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15 U.S.C. § 78l–1 — Applications for unlisted trading privileges deemed filed under section 78l of this title

submitted 90 years ago by ch. 462 to r/title-15-COMMERCE-AND-TRADE · 56 words · no verdicts yet

in plain englishAI-generated · not legal advice

This law confirms old approvals for unlisted stock trading still count today. Any exchange application approved under the earlier rule counts as filed and approved under the current one. No new action is required.

If an exchange earlier filed an application to keep letting a security trade without being formally listed there ("unlisted trading privileges"), and the SEC approved that application under the old version of section 78l(f), clause (1), that application is treated as if it had been filed and approved under the current version of section 78l(f), clause (1). In other words, this section carries old approvals for unlisted trading privileges forward so they still count under today's rule, without anyone needing to refile.
the actual law source: uscode.house.gov ↗public domain

Any application to continue unlisted trading privileges for any security heretofore filed by any exchange and approved by the Commission pursuant to clause (1) of subsection (f) of section 78l of this title and rules and regulations thereunder shall be deemed to have been filed and approved pursuant to clause (1) of said subsection (f).

Source credit: (May 27, 1936, ch. 462, § 2, 49 Stat. 1377.)

history & why it existsrecord from the source credit
  • 1936Enacted · Act of May 27, 1936, ch. 462 · 49 Stat. 1377

A history note hasn’t been published yet. The record shows enactment by ch. 462 on 1936-05-27.

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