95TH CONGRESS

2d Session

}

HOUSE OF REPRESENTATIVES {

COMMITTEE PRINT No. 95–50

COMPILATION OF SECURITIES LAWS
WITHIN THE JURISDICTION OF THE
COMMITTEE ON INTERSTATE AND

FOREIGN COMMERCE

INCLUDING

SECURITIES ACT OF 1933
SECURITIES EXCHANGE ACT OF 1934
PUBLIC UTILITY HOLDING COMPANY ACT OF 1935

TRUST INDENTURE ACT OF 1939
INVESTMENT COMPANY ACT OF 1940
INVESTMENT ADVISERS ACT OF 1940

PREPARED FOR THE USE OF THE

HOUSE COMMITTEE ON INTERSTATE AND

FOREIGN COMMERCE

APRIL 1978

L

COMMITTEE ON INTERSTATE AND FOREIGN COMMERCE

HARLEY O. STAGGERS, West Virginia, Chairman JOHN E. MOSS, California

SAMUEL L. DEVINE, Ohio JOHN D. DINGELL, Michigan

JAMES T. BROYHILL, North Carolina PAUL G. ROGERS, Florida

TIM LEE CARTER, Kentucky LIONEL VAN DEERLIN, California

CLARENCE J. BROWN, Ohio FRED B. ROONEY, Pennsylvania

JOE SKUBITZ, Kansas JOHN M. MURPHY, New York

JAMES M. COLLINS, Texas DAVID E. SATTERFIELD III, Virginia LOUIS FREY, JR., Florida BOB ECKHARDT, Texas

NORMAN F. LENT, New York RICHARDSON PREYER, North Carolina EDWARD R. MADIGAN, Illinois CHARLES J. CARNEY, Ohio

CARLOS R. MOORHEAD, California RALPH H. METCALFE, Illinois

MATTHEW J. RINALDO, New Jersey JAMES H. SCHEUER, New York

W. HENSON MOORE, Louisiana RICHARD L. OTTINGER, New York

DAVE STOCKMAN, Michigan
HENRY A. WAXMAN, California

MARC L. MARKS, Pennsylvania
ROBERT (BOB) KRUEGER, Texas
TIMOTHY E. WIRTH, Colorado
PHILIP R. SHARP, Indiana
JAMES J. FLORIO, New Jersey
ANTHONY TOBY MOFFETT, Connecticut
JIM SANTINI, Nevada
ANDREW MAGUIRE, New Jersey
MARTIN A. RUSSO, Illinois
EDWARD J. MARKEY, Massachusetts
THOMAS A. LUKEN, Ohio
DOUG WALGREN, Pennsylvania
BOB GAMMAGE, Texas
ALBERT GORE, JR., Tennessee
BARBARA A. MIKULSKI, Maryland

W. E. WILLIAMSON, Chief Clerk and Staf Director
KENNETH J. PAINTER, First Assistant Clerk

ELEANOR A. DINKINS, Assistant Clerk
WILLIAM L. BURNS, Printing Editor

Professional Stai
ELIZABETH HARRISON

CHRISTOPHER E. DUNNE
JEFFREY H. SCHWARTZ

WILLIAM M. KITZMILLER
BRIAN R. MOIR

MARK J. RAABE
KAREN NELSON

THOMAS M. RYAN
Ross DAVID AIN

JAMES S. COWEN
LEWIS E. BERBY, Minority Counsel

CONTENTS

Securities Act of 1933_.

Appendix.

Securities Exchange Act of 1934.--

Public Utility Holding Company Act of 1935..

Trust Indenture Act of 1939_-

Investment Company Act of 1940_

Investment Advisers Act of 1940_

(III)

1

COMMITTEE ON INTERSTATE AND FOREIGN COMMERCE

HARLEY O. STAGGERS, West Virginia, Chairman
JOHN E. MOSS, California

SAMUEL L. DEVINE, Ohio
JOHN D. DINGELL, Michigan

JAMES T. BROYHILL, North Carolina
PAUL G. ROGERS, Florida

TIM LEE CARTER, Kentucky
LIONEL VAN DEERLIN, California

CLARENCE J. BROWN, Ohio
FRED B. ROONEY, Pennsylvania

JOE SKUBITZ, Kansas
JOHN M. MURPHY, New York

JAMES M. COLLINS, Texas
DAVID E. SATTERFIELD III, Virginia LOUIS FREY, JR., Florida
BOB ECKHARDT, Texas

NORMAN F. LENT, New York
RICHARDSON PREYER, North Carolina EDWARD R. MADIGAN, Illinois
CHARLES J. CARNEY, Ohio

CARLOS R. MOORHEAD, California
RALPH H. METCALFE, Illinois

MATTHEW J. RINALDO, New Jersey
JAMES H. SCHEUER, New York

W. HENSON MOORE, Louisiana
RICHARD L. OTTINGER, New York

DAVE STOCKMAN, Michigan
HENRY A. WAXMAN, California

MARC L. MARKS, Pennsylvania
ROBERT (BOB) KRUEGER, Texas
TIMOTHY E. WIRTH, Colorado
PHILIP R. SHARP, Indiana
JAMES J. FLORIO, New Jersey
ANTHONY TOBY MOFFETT, Connecticut
JIM SANTINI, Nevada
ANDREW MAGUIRE, New Jersey
MARTIN A. RUSSO, Illinois
EDWARD J. MARKEY, Massachusetts
THOMAS A. LUKEN, Ohio
DOUG WALGREN, Pennsylvania
BOB GAMMAGE, Texas
ALBERT GORE, JR., Tennessee
BARBARA A. MIKULSKI, Maryland

W. E. WILLIAMSON, Chief Clerk and Staff Director
KENNETH J. PAINTER, First A88istant Clerk

ELEANOR A. DINKINS, Assistant Clerk
WILLIAM L. Burns, Printing Editor

Professional Staff
ELIZABETH HARRISON

CHRISTOPHER E. DUNNE
JEFFREY H. SCHWARTZ

WILLIAM M. KITZMILLER
BRIAN R. MOIR

MARK J. RAABE
KAREN NELSON

THOMAS M. RYAN
Ross DAVID AIN

JAMES S. COWEN
LEWIS E. BERBY, Minority Counsel