessary or appropriate in the public interest or for the protection of investors. Such accounts, correspondence, memorandums, papers, books, and other records shall be subject at any time or from time to time to such reasonable periodic, special, or other examinations by examiners or other representatives of the Commission as the Commission may deem necessary or appropriate in the public interest or for the protection of investors."