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Each national securities exchange reports to the Commission disciplinary actions taken against any member, member firm, or person connected therewith, for violation of any rule of the exchange, of the Securities Exchange Act, or of any rule or regulation thereunder. During the year 9 exchanges reported 75 cases of such disciplinary actions, including imposition of fines ranging from $50 to $5,000 in 34 cases, with total fines aggregating $58,350; the suspension from membership of 4 member firms and 15 individuals, 2 of whom also had their specialist registration revoked; the expulsion of 3 individual members and 1 allied member; the revocation of the registration of 1 member as an odd-lot and round-lot dealer; and the censure of a number of individuals and firms. Various other sanctions were imposed against registered representatives and other employees of member firms.
REGISTRATION OF SECURITIES ON EXCHANGES Unless a security is registered under the Exchange Act or is exempt from such registration it is unlawful for a member of a national securities exchange or a broker or dealer to effect any transaction in the security on an exchange. In general, the Act exempts from registration obligations issued or guaranteed by a state or the Federal Government or by certain subdivisions or agencies thereof and authorizes the Commission to adopt rules and regulations exempting such other securities as the Commission may find necessary or appropriate to exempt in the public interest or for the protection of investors. Under this authority the Commission has exempted securities of certain banks, certain securities secured by property or leasehold interests, certain warrants and, on a temporary basis, certain securities issued in substitution for or in addition to listed securities.
Pursuant to Section 12 of the Exchange Act, an issuer may register a class of securities on an exchange by filing with the Commission and the exchange an application which discloses pertinent information concerning the issuer and its affairs. Information must be furnished regarding the issuer's business and capital structure, the terms of its securities, the persons who manage or control its affairs, the remuneration paid to its officers and directors, and the allotment of options, bonuses and profit-sharing plans, and financial statements certified by independent accountants must be filed as part of the application.
Form 10 is the form used for registration by most commercial and industrial companies. There are specialized forms for certain types of securities, such as voting trust certificates, certificates of deposit and securities of foreign governments.
Section 13 requires issuers having securities registered on an exchange to file periodic reports keeping current the information furnished in the application for registration. These periodic reports include annual reports, semi-annual reports, and current reports. The principal annual report form is Form 10-K which is designed to keep up-to-date the information furnished in applications filed on Form 10. Semi-annual reports required to be furnished on Form 9-K are devoted chiefly to furnishing mid-year financial data. Current reports on Form 8-K are required to be filed for each month in which any of certain specified events have occurred. A report on this form deals with matters such as changes in control of the registrant, important acquisitions or dispositions of assets, the institution or termination of important legal proceedings and important changes in the issuer's capital securities or in the amount thereof outstanding. Statistics Relating to Registration of Securities on Exchanges
As of June 30, 1963, a total of 2,417 issuers had 4,048 classes of securities listed and registered on national securities exchanges, of which 2,835 were classified as stocks and 1,213 as bonds. Of these totals, 1,359 issuers had 1,578 stock issues and 1,135 bond issues listed and registered on the New York Stock Exchange. Thus, 56 percent of the issuers, 56 percent of the stock issues and 94 percent of the bond issues were on the New York Stock Exchange.
During the 1963 fiscal year, a total of 195 applications for registration of classes of securities on exchanges was filed. Securities were listed and registered for the first time by 115 issuers; the registration of all securities of 103 issuers was terminated.
The following table shows the number of reports filed during the fiscal year pursuant to Section 13 of the Exchange Act and those filed under Section 15(d) of the Act by issuers obligated to file reports by reason of having publicly offered securities effectively registered under the Securities Act of 1933. As of June 30, 1963, there were 2,827 such issuers, including 297 that were also registered as investment companies under the Investment Company Act of 1940. The table also includes the number of annual reports, quarterly reports and reports to stockholders filed by issuers subject to the reporting requirements of Section 30 of the Investment Company Act.
Number of annual and other periodic reports filed by issuers under the Securities
Exchange Act of 1934 and the Investment Company Act of 1940 during the fiscal year ended June 30, 1963
The market value on December 31, 1962, of all stocks and bonds admitted to trading on one or more stock exchanges in the United States was approximately $486,633,613,000.
New York Stock Exchange.
$345, 846, 116, 000 24, 365, 144,000 4,015, 773,000
374, 227,033, 000
New York Stock Exchange o.
$111,093, 563, 000
143, 255, 000
112, 406, 580,000
Total stocks and bonds.....
486, 633, 613,000
a Bonds included 48 U.S. Government and New York State and City issues with $78,932,285,000 aggregate market value.
The New York Stock Exchange and American Stock Exchange figures were reported by those exchanges. There was no duplication of issues between them. The figures for all other exchanges, which are based on Commission compilations, represent the net number of issues appearing only on such exchanges, excluding the many issues which were also traded on one or the other of the New York exchanges. The number and market value of issues as shown exclude those suspended from trading and a few others for which quotations were not available. The number and market values as of December 31, 1962, of preferred and common stocks separately were as follows:
* Stocks admitted to unlisted trading privileges only or listed on exempted exchanges.
The 3,047 stock issues included over 9.9 billion shares of which over 9.4 billion were included in the 2,802 issues listed on registered exchanges.
The New York Stock Exchange has reported aggregate market values of all stock thereon monthly since December 31, 1924, when the figure was $27.1 billion. The American Stock Exchange has reported December 31, totals annually since 1936. Aggregates for stocks exclusively on the remaining exchanges have been compiled as of December 31, annually by the Commission since 1948.
• Total values 1936-47 inclusive are for the New York Stock Exchange and the American Stock Exchange only. Fiscal Year Share Values and Volumes
The aggregate market values of all stocks on the exchanges as of June 30 annually, and the volumes of shares traded on the exchanges in years to June 30, have been as follows:
The June 30 values were as reported by the New York Stock Exchange and as estimated for all other exchanges. Volumes included shares, warrants and rights. Comprehensive statistics of volumes on exchanges arə included among the appendix tables in this Annual . Report. Aggregate market values over the years are not strictly comparable, since they do not indicate to what extent changes are due to new listings, mergers into listed companies, removals from listing, and the like. Foreign Stock on Exchanges
The market value on December 31, 1962, of all shares and certificates representing foreign stocks on the stock exchanges was reported at about $12.7 billion, of which $10.7 billion represented Canadian and $2.0 billion represented other foreign stocks. The market values of the entire Canadian stock issues were included in these aggregates. Most of the other foreign stocks were represented by American Depositary Receipts or American shares, only the outstanding amounts of which were used in determining market values.
Foreign stocks on exchanges
The number of foreign stocks on the exchanges has declined somewhat in recent years, owing principally to a reduction on the American Stock Exchange from 152 in 1956, to 127 in 1962. Trading in foreign stocks has fallen from 42.4 percent of the reported share volume on this Exchange in 1956, to 18.1 percent in 1962.