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![handle is hein.ali/alifs0049 and id is 1 raw text is: December 9, 1977
FEDERAL SECURITIES CODE
Supplement No. 3 to Proposed Final Draft No. 2
NOTE: This does not replace
Supplement No. 2.
§227(b) (3). Change (C) and (D) to (B) and (C). In lines 3-4,
delete: whether the issuer is a one-year registrant
§301(f)(2) (Supp. 2). In line 3, change the plan is administered
to investment discretion is exercised.
§301(1). In line 2, change $100,000 to $50,000.
§401(a) (Supp. 2). In line 5 of Supp., before in compliance,
insert: subject to and
NOTE: A comment will suggest that the case of the
company that has filed a 1933 Act registration
statement just before Code becomes effective be
relegated to Commission rule.
§503(b)., line 5 (Supp.). Ignore the Supp. 2 change. The
point is taken care of in §1417(b)(4) (Supp. 3).
§605(k) (Supp. 2). Change (k) to (1), and insert §605(h) of
PFD3 [Communication with security holders.] as §605(k). Its
omission from Supp. 2 was an oversight.
§701(a), lines 1-3. Substitute: It is unlawful for a broker,
dealer, municipal broker, municipal dealer, or investment
adviser * * *.
NOTE: This is a technical correction.
§§802(b), 803(f) (1) , 901(c) (1). In line 2 of §802(b), line 4
of §803(f)(1), and line 2 of §901(c)(1), delete: nonbank
NOTE: These are technical corrections.
§917(d) (1). In line 2 of (B), the language beginning when
should be flush left, so as to modify (A) as well as (B).
§1111(a) (4). In 2d line from end, before affiliate's,
insert: downstream
§1112(g) (3). In line 2, delete: other](ViewImageLocal?handle=hein.ali/alifs0049&div=1&collection=&method=preview&ext=.png&size=3)