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1933,

p. 223.

Form N-1R also requires information on each director, Forms 10-K, 20-K, N-IR, and N-30A-2 require
officer, or committee member of the registrant who owns, financial statements of the registrant to accompany the
either directly or indirectly, 5 percent or more of the annual report forms.
voting securities of the registrant, its partner or under- Form 10 requires the registrant to state the names of
writer.

each promoter and the nature and amount of money,
Form N-30A-2, used by investment trusts, and Form property, contracts, options, rights, or anything of value
N-30A-3, used by unincorporated management invest- to be received by them.
ment companies, require the name of each director, officer, Form X-17A-12(1) is used by broker-dealers to notify
or partner who owns, controls, or holds with the power SEC that the broker-dealer was a market maker of an
to vote, 5 percent or more of the voting securities of over-the-counter security or had ceased to be a market
the registrants.

maker. Form X-17A-12(1) requires a broker-dealer ceasForm U5S filed by registered holding companies, ing to be a market maker to report any outstanding bank requires the name and business address of each director loans it had obtained by using the over-the-counter and officer of all the companies within the registrant's security it dealt in as collateral. system. In addition, the form requires the registrant to identify any director of any system company who holds 5. Enforcement and Effectiveness of Laws, Rules and a position with any financial institution, together with Regulations the name of the institution and a brief description of the position. The form also requires the identity of those See Comptroller General's letter, p. 197. officers and directors whose aggregate indebtedness to all companies within the system exceeds $10,000.

6. Availability and Cost of Information to the Public Form N-5R filed by small business investment com

All forms and reports described above are available to panies, requires information as to the name and address

the public in the SEC's Public Reference Section. Any of each director and officer of the registrant.

individual desiring information may personally make Form 3 requires all officers and directors to report all

copies of such information, at the SEC, at a cost of 10 securities owned beneficially including the title and the

cents per page. Individuals may also receive copies of any amount of the securities owned and the nature of the

desired information through an SEC contractor.
beneficial ownership. In addition, officers and directors
are required to report the details of any options, puts, 7. Proposals of New Legislation or Authority
calls, and other rights on obligations that they hold,
including the nature of the option, amount of securities See preceding reference, under this heading, in first
subject to option, option price, and option expiration part of this report, which deals with the Securities Act of
date.

Form 10 requires the registrant to list the names and
positions of each of its directors, their term of office, and Public Utility Holding Company Act of 1935
the period served. Also required is a list of the names,
ages, and position of all executive officers. The business The Public Utility Holding Company Act of 1935 (15
experience of each officer and director during the past 5

U.S.C. 79) declared it illegal for any public utility holding years must be given and any family relationships between company, or its subsidiaries to engage in interstate comofficers and directors must be disclosed. The registrant merce without being registered with SEC. The act aumust list the name of each officer and director, or any thorized the SEC to prescribe the forms and information associate of these individuals whose indebtedness to the to be filed with registration statements and to require registrant exceeds $10,000, or whose option to purchase annual

, quarterly, or other periodic

or special reports the securities of the registrant, or its subsidiaries, exceeds SEC deems necessary for the protection of investors. $10,000.

Pursuant to this authority, the SEC regulations (17 Form BD prescribes that if the registrant is a corpora- CFR 259) prescribe the following forms to be used by holdtion it must list the names of each director, officer, and ing companies: any person with similar status or function, their title, and the date their service began. The registrant must also

Form U5A, notification of registration (17 CFR

259.5a). identify the securities of the registrant owned by officers and directors and the percentage owned.

Form U5B, holding company registration statement

(17 CFR 295.5b).

Form U5S, holding company annual reports (17 4. Information on Long-term and Short-term Debt

CFR 259.5s)." Form 2-MD, used by investment trusts, requires Form U-13-1, application for approval of mutual identification of the amounts payable to the trustee, service companies (17 CFR 259.113). depositor, and sponsor.

