GENERAL RULES AND REGULATIONS RULES OF GENERAL APPLICATION Rule X-1. References to Rules and Regulations and to the Act, or to Portions Thereof. (a) As used in the rules and regulations prescribed by the Commission pursuant to Title I of the Securities Exchange Act of 1934, unless the context otherwise specifically requires— (1) The term "Commission" means the Securities and Exchange Commission. (2) The term "Act" means Title I of the Securities Exchange Act of 1934. (3) The term "section" refers to a section of the Securities Exchange Act of 1934. (4) The terms "rule" and "regulation" refer to the rules and regulations prescribed by the Commission pursuant to the Act. (b) Unless otherwise specifically stated, the terms used in the rules and regulations shall have the meaning defined in the Act. (c) A rule or regulation which defines a term without express reference to the Act or to the rules and regulations, or to a portion thereof, defines such term for all purposes as used both in the Act and in the rules and regulations, unless the context otherwise specifically requires. Rule X-2. Forms. Registration statements shall be in the form prescribed therefor by the Commission and in effect upon the date of filing and shall contain the full and complete information required or called for by the several questions, directions, instructions, and other requirements set forth in said form of registration statement. The registration statement shall be on unglazed paper of good quality and of the size prescribed by the Commission (81⁄2 x 13). The text of such registration statement shall be printed or typewritten, where practicable, and be in distinct and easily readable type. All printing, typing, or other markings used therein shall be in black. Papers shall not be bound together except on the left hand side, and shall have a left margin of at least one and one-half inches. Rule X-3. Filing. All papers required to be filed with the Commission shall be delivered through the mails or otherwise to the Securities and Exchange Commission, Washington, D. C. The date on which such papers are actually received by the Securities and Exchange Commission, Washington, D. C., shall be the date of filing thereof; provided that all requirements of the Act and the rules and regulations with respect to such filing have been complied with. Rule X-4. Nondisclosure of Information Obtained in the Course of Examinations and Investigations. Information or documents obtained by officers or employees of the Commission in the course of any examination or investigation pursuant to section 17 (a) or 21 (a) shall, unless made a matter of public record, be deemed confidential. Officers and employees are hereby prohibited from making such confidential information or documents available to anyone other than a member, officer, or employee of the Commission, unless the Commission authorizes the disclosure of such information or the production of such documents as not being contrary to the public interest. Any officer or employee who is served with a subpoena requiring the disclosure of such information or the production of such documents shall appear in court and, unless the authorization described in the preceding sentence shall have been given, shall respectfully decline to disclose the information or produce the documents called for, basing his refusal upon this rule. Any officer or employee who is served with such a subpoena shall promptly advise the Commission of the service of such subpoena, the nature of the information or documents sought, and any circumstances which may bear upon the desirability of making available such information or documents. Rule X-5. Reference to Rule by Obsolete Designation. Wherever in any rule, form, or instruction book specific reference is made to a rule by number or other designation which is now obsolete, such reference shall be deemed to be made to the corresponding rule or rules in these General Rules and Regulations. Rule X-6. Disclosure Contravening Code of Wartime Practices. (a) The Commission may, upon its own initiative or upon application, authorize or direct the omission of specific information from any application for registration, report, proxy statement or other document filed with the Commission or any securities exchange, if publication of the information would in the opinion of the Commission, acting in cooperation with the United States Government Office of Censorship, contravene the Code of Wartime Practices promulgated by that Office. (b) Any issuer or other person who is about to file any such document with the Commission or an exchange may apply to the Commission for an opinion pursuant to paragraph (a). Applications may be made by informal letter and need contain only so much of the information in question as may be necessary in the particular case to enable the Commission to pass upon the application in regard thereto. (c) In any case where essential information is omitted pursuant to this rule the Commission may authorize or direct the filing of such information with the Commission under separate confidential cover. (d) Any requirement to the contrary notwithstanding, no application for registration, report, proxy statement, or other document filed with the Commission or any securities exchange shall contain any information the omission of which the Commission shall have authorized or directed, or which the Commission shall have directed to be filed under separate confidential cover, pursuant to this rule. (PAGE 301 FOLLOWS) RULES UNDER SECTION 3 OF THE ACT MISCELLANEOUS EXEMPTIONS1 Rule X-3A12-1. Temporary Exemption of Certain Passbooks and Assignments of Claims Traded on the Cleveland Stock Exchange From Sections 7, 8, 12, and 13. Passbooks of building and loan companies and savings and loan companies, and assignments of claims of banks in liquidation, located in Cuyahoga County, Ohio, which on October 1, 1933, were traded in on the Cleveland Stock Exchange, Cleveland, Ohio, are hereby exempted from the operation of sections 7, 8, 12, and 13 of the Securities Exchange Act of 1934 until further order of the Commission. Rule X-3A12-2. Exemption of Certain Securities, the Income on Which Is Substantially Guaranteed by States or Political Subdivisions Thereof. (a) A security shall be exempt from the operation of such provisions of the Act as by their terms do not apply to an "exempted security" or to "exempted securities" if— (1) A State or political subdivision thereof is obligated to make good to the issuer of such security any deficiency in the income of such issuer, to the extent necessary to pay to the holders of such security interest or dividends at a specified rate; and (2) The business of such issuer is managed by such State or political subdivision or by a board of officers appointed by such State or political subdivision. (b) The exemption provided by this rule shall be available to such security only so long as the conditions specified in paragraph (a) are satisfied. Rule X-3A12-3. Exemption From Sections 14 (a) and 16 of Securities for Which Filing of Applications on Form 18, 19, 20, or 21 Is Authorized. Securities for which the filing of applications on form 18, 19, 20, or 21 is authorized shall be exempt from the operation of sections 14 (a) and 16. 1 See also the exemptions contained in the rules under particular sections of the Act. |