Earl F. Hastings We wish to express here our profound regret at the death of Earl F. Hastings on September 8, 1961, shortly after his retirement for reasons of health while serving his second term as a member of the Securities and Exchange Commission. As Director of Securities for the Arizona Corporation Commission in the years 1949 to 1956, and thereafter as a member of this Commission, he served his State and Nation well as an able and just administrator, bringing to the public service a broad experience in mining and industrial engineering. His fairness in the administration of the law, his staunch advocacy of the cause of investor protection, and his dedication to the objectives for which the Commission was established have left an indelible impression upon those members who served with him and upon the staff. We shall miss his wise and forthright counsel, and his warm and courteous personality. To the members of his family we extend our deepest sympathy. William L. Cary Byron D. Woodside CURRENT PROBLEMS BEFORE THE COMMISSION. The high level of activity and changing conditions in the securities markets.... Study of trading and marketing practices in the exchange and overthe-counter markets... Study of the implications of the growth of investment companies--- Enforcement activity.. Registration of new security offerings. Management survey PART II LEGISLATIVE ACTIVITIES... Statutory amendments in the 86th Congress. Congressional action and hearings in the 87th Congress.. PART III REVISION OF RULES, REGULATIONS, AND FORMS. General.. Revision of rules and forms concerning the reporting of security Amendment of rules concerning disclosure of nonpublic records by 13 Adoption of rules 234 and 235; rescission of regulation A-R REVISION OF RULES, REGULATIONS, AND FORMS-Continued Amendment of rule 3c-1.__ Proposal to adopt exemptive rules applicable to licensed small business investment companies Adoption of form N-5R. Investment Advisers Act of 1940_. Amendment of form ADV and rule 204-1 and adoption of form Adoption of rule 204–2.. Proposed rule 206(4)−1. PART IV ADMINISTRATION OF THE SECURITIES ACT OF 1933 Description of the registration process-- Registration statement and prospectus. Time required to complete registration__ Volume of securities registered _ _ Stop order proceedings ___ Examinations and investigations.. Exempt offerings under regulation A.- Litigation under the Securities Act of 1933. Participation as amicus curiae__ PART V ADMINISTRATION OF THE SECURITIES EXCHANGE ACT OF 1934. Regulation of exchanges and exchange trading Registration and exemption of exchanges.. Disciplinary action_... Registration of securities on exchanges. Statistics relating to registration of securities on exchanges. Market value of securities traded on exchanges... Fiscal year share values and volumes.. Foreign stock on exchanges.__. Comparative exchange statistics.. Comparative over-the-counter statistics Reporting under section 15(d)....... Delisting of securities from exchanges.. Delisting proceedings under section 19(a)__ Unlisted trading privileges on exchanges. Applications for unlisted trading privileges. 52 52 52 53 53 54 55 56 57 57 58 60 61 61 63 65 66 67 67 ADMINISTRATION OF THE SECURITIES EXCHANGE ACT OF 1934-Continued Insiders' security holdings and transactions.. Ownership reports --- Recovery of short-swing trading profits by issuer Regulation of proxies.. Scope of proxy regulation.......... Statistics relating to proxy statements.. Stockholders' proposals---. Ratio of soliciting to nonsoliciting companies... Proxy contests_ Investigations.. Regulation of broker-dealers and over-the-counter markets Registration____ Administration proceedings.. Revocation and denial proceedings.. Suspension proceedings.. Other sanctions.. Net capital rule.. Financial statements_-_ Broker-dealer inspections-- Supervision of activities of National Association of Securities Dealers, Inc.. NASD disciplinary actions___. Commission review of NASD disciplinary action.......... Commission review of NASD action on membershipLitigation under the Securities Exchange Act of 1934 Participation as amicus curiae__. PART VI Page 69 69 70 71 71 71 72 73 73 73 74 74 74 76 81 81 82 83 84 86 87 88 91 92 96 ADMINISTRATION OF THE PUBLIC UTILITY HOLDING COM- Composition of registered holding company systems and progress 98 99 104 Financing of active registered public utility holding companies and their subsidiaries - - - 117 Competitive bidding. 118 Issuance of long-term debentures by subsidiary public utility companies____ 120 Capitalization ratios and accounting for deferred taxes___ 121 public utility companies... 123 Exchange of securities pursuant to section 11 reorganizations.--. 126 PART VII PARTICIPATION OF THE COMMISSION IN CORPORATE RE- PARTICIPATION OF THE COMMISSION IN CORPORATE RE- Page Matters related to the proceedings.. Problems in connection with the administration of estates. Trustee's investigations - - Intervention in chapter XI proceedings... Activities with regard to allowances.. 130 132 134 135 137 Administrative proceedings. __ Litigation under the Investment Advisers Act of 1940.. PART XI 140 141 141 142 142 143 144 145 146 146 152 153 156 159 160 160 162 Enforcement problems with respect to Canadian securities.. 174 176 Section of securities violations____ 178 Applications for nondisclosure of certain information.. 179 179 186 187 Statistics and special studies.. Issues registered under the Securities Act of 1933.. Individuals' saving... 188 188 188 188 |