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Annual Report 1966

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Annual Report 1966 , t.I ~- f)-3 /&7(...(.. c/-:; If. tj 43 2 !!!! ) :'//Annual Report) ~- U I~' SECURITIES AND EXCHANGE COMMISSION 1966 Fiscal Year Ended June 30 SECURITIES AND EXCHANGE COMMISSION Headquarters Office 500 North Capitol Street Washington, D.C. 20549 COMMISSIONERS MANUEL F. COHEN, Ohai1'man BYRON D. WOODSIDE HUGH F. OWENS HAMER H. BUDGE FRANCIS M. WHEAT ORVAL L. DuBoIs, Secretary II For sale by the Superintendent or Documents, U.8. Government Printing Office Washington, D.C. 20402- Price lili cents (paper cover) LETTER OF TRANSMITTAL SECURITIES AND EXCHANGE COMMISSION Washington, D.C., January 10,1967 SIR: On behalf of the Securities and Exchange Commission, I have the honor to transmit to you the Thirty-Second Annual Report of the Commission covering the fiscal year July 1, 1965 to June 30, 1966, in accordance with the provisions of Section 23(b) of the Securities Exchange Act of 1934, as amended; Section 23 of the Public Utility Holding Company Act of 1935; Section 46 (a) of the Investment Com- pany Act of 1940; Section 216 of the Investment Advisers Act of 1940; Section 3 of the Act of June 29, 1949, amending the Bretton Woods Agreement Act; Section l1(b) of the Inter-American Development Bank Act; and Section 11(b) of the Asian Development Bank Act. Respectfully, Ohairman. TUE PRESIDENT OF THE SENATE, TI IE SPEAKER OF TIlE HOUSE OF REPRESENTATIVES, Washington, D.C. III TABLE OF CONTENTS Page Commissioners and staff officers_____________________________________ XI Regional and branch offices_________________________________________ XII Biographies of Commissioners__ __________ ________________ _______ ____ XIII INTRODUCTION Changing conditions in the securities industry________________________ XVII PART I IMPORTANT RECENT DEVELOPMENTS_______________________ 1 Proposed broker-dealer financial reports; _________________________ 1 Level and structure of commission rate___________________________ 2 Odd-lot studlea.; , _ ___________________________________ 2 Review of exchange rules regarding off-board trading_______________ 3 Automation of market facilities__________________________________ 3 Over-the-counter markets_________ _____ __ ___ __ _____ 4 Coordination of regulatory efforts_____ ___________________________ 6 Conflicts of interest of investment advisers _ ______________________ 7 Newbuilding_________________________________________________ 8 Installation and use of electronic data-processing equipment_________ 8 PART II OPERATION OF THE SECURITIES ACTS AMENDMENTS OF 1964__ 10 Extension of disclosure requirements to over-the-counter securities___ 10 Exemptions from registration; _ ____________ __________________ 12 Proposed definitions under the "market-maker" exemption from insider trading provislons..; ________ ____ _________________ 14 Disciplinary action against broker-dealers and their associated per- sons_______________________________________________________ 15 Regulation of broker-dealers who are not members of registered securities assoeietions , _ ___ ________ 16 Summary suspension of over-the-counter trading , _________________ 18 Changes in N ASD regulations, __________________________________ 18 PART III LEGISLATIVE ACTIVITIES_ _ ____ _ 19 PART IV ADMINISTRATION OF THE SECURITIES ACT OF 1933--________ 21 Description of the registration process____________________________ 21 Registration statement and prospectus, ___ _____ _ 21 Examination procedure_______ _____ ____________________ 22 Time required to complete registration _______________________ 23 Volume of securities registered; ___ _ __________________ ____ 24 Registration statements filed__ _______ __________ ____ 27 v VI TABLE OF CONTENTS Page ADMINISTRATION OF THE SECURITIES ACT OF 1933-Con. Stop order proceedings , ____ ______ ________________________ 28 Examinations and investigations_________________________________ 29 Exemption from registration of small Issues; ______________________ 30 Exempt offerings under Regulation A________________________ 31 Reports of sales., __ ___ __ 31 Suspension of exemption________________________________ 32 Exempt offerings under Regulation B________________________ 33 Reports of sales; _ __ ___ _________________ 33 Exempt offerings under Regulation E_ _______________________ 34 Exempt offerings under Regulation F________________________ 34 Revision of rules, regulations and forms; _________________________ 35 Amendments to Rule 416___ __ __ ___ __________ 35 Amendment of rules and forms relating to registration fees______ 35 Withdrawal of proposed amendments of Rule 485______________ 36 Adoption of Form S-13____________________________________ 36 PART V ADMINISTRATION OF THE SECURITIES EXCHANGE ACT OF 1934_______________________________________________________ 