Form U-13E-1, report by affiliate companies and Form N-1R, used by open end management investment independent service companies (17 CFR 259.213). companies, requires the registrant to provide debt informa- Form 3, initial statement of beneficial ownership of tion indicating the source and the amount of indebtedness. securities (17 CFR 259.217a).

Form N-30A-3, used by unincorporated management Form 4, statement of changes in beneficial ownership investment companies, requires the registrant to furnish

of securities ? (17 CFR 259.217b). the amount of all borrowings and the reasons for the Form U-13-60, annual report of mutual and subborrowings. The registrant must also state any changes sidiary service companies (17 CFR 259.313). in the authority or policies of the registrant with respect

1 This form is applicable to both the Securities Exchange Act of to borrowing money. The registrant must submit financial

1934 and the Public Utility Holding Company Act of 1935, but is statements with Form N-30A-3.

discussed with the former act.

1

1

а

Form U-6B-2, notification of exempt security issues The bank must also provide the name(s) of any member (17 CFR 259.206).

of the banks' board of directors who acts in a like capacity Form U-3A3-1, annual report of banks that are for any public utility or holding company in which the

exempt holding companies (17 CFR 259.403). bank held voting securities. These forms are the source of most information received

3. Information on Officers and Directors pursuant to the Public Utility Holding Company Act of 1935 concerning proprietary ownership; subsidiary, parent Form U5B requires the registrant to list the name, and other control; officers and directors; and long-term address, and title and compensation of all officers and and short-term debts. The information received on the directors of the registrant and its subsidiaries. Also, it aforementioned applications and reports is discussed below requires the registrant to furnish the names of all officials in the same sequence as the information requested in that are officers or directors of any bank or other financial Senator Metcalf's letter of February 9, 1973, except for the institutions. evaluation of the enforcement and effectiveness of the rules Form U-13-1 requires a listing of all officers and direcand regulations which will be covered in the Comptroller tors and a statement as to any positions they hold in any General's formal response to Senator Metcalf.?

affiliated company or other company with which it does

business. 1. Information on Proprietary (Voting) Ownership

Form U-13E-1 requires a list of all officers and directors

of the registrant and their annual rate of compensation. Form U5B, requires a list of the 20 largest stockholders, including the beneficial owners, of the securities of the holding company, showing for each'issue, the owner's 4. Information on Long-Term and Short-Term Debt name and address, the number of shares owned, and the Form U5B requires a detailed listing of all funded debts percent of the issue owned.

of the registrant and of any affiliated companies showing Form U-13-1, requires a list of all beneficial owners of the obligor, title of issue, amount authorized, amount 10 percent or more of the outstanding capital stock of the outstanding, amount reacquired and available for resale, applicant.

amount in sinking fund of obligor, amount pledged by Form U-13E-1 requires the registrant, if a corporation, registrant and subsidiaries, aggregate owned by registrant to list the top. 20 stockholders of record of the registrants' and subsidiaries, and name of trustee. voting securities and indicate the amount owned by each. Form U-13-1 requires the registrant to list all debt If a partnership, the registrant must list the names of all holders that have beneficial owne

nership of 10 percent or partners and the extent of their share in the partnership. more of the outstanding debt.

Form U-13-60 requires the registrant to list all notes 2. Information on Subsidiaries, Parent or any Other Com- payable, the name of the creditor, the nature of the trans

pany Having Control Over the Subject Organization action creating the debt, date of issue, date of maturity, Forms U5A and U5B require the holding company to

nominal and effective interest rates, and balance outstandlist all of the subsidiaries in the holding company's ing at the end of the year. Also required is a list of the system, showing for each its name, organization type (cor- long-term debt showing the name and date of the obliporation, trust, etc.), state of organization, type of busia gation, date of maturity, amount authorized, amount ness engaged in, and the remoteness of the relationship to

held by the company, amount outstanding, interest rate the holding company.

and due date, interest accrued and paid during the year, Form U5B also requires a listing of all of the capital and face amount of debt retired during the year.

