74th congress. SESS. II. CH. 462. MAY 27, 1936. 1377 



and any other person having a bona-fide interest in such proceeding, 

 shall upon application be entitled to be heard. 



"Any security for which unlisted trading privileges are continued dfwS'r'ristere™'^'^'''^ 

 or extended pursuant to this subsection shall be deemed to be reg- 

 istered on a national securities exchange within the meaning of this 

 title. The powers and duties of the Commission under subsection ej^en™^'^'™'^^'"'^'^ 

 (b) of section 19 of this title shall be applicable to the rules of an voi. 48^ p. 898. 

 exchange in respect of any such security. The Commission may, by Exemptions' permit- 

 such rules and regulations as it deems necessary or appropriate in '^''■ 

 the public interest or for the protection of investors, either uncondi- 

 tionally or upon specified tex-ms and conditions, or for stated periods, 

 exempt such securities from the operation of any provision of section ^^°^- *^- pp- ***- ^^^' 

 13, 14, or 16 of this title." 



Sec. 2. Any application to continue unlisted trading privileges tiMe''tramngprwueKes 

 for any security heretofore filed by any exchange and approved by for security heretofore 

 the Commission pursuant to clause (1) of subsection (f) of section ^'vo'i™8,'p. 894. 

 12 of the Securities Exchange Act of 1934 and rules and i-egulations 

 thereunder shall be deemed to have been filed and approved pursuant 

 to clause (1) of said subsection (f) as amended by section 1 of this 

 Act. 



Sec. 3. Section 15 of the Securities Exchange Act of 1934 is m^kete.'"^'"""'" 

 amended to read as follows: voi. 4s, p. 895; u. s. 



"Sec. 15. (a) No broker or dealer (other than one whose business ule of' the mails, 

 is exclusively intrastate) shall make use of the mails or of any means brokers', e""^^'^'""'* 

 or instrumentality of interstate commerce to effect any transaction in, 

 or to induce the purchase or sale of, any security (other than an 

 exempted security or commercial paper, bankers' acceptances, or 

 commercial bills) otherwise than on a national securities exchange, 

 unless such broker or dealer is registered in accordance with sub- 

 section (b) of this section. 



"(b) A broker or dealer may be registered for the purposes of tra^tfo^n'JToments."''"' 

 this section by filing with the Commission an application for regis- 

 tration, which shall contain such information in such detail as to 

 such broker or dealer and any person directly or indirectly con- 

 trolling or controlled by, or under direct or indirect common control 

 with, such broker or dealer, as the Commission may by rules and 

 regulations requii'e as necessary or appropriate in the public interest 

 or for the protection of investors. Except as hereinafter provided, Eflective date. 

 such registration shall become effective thirty days after the receipt 

 of such application by the Commission or within such shorter period 

 of time as the Commission may determine. 



"An application for registration of a broker or dealer to be formed er^o^'^dSr^Cte 

 or organized may be made by a broker or dealer to which the broker '°'jJ?'^^tsTtc°^^'"'*^*'^' 

 or dealer to be formed or organized is to be the successor. Such 

 application shall contain such information in such detail as to the 

 applicant and as to the successor and any person directly or indirectly 

 controlling or controlled by, or under direct or indirect common 

 control with, the applicant or the successor, as the Commission may 

 by rules and regulations require as necessary or appropriate in the 

 public interest or for the protection of investors. Except as herein- Effective date. 

 after provided, such registration shall become effective thirty days 

 after the receipt of such a^jplication by the Commission or within 

 such shorter period of time as the Commission may determine. Such tio'^'b?sS?ceior'?'"'''*' 

 registration shall terminate on the forty-fifth day after the effective 

 date thereof, unless prior thereto the successor shall, in accordance 

 with such rules and regulations as the Commission may prescribe, 

 adopt such application as its own. 



"If any amendment to any application for registration pursuant pii^^fo°1"™'^ '" ^^' 

 to this subsection is filed prior to the effective date thereof, such 

 amendment shall be deemed to have been filed simultaneously with 