37 Regulation of exchanges and exchange trading____________________ 37 Registration and exemption of exchanges_____________________ 37 Review of exchange rules and procedures_____________________ 38 Commission inspections of the exchanges_____________________ 38 Proceedings against San Francisco Mining Exchange___________ 39 Exchange disciplinary aettou.; _______ __________________ 39 Registration of securities on exchanges , __ ____________________ 40 Statistics relating to securities on exchanges_______________________ 40 Number of issuers and securities_____________________________ 40 Market value of securities available for trading________________ 41 Share and dollar volume of stocks traded_____________________ 42 Foreign stocks on exchanges________________________________ 43 Comparative exchange statistics_____________________________ 43 Delisting of securities from exehanges , , ___________________ 44 Unlisted trading privileges on exchanges__________________________ 45 Applications for unlisted trading privileges____________________ 46 Block distributions reported by exchanges________________________ 46 Over-the-counter trading in common stocks traded on national securities exchangesc;., __ _________________________________ 47 Manipulation and stabilization____ ______________________________ 47 Manipulation; market surveillanccc., , _______ _________ __ 47 Stabilization__ __ __ ______________________________ 48 Registration of over-the-counter securities ________________________ 49 Periodic reports , _ ____ _______________ _________________ __ 49 Regulation of proxies; ________________________________ ___ 50 Scope of proxy regulation______ ____ ____ ______ _____ 50 Statistics relating to proxy and stockholder information state- ments__________________________________________________ 51 Stockholders' proposals.L; , _________________________________ 52 Ratio of soliciting to non-soliciting companies_________________ 52 Proxycontes~____________________________________________ 52 TABLE OF CONTENTS VII ADMINISTRATION OF THE SECURITIES EXCHANGE ACT OF 1934-Continued Page Insiders' security' holdings and transaetions., ______________________ 53 Ownership reporta, __ _____________________ 53 Recovery of short-swing trading profits by issuer _ _____________ 54 Investigations with respect to reporting provislons.,., _______________ 54 Regulation of broker-dealers and over-the-counter markets, __________ 55 RegistraMon______________________________________________ 55 Administrative proceedings., ________________________________ 55 Decisions of particular interest__________________________ 58 Suspension of registration pending final determination______ 60 Net capital rule; __ ___________________ 61 Financial statements; ______________________________________ 61 Broker-dealer Inspectiona, ________ _______ _________ 61 Supervision of activities of National Association of Securities Dealers, Inc________________________________________________________ 62 NASD disciplinary actions____ _____________________ ____ _____ 63 Commission review of NASD disciplinary action_______________ 65 Commission review of NASD action on membership; _ _________ 68 Commission inspections of the NASD__ ________ ____ __________ 69 Revision of rules, regulations and forms__________________________ 70 Amendment of Rule 3aI2-3____ ____________ __________ 70 Amendments to the proxy rules_____________________________ 70 Amendment of Rule 15b6-1 and adoption of related Form BDW __ 71 Renumbering of rules under Sections 15(b) and 15A and amend- ment of Rules 15Al2-1, 17a-5 and 19a3-1 to conform________ 72 Amendment of Rule 16a-2__________________________________ 72 Proposed amendment of Rule 16a-6_________________________ 72 Amendment of Rule 16b-3__________________________________ 72 Amendment of Rule 16b-6__________________________________ 73 Amendment of Rules 16b-8 and 16b-9_______________________ 73 Proposed amendments to Forms 3 and 4______________________ 74 Proposed amendments to Form 8-K_ _ ________ _____ 74 Amendments to Forms 10,12, 1D-K and 12-K________________ 74 Amendments to Forms 16 and 16-K_________________________ 74 Proposed revision of Form X-17 A-5 and minimum audit require- ments__________________________________________________ 75 PART VI ADMINISTRATION OF THE PUBLIC UTILITY HOLDING COM- PANY ACT OF 1935___________________________________________ 76 Composition of registered holding-company systems________________ 76 Section 11 matters in registered holding-company systems__________ 77 Proceedings with respect to acquisitions, sales and other matters_____ 79 Financing of active registered public-utility holding companies and their subsidiariea, __ _____________________ _________ 81 Competitive bidding , ______________________________________ 82 Policy as to refundabiUty
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