General Rules and Regulations Under the Securities Exchange Act of 1934, as Amended

Big X-212-4 Probation of Use of Maryrative or Deceptive Devices or Contrivances With Respert to Securities Not Registered on a National Securities Exchange

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4. The providers of tila rile dall we apply to securities which are direa dolgailos di o diligations guaranteed as to principal or Interva by the United State: such worities issued or guaranteed by corporatione in which the United States has a direct or indirect interest as enali te qedgated for exemption by the Secretary of the Treasury as necessary or appropriate in the public interest or for the protection of investors; and securities which are direct obligaCons of or obligations guaranteed as to principal or interest by a State or any political subdivision thereof or any agency or instrumentality of a State or any political subdivision thereof or any municipal corporate instrumentality of one or more States.

(c) The provisions of this rule, so far as they apply to acts or omissions to act with respect to any security not listed or admitted to unlisted trading privileges on an exchange, shall not become effective until November 1, 1938.

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RULES UNDER SECTION 11 OF THE ACT

EXEMPTION OF CERTAIN SECURITIES FROM SECTION 11 (d) (1)

Rule X-11D1-1. Exemption of Certain Securities From Section 11 (d) (1).

A security shall be exempt from the provisions of section 11 (d) (1) with respect to any transaction by a broker and dealer who, directly or indirectly, extends or maintains or arranges for the extension or maintenance of credit on the security to or for a customer if

(a) The broker and dealer has not sold the security to the customer or bought the security for the customer's account; or

(b) The security is acquired by the customer in exchange with the issuer thereof for an outstanding security of the same issuer on which credit was lawfully maintained for the customer at the time of the exchange; or

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1101

RULES UNDER SECTION 12 OF THE ACT

SECURITIES EXEMPTED FROM REGISTRATION

Rule X-12A-1. Temporary Exemption From Section 12 (a) of Certain Securities of Banks and Bank Holding CompaniesProhibition of Use of Manipulative or Deceptive Devices or Contrivances With Respect Thereto.

(a) The following securities shall be exempt from the operation of section 12 (a) to and including the one hundred and twentieth day after the filing of applications on the form appropriate for such security shall be authorized: (1) Securities of banks and bank holding companies as to which temporary registration expired on June 30, 1935; (2) securities of the same issuer heretofore or hereafter issued in exchange for or resulting from a modification of any securities exempted from the operation of section 12 (a) by this rule; and (3) shares of common stock of the same issuer heretofore or hereafter issued as stock dividends on stock of the same class exempted from the operation of section 12 (a) by this rule.

(b) Rules X-7C2-1 and X-10B-1 shall be applicable to all securities exempted from the operation of section 12 (a) by paragraph (a) of this rule.

Rule X-12A-2. Temporary Exemption From Section 12 (a) of Certain Securities Secured by Property Which, or a Leasehold Interest in Which, Is Owned by a Person Not the Original Issuer of Such Security-Prohibition of Use of Manipulative or Deceptive Devices or Contrivances With Respect Thereto.

(a) Any security which is secured by property which, or a leasehold interest in which, is now owned by a person who was not the original issuer of such security, shall be exempt from the operation of section 12 (a) to and including the respective dates indicated below, and for such longer period, if any, as would have been applicable under rule X-12A-1 or rule X-12A-3, if such security had been a security of such owner or lessee:

(A) If temporary registration of such security expired on June 30, 1935, such exemption shall continue to and including November 5, 1935, unless either of the following conditions is

satisfied, in which event such exemption shall continue to and including April 30, 1936:

(1) An application for the registration of such security has been filed by the original issuer or by such owner or lessee.

(2) Such owner or lessee has filed with the exchange and with the Commission a statement conforming to the requirements of paragraph (b) of this rule as the same existed prior to this amendment.

(B) If such security was listed on an exchange at the time a temporary exemption from registration was granted to such exchange, and shall have continued to be so listed until registration of such exchange became effective, such exemption shall continue to and including April 30, 1936.

If registration pursuant to section 12 (b), (c), and (d) shall become effective as to any obligation evidenced by any such security, such exemption shall forthwith terminate as to such obligation.

(b) Any security exempted by paragraph (a) of this rule from the operation of section 12 (a) shall continue to be exempt from the operation of said section 12 (a), to the extent necessary to render lawful the effecting of transactions therein on any national securities exchange on which such security is now listed, until this rule shall be revoked or modified, if on or before the twentieth day preceding the expiration of the exemption provided by said paragraph (a) the owner or lessee of the property securing the same shall file with such exchange, and with the Commission, a statement with respect to such security or, if such owner or lessee is personally liable upon such security, an application for the registration of such security, conforming to the following requirements. Such statement or application, as the case may be, shall be made upon the form appropriate for registration of securities of such owner or lessee, shall set forth the information required by such form, and shall contain the following additional statement with respect to such security:

(1) That temporary registration of such security expired on June 30, 1935;

(2) That such security is secured by property which is owned or leased by such owner or lessee and, if leased, a brief outline of the principal provisions of such lease, together with a copy of such lease as an exhibit;

(3) That the original issuer has either been dissolved or has no assets (other than nominal assets) except its interest, if any, in such property, and that such security has as its only means of service payments made by such owner or lessee: and

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General Rules and Regulations Under the Securities Exchange Act of 1934, as ...