21 1 cluding the amounts of money, credit, or other property 5 6 7 (1) Any reasonable classification of persons subject to or exempt from any requirement imposed under section 241. (2) The foreign country or countries as to which any 8 requirement imposed under section 241 applies or does 9 not apply if, in the judgment of the Secretary, uniform applicability of any such requirement to all foreign countries is unnecessary or undesirable. 10 (3) The form, frequency, and manner of filing of any reports required under section 241. (4) The magnitude of transactions subject to any requirement imposed under section 241. (5) Types of transactions subject to or exempt from any requirement imposed under section 241. (6) Such other matters as he may deem necessary to the application of this chapter. TITLE III-MARGIN REQUIREMENTS § 301. Amendment of section 7(a) of the Securities Ex change Act of 1934 (a) Section 7 (a) of the Securities Exchange Act of 1934 (15 U.S.C. 78g (a)) is amended by striking the first sentence and inserting in lieu thereof the following: “For the 22 1 purpose of preventing the excessive use of credit for the pur2 chase or carrying of securities, the Board of Governors of the 3 Federal Reserve System shall from time to time prescribe 4 rules and regulations in accordance with this section. These 5 rules and regulations shall apply with respect to the amount 6 of credit (regardless of who or where the lender may be) 7 that any person may initially obtain and subsequently retain 8 on any security (other than exempted security), and to the 9 amount of credit (regardless of who or where the borrower 10 may be) that any person may initially extend and subse11 quently maintain on any security (other than an exempted 12 security). It shall be unlawful for any person knowingly to 13 obtain or retain credit in any amount in violation of any rule or regulation under this section, and it shall be unlawful for 14 15 any person, whether or not knowingly, to obtain or retain 16 credit in an aggregate amount exceeding $1,000,000 at any 17 one time in violation of any rule or regulation under this 18 section." 19 (b) The amendment made by subsection (a) of this 20 section does not affect the continuing validity of any rule 21 or regulation under section 7 of the Securities Exchange Act 22 of 1934 in effect prior to the effective date of the amendment. 23 1 TITLE IV-SECURITIES TRANSACTIONS INVOLV 2 3 4 ING FOREIGN FINANCIAL AGENCIES § 401. Information required to be furnished to the Securi ties and Exchange Commission 5 The Securities Exchange Act of 1934 (15 U.S.C. 78a 6 et seq.) is amended (1) by redesignating sections 31, 32, 7 33, and 34 as 32, 33, 34, and 35, respectively, and (2) 8 by inserting the following new section immediately after 9 section 30: 10 11 12 233 "SECURITIES TRANSACTIONS INVOLVING FOREIGN FINANCIAL AGENCIES "SEC. 31. (a) No person engaged in the business of 13 effecting transactions in securities for the accounts of others, 14 or buying and selling securities for his own account through 15 a broker or otherwise, shall make use of any means or 16 instrumentality of interstate commerce or of the mails, or 17 of any facility of any national securities exchange, to execute 18 or cause to be executed, or to effect or cause to be effected, 19 directly or indirectly, any transaction in any domestic secu20 rity, if such transaction was initiated by a foreign financial 21 agency (as defined in section 203 (h) of the Currency and 24 1 Foreign Transactions Reporting Act), unless at or before 2 the time of transaction 3 4 5 6 7 བ со 9 13 "(1) such foreign financial agency has disclosed to such person the identity of all persons having any beneficial interest in such transaction; or "(2) such person has accepted in good faith a certification from such foreign financial agency that no citizen or resident of the United States has any beneficial interest in the transaction to be effected. 10 "(b) No citizen or resident of the United States shall, 11 directly or indirectly, purchase or sell or arrange for the 12 purchase or sale of any domestic security, from or through a foreign financial agency, unless such citizen or resident"(1) gives a written authorization to such agency to disclose his identity to any person (A) engaged in the business of effecting transactions in securities for the account of others or for his own account through any 14 15 16 17 18 means, instrumentality, or facility referred to in subsection (a), and (B) the services of which are utilized 19 20 21 22 23 24 in connection with such purchase or sale; and “(2) files periodic reports with the Commission disclosing the details of any such purchase or sale in accordance with such regulations as the Commission may prescribe. 1 25 "(c) As used in this section, the term 'domestic secu 2 rity' means a security the issuer of which is a resident of, 3 or is organized under the laws of, or has its principal place 4 of business in, a place within or subject to the jurisdiction 5 of the United States." 6 TITLE V-EFFECTIVE DATES 7 8501. Effective dates 8 (a) Except as otherwise provided in this section, this 9 Act and the amendments made thereby take effect on the 10 first day of the seventh calendar month which begins after 11 the date of enactment. 12 233 (b) The Secretary of the Treasury may by regulation 13 provide that any provision of title I or II or any amendment 14 made thereby shall be effective on any date not earlier than 15 the publication of the regulation in the Federal Register and 16 not later than the first day of the thirteenth calendar month 17 which begins after the date of enactment. 18 (c) The Board of Governors of the Federal Reserve 19 System may by regulation provide that the amendment made 20 by title III shall be effective on any date not earlier than 21 the publication of the regulation in the Federal Register and 22 not later than the first day of the thirteenth calendar month 23 which begins after the date of enactment. 24 (d) The Securities and Exchange Commission may by 46-824 O 70-3 |