. stock of the holding company and its subsidiaries showing

Form U-3A3-1 requires the bank to list all loans the name of the issuer; title of issue; amount authorized; outstanding to any public utility company or holding amount reserved for options, warrants, etc.; amount

company that were in default, and a listing of all loans issued; voluntary and involuntary liquidating value;

to any director or officer of any such company in excess of amount reacquired by issuer; amount pledged by the $25,000 showing the name of the company, name and holding company and each subsidiary; and the aggregate

position of borrower, and amount of loans. amount owned by the holding company and its subsidiaries Form U-6B-2 serves as notification to SEC that a other than the issuer.

holding company or its subsidiaries had issued, renewed Form U5B requires the registrant to list all the secu- or guaranteed securities exempt from the applicable rities of companies within the registrants' system, as well provision of the Public Utility Holding Company Act of as those of other companies, which are held by the 1935 and SEC regulations. The information to be included registrant.

in the notification includes the type of security, principal Form U-13-1 requires the registrant to detail the con- amount, interest rate, dates of issue and maturity, name trol of the subsidiaries, and the amount of any securities of security holder, collateral given, consideration received its affiliates hold.

and application of proceeds. Form U-13-60 requires the company to show the amount of indebtedness to any of its affiliates, the interest 5. Enforcement and Effectiveness of Laws, Rules, and rate and amount accrued during the year, and the addi- Regulations tions to and reductions in the indebtedness during the year.

See Comptroller General's letter, p. 197. Form U-3A3-1 requires the bank to detail its holdings in voting securities of public utility companies or holding 6. Availability and Cost of Information to the Public companies including the company name and description of securities, amount outstanding, amount owned, con

All forms and reports described above are available trolled or held by the bank, and the nature of holding. individual desiring information may personally make

to the public in the SEC's Public Reference Section. Any * See p. 197.

copies of the information at the SEC, at a cost of 10 cents per page. Individuals may also receive copies of any de- Form T-3 requires that the applicant list the undersired information through an SEC contractor.

29-553 0.74 - 16

writers of all outstanding securities and the proposed

underwriters of the new securities. 7. Proposals of New Legislation or Authority

3. Information on Officers and Directors See discussion, under this heading in first part of this report, dealing with Securities Act of 1933, p. 223.

Forms T-1 and T-2 require a statement as to any inter

locking directorates and their nature if the trustee or any Trust Indenture Act of 1939

of its officers or directors is an officer or director of the

obligor or any of its underwriters. The Trust Indenture Act of 1939 (15 U.S.C. 77aaa)

Form T-3 requires the registrant to list the names and requires debt securities offered for public sale to be registered with the SEC. The act authorized the SEC to positions of its officers and directors. make, amend, or rescind any rules or regulations and to require any documents or other information it deemed 4. Information on Long-Term and Short-Term Debt necessary for the protection of investors. Pursuant to this The information is discussed in the foregoing sections. authority, SEC regulations (17 CFR 269) prescribe the following forms to be used as registration statements for 5. Enforcement and Effectiveness of Laws, Rules, and trust indentures:

Regulations
Form T-1, statement of eligibility and qualifications See Comptroller General's letter, p. 197.

for corporate trustees. (17 CFR 269.1).
Form T-2, statement of eligibility and qualification 6. Availability and Cost of Information to the Public

for individual trustees. (17 CFR 269.2). Form T-3, application for qualification of trust

All registrations received under the Trust Indenture Act indentures. (17 CFR 269.3).

of 1939 are available to the public in the SEC's Public

Reference Section. Any individual desiring information Forms T-1, T-2, and T-3 are the source of most infor- may make copies of such information at the SEC, at a cost mation received pursuant to the Trust Indenture Act of of 10 cents per page. Individuals may also receive copies 1939 concerning proprietary ownership; subsidiary, parent, of the information through an SEC contractor. and other control information; officers and directors; and long-term and short-term debts. The information received 7. Proposals of New Legislation or Authority on the aforementioned registration statements is discussed below in the same sequence as the information

See preceding discussion, under this heading, in first requested in Senator Metcalf's letter of February 9, 1973, part of this report, dealing with Securities Act of 1933, except for the evaluation of the enforcement and effective- p. 223. ness of the rules and regulations which will be covered in

Investment Company Act of 1940 the Comptroller General's formal response to Senator Metcalf.'

