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Annual Report 1963

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Annual Report 1963 SECURITIES AND EXCHANGE COMMISSION Headquarters Office 425 Second Street NW. Washington, D.C. 20549 COMMISSIONERS January 6, 19M WILLIAM L. CARY, Ohairman BYRON D. WOODSIDE MANUEL F. COHEN JACK M. WHITNEY II ORVAL L. DuBOIS, Secretarp II LETI'ER OF TRANSMI'ITAL SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Sm: On behalf of the Securities and Exchange Commission, I have the honor to transmit to you the Twenty-Ninth Annual Report of the Commission covering the fiscal year July 1, 1962 to June 30,1963, in accordance with the provisions of Section 23(b) of the Securities Exchange Act of 1934, approved June 6, 1934; Section 23 of the Pub- lic Utility Holding Company Act of 1935, approved August 26, 1935; Section 46(a) of the Investment Company Act of 1940, approved August 22,1940; Section 216 of the Investment Advisers Act of 1940, approved August 22, 1940; Section 3 of the Act of June 29, 1949, amending the Bretton Woods Agreement Act; and Section 11(b) of the Inter-American Development Bank Act. Respectfully, WILLIAM L. CARY, Ohairman. THE PREsIDENT OF THE SENATE, THE SPEAKER OF THE HOUSE OF REPRESENTATIVES, Washington, D.O. m TABLE OF CONTENTS Page Commissioners and staff officers____________________________________ XI Regional and branch offices; ___ ____ _ _ __ __ XII Biographies of Commissioners., , _ ______ ___ _____________ XIII PART I IMPORTANT DEVELOPMENTS DURING THE YEAR____________ 1 Special Study of Securities Markets______________________________ 1 Enforcement activity _ ______ __________ _ _ ___ 7 Registration of new security offerings , _ _ _ 8 PART II LEGISLATIVE ACTIVITIES_ _ 10 PART III REVISION OF RULES, REGULATIONS AND FORMS____________ 11 The Securities Act of 1933_____ ___ _ ____________ _ 12 Proposed Rule 156______ _ __ __ _____________ 12 Proposed Rules 402A and 440_______________________________ 12 Adoption of Revised Form 8-8______________________________ 13 The Securities Exchange Act of 1934_____________________________ 13 Proposed Amendment to Rule 3a12-3________________________ 13 Adoption of Rule 1Ob-9____________________________________ 14 Proposed Rule 10b-l0______________________________________ 15 Proposed Amendments to Rules 13a-15 and 15d-15 and Form 7-J(____________________________________________________ 15 Adoption of Rule 15d-21 and Form 11-K; Amendment to Form 10-](__________________________________________________ 16 Proposed Rule 16b-9_______________________________________ 16 Proposed Amendments to Form 8-K_________________________ 17 The Investment Company Act of 1940___________________________ 18 Adoption of Rule 3c-3_ _ ____________ ____ _ _ 18 Amendment of Rule 30d-L _ _ __ 19 Amendments to Rules 31a-1 and 31a-2; Adoption of Rule 31a-3__________________________________________________ 19 PART IV ADMINISTRATION OF THE SECURITIES ACT OF 1933________ 20 Description of the registration process____________________________ 20 Registration statement and prospectus; 20 Examination procedure..., ___ _ _ __ _____ __ 21 Time required to complete registration_______________________ 22 Volume of securities registered .. _ 23 Registration statements filed . ____________ 25 v VI CONTENTS ADMINISTRATION OF THE SECURITIES ACT OF 1933-Con. Pan Stop order proceedings------------------------....-.-.-----..~- 26 Examinations and investigations--.--- ----...---. -...- .---..- ----- 31 Exemption from registration of small issues ---.-.--.....-.-------. 31 Exempt offerings under Regulation A.-.----...........---..- 32 Suspension of exemption ------------------.-.------.-------- 33 Exempt offerings under Regulation B. - .---.----------------- 35 Exempt offeringsunder Regulation E. -.-.-- --- ------------ -- 35 Exempt offerings under Regulation F. ......----------------- 36 PARTV ADMINISTRATION OF THE SECURITIES EXCHANGE ACT OF 1934.-...------------------------------------------------------ Regulation of exchanges and exchange trading.. .- --.------------- Registration and exemption of exchanges. ---------------..-.. Disciplinary action---..------------------------------------ Registration of sccuritiea on exchanges.. ....................--... Statistics relating to registration of aecurities on ~xchnnges..--.. Market value of securities traded on exchanges-----...--.------.-. Fiscal year share values and volumes----.-..----------------- Foreien atock on exchannes .--.-.-.---------...----.-------- Comparative exchange statistics-. -.----.-.--- ---- - ---------- Comnarative over-the-counter statistics- - ----....-.-..------. Reporting under Section 15(d). -...--.---.-.----------.----. Foreign stocks traded over the counter .------..-..-.--------- Delisting of securities from exchrtnges.-......--.--.-..