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REGISTER

FEDERAL
VOLUME 19

934
tfly iT EO

NUMBER 25

Washington, Friday, February 5, 1954

TITLE 17 COMMODITY AND
SECURITIES EXCHANGES
Chapter II Securities and Exchange Commission P art
240 G e n e r a l
t io n s ,
S e c u r it ie s
R u le s and R egula E xchange A ct of
1934
s e c u r it ie s
exem pted
from
r e g is t r a t io n
On December 3, 1953, the Securities and Exchange Commission invited all in terested persons to submit data, views and comments on the amendment of Rule X-12A-5, the rescission of 240.12a-6, 240.12a-7, 240.12a-8, and 240.12a-9 Rules X-12A-6, X-12A-7, X-12A-8, and X -12A -9 , 240.12d3-l through 240.i2d3-10 R e g u l a t i o n X-12D3, and 249.231 and 249.232
Forms 1-J and 2-J see Securities Ex change Act Release No. 4969-X. The Commission has considered all the data, views and comments submitted and has adopted the proposals with certain mod ifications set forth below.
The Commission is engaged in a com prehensive review of the rules, regula tions, forms and procedures adopted under the various statutes administered by it. It is attempting to eliminate duplication and to simplify its require ments wherever practicable without prejudice to the public interest or the protection of investors. The present action is part of this program.
Regulation X-12D3, which consists of 240J.2d3-l t h r o u g h 240.12d3-10
Rules X-12D3-1 X-12D3-10, pro vides for the registration for when issued trading on national securities exchanges of unissued short-term w ar rants, commonly called subscription rights, and for such registration of un issued securities, other than short-term warrants. Form 1-J 17 CFR 249.231 is the appropriate form required to be filed for registration of such warrants, and Form 2-J 17 CFR 249.232 is required to be filed for registration of other un issued securities.
For all practical purposes, Regulation X-12D3 and Form 1-J have been obso lete as to warrants since June 22, 1950, when the Commission amended 240.12a-4 Rule X-12A-4 to provide that an unissued short-term warrant as well as an issued short-term warrant could be traded on an exchange as an ex
empted security pursuant to the filing of an exemption statement on Form A N -4
17 CFR 249.235 by either the issuer or the exchange for both when issued and regular way trading. On December 29, 1952, the Commission further amended Rule X-12A-4 to substitute the filing by the exchange of a notice of intent to trade in lieu of the formal filing of an exemption statement on Form AN-4, and Form AN -4 was then rescinded.
On March 20, 1953, the Commission amended 240.12a-5 Rule X -12A-5 so that the conditional temporary exemp tion from registration provided by that rule for trading issued securities on ex changes would also provide such exemp tion for trading such securities on a when issued basis before they are issued.
Since trading under 240.12a-5 Rule X-12A-5 is on the basis of a notice from the exchange, the amendment of March .
20, 1953, made unnecessary the filing of form al applications for registration on
Form 2-J for when issued trading in un issued securities proposed to be issued in stock splits, stock dividends, mergers, consolidations, reorganization plans, etc., to the holders of securities already traded on exchanges.
. The. only cases in which Regulation X-12D3 still served a substantial prac tical purpose is where the securities to be traded are the subject of a voluntary subscription or exchange right granted to the holders of a security traded on an exchange. Section 240.12a-5 Rule X 12A-5 has been further amended to cover these cases and generally to simplify its requirements. The general time limit of the exemption has been ex tended from 60 to 120 days. The provi sions of Rule X-12A-5, which are applicable whether the new security is issued or unissued, should be far less burdensome to issuers and exchanges than the provisions of Regulation X 12D3, while affording equivalent protec tion to investors.
It is believed that none of the ten rules or Regulation X-12D3 now serve a useful purpose and the Commission has, there fore, rescinded the entire regulation and Forms 1-J and 2-J 17 CFR 249.231 and 249.232 promulgated thereunder.
The Commission has also rescinded 240.12a-6, 240.12a-7, 240.12a-8, and 240.12a-9 Rules X-12A-6, X-12A-7, X-12A-8 and X -12A-9. The situation C o n tin u e d o n p. 669

CONTENTS
Agricultural Marketing Service
PaS

Proposed rule making:
Oranges, Valencia, grown in Arizona and designated part of California_________________ -

695

Agriculture Department See Agricultural Marketing Serv ice; Fanners Home Administra tion.

Air Force Department Rules and regulations :
Enlisted Reserve; service obli gations _____ ______________

692

Civil Aeronautics Administra tion Rules and regulations;
Minimum en route IF R alti tudes__________________________
Standard instrument approach procedures; alterations______

680
675

Civil Aeronautics Board Rules and regulations:
- Mechanic school certificates;
entrance examinations______

674

Coast Guard Rules and regulations:
Merchant marine personnel, se curity check and clearance;
appeal and review procedures for persons denied security clearance______________ :_____ _

674

Commerce Department See Civil Aeronautics Adminis tration; Foreign Commerce Bu reau.

Customs Bureau Notices:
Fish, tariff-rate quota for 1954_

714

Defense Department See also Air Force Department.
Rules and regulations:
Armed Services Procurement Regulation:
Contract clauses:
Fixed-price supply contracts 2 documents____
Personal services contractsGeneral provisions:
Definitions of terms 2 doc uments__________________
Miscellaneous amendmentsInspection and acceptance;
rules for notice and hearing under gratuities clause 667

688
688
685
685
690