----------- Delisting proceedings under Section 19(a)..................... Unlisted trading privileges on exchanges..---.------------.-.----- Applications for unlisted trading privileges----.-.-.-.--------- Block distributions reported by exohanges. .--.-.-------------.--- Mbnipulation and stabilization--- ---...-.-.-..- --.------------.- Madpdation .------...-.-.---.-.-.-------.---.-.--.------ Stabfination.---------.-.-.--------------..-------.-.----- I~widers'security holdings and transactions. -.--...---.---......_. Ownemhip reports ---------------.....---.---------.------- Recovery of short-swing trading profits by issuer ----..-.-...-- Regulation of proxies- - -----------..--.-..-----..---.--...... ... Scope ofproxyregulation_--.-.---..----.-.-......-....-.--. Statiatiw relatine--. to ~roxvstatements -----......-...-...-.--. Stockholders' proposals ---------- -- - -.-----....---....------ Ratio of soliciting to non-soliciting companies .....--..-------. Proxy contests .----..-----..-..-..-....-..--.----------..-.- Invest~gahona. -----------------------.-..---...--------.-.----- Regulation of broker-dealers and over-the-counter markets---------- Regmtrahon----------------------------.-.--..------.----. Administrative proceedings.. .----....---------------------- Revooation or denial of registration -..--.-----.-.-------- Otheraanctions--.-------.-..---.--._..--_---_------_- Suspension of registration ..--...---..-----..---.-.---.... Net capitslrule ---.-........-.-.-------_-----_----_--..-.. Financial statenients.--. ---- ---- - - --------------- ---------- Broker-dealer inspections ---.-..-- --..--.--- ------- --------- TABLE OF CONTENTS ADMINISTRATION OF THE SECURITIES EXCHANGE ACT OF 1934-Continued Pan Supervision of activities of National Associati6: of Securities Dealers, Inc........................................................ NASD disciplinary actions--...-.---.-----.----------------- Commission review of NASD action on membership-.--.--.-__ Commission review of NASD disciplinary action--.-.------.--- p.4~~ ADMINISTRATION OF THE PUBLIC UTILITY HOLDING COM- PANY ACT OF 1935.-..-.-----------------.----------.-..----. Compwition of registered holding company systems.-.------------- Section 11 matters and other significant developments in active regis- tered holding company systems-----.-----.-------------------- Section 11 matters-..-------------..-.-.------------------- Other developrnents-----.-+-.--.-.---.----.----.----------- Financing of registered public utility holding companies and their subidimies.---.----.---.----------------------------------- Competitive bidding- -.---------..-.-...- .--.----..---...-- Protective provisions of first mortgage bonds and preferred stocks of public utility companies----------..----..--...-----------.--- Other mtters--..-.------------------.---------------------.-- Request for declaratory order-----....---.----------------.. PART VII PARTICIPATION OF THE COMbIISSION IN CORPORATE E- ORGANIZATIONS UNDER CHAPTER X OF THE BA#IK- RUPTCY ACT------------------------.------------------------ Summary of activities------------------..-.--------------.----- Procedural and administrative matters-. --------I- I-- I-- 111111111 'Ihstee'~investigation- - ....................................... Advisory reports on plans of reorganisation .---.------------------ Activities with regard to allowances.--.--------..---------------- Intervention in Chapter XI proceedings.......................... PARTVIII ADMINISTRATION OF THE TRUST INDENTURE ACT OF 1939.- PARTIX ADMINISTRATION OF THE INVESTMENT COMPANY ACT OF 19 40.---------.....-._------....---------------.--..--.--...---- Companies registered under the Act--.--------------------------- Growth of investment company assets---------.------------------ Inspection and investigation program. ..--.-.-.-------..--.-.-.-- Special staff study of investment companies....--.-..------------- Current information- - ......................................... Applications and proceedings-..-..-.--------.-.-.-.- .-- --------- PARTX ADMINISTRATION OF THE INVESTMENT ADVISERS ACT OF 1940------ ---------------- -.-------------- --------------------- Administrative proceedings- .------------.---------------------- VITI TABLE OF CO!\TTE:r-.TTS PAR'l' XI Page OTHER ACTIVITIES OF THE COMMISSION____________________ 111 Civil Iitigation., _______ __ 111 Criminal proceedings., _ ___ _ 123 Office of Program Planning_____________________________________ 126 Complaints and investigations___________________________________ 127 Enforcement problems with respect to foreign securities____________ 129 Canadian restricted list_______ __ _____ _ _ _ __ 130 Section of securities violations___________________________________ 132 Applications for nondisclosure of certain information_______________ 133 Activities of the Commission in accounting and auditing____________
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