The Investment Company Act of 1940 (15 U.S.C. 80a-1) requires the registration of investment companies with

the

SEC and subjects their activities to regulation by the SEC. 1. Information on Proprietary (Voting) Ownership

The act declared it unlawful for any unregistered investForm T-3 requires the applicant to list the name, ad- ment company to sell its securities or conduct any other dress, class of voting stock owned, and amount owned and business transaction in interstate commerce. percentage of each class of voting stock owned for each The act granted the SEC the authority to prescribe the person owning 10 percent or more of the voting securities form and content of registration statements and to require of the registrant.

the submission of annual, quarterly, or periodical reports No other information on proprietary ownership is con- or any other information or documents the SEC deems tained in registration statements required under the necessary for the protection of the investor. Trust Indenture Act of 1939.

Pursuant to this authority, the SEC regulations (17 2. Information on Subsidiaries, Parents, or any Other investment companies:

CFR 274) prescribe the following forms to be used by Company Having Control Over Subject Organization

Form N-5, registration statement of small business

investment companies ? (17 CFR 274.5). Forms T-1 and T-2 require the registrant to report any affiliation between it and (1) the obligor (debt issuer) and

Form N-8A, notification of registration (17 CFR (2) any underwriter of the obligor's debt securities. Fur

274.10). ther these forms require the reporting of the extent of

Form N-8B-1, registration statement of management securities held by the trustee, obligor, and underwriters in

investment companies (17 CFR 274.11). each other. The registrant must also report its security

Form N-8B-2, registration statement of unit investholdings in any person or company that owns 10 percent ment trusts currently issuing securities (17 CFR or more of the obligor's equity securities and/or 50 percent 274.12). or more of the obligor's voting securities.

Form N-1R, annual report of registered management Forms T-1 and T-2 require information as to whether investment companies ? (17 CFR 274.101). the trustee is also a trustee under any other indentures involving securities of the obligor, and if so, a statement the Investment Company Act of 1940, but is discussed with the

· This form is applicable to both the Securities Act of 1933 and must be submitted showing the basis for the claim that no former act. conflicting interest is created.

· These forms are applicable to both the Securities Exchange Act

of 1934 and the Investment Company Act of 1940, but are discussed 1 See p. 197.

with the former act.

1

2

Form N-30A-2, annual report of unit investment assets or voting securities invested in the company at

trusts currently issuing securities ? (17 CFR time of registration and at year end.
274.102).

The registrant must furnish a list or diagram of all Form N-30A-3, annual report of unincorporated persons directly or indirectly controlling, controlled by or

management investment companies currently issu- under common control with the registrant and the pering periodic payment plan certificates ? (17 CFR centage of voting securities owned or other basis of control 274.103).

by the person immediately controlling it. Form N-5R, annual report of small business invest- Form N--8B-2 requires the registrant to furnish a listing ment companies ? (17 CFR 274.105).

of the trust's securities held by its underwriters, directors Form N-17D-1, report filed by small business and officers.

investment company and an affiliated bank (17 Form N-17D-1 requires small business investment comCFR 274.200).

panies to report the details of investments in small busiForm 3, initial statement of beneficial ownership of nesses if investments in the small business have also been securities ? (17 CFR 274.202).

made by an affiliated bank. Form 4, statement of changes in beneficial ownership of securities? (17 CFR 274.203).

3. Information on Officers and Directors These forms are the source of most information received Form N-8A requires the registrant to furnish a listing pursuant to the Investment Company Act of 1940 con- of its officers, directors, and members of its advisory board cerning proprietary ownership; subsidiary, parent and and to state their affiliation with the registrant. other control; officers and directors; and long-term and Form N-8B-1 requires the registrant to identify each short-term debts. The information received on the afore- director, each member of the advisory board and the three mentioned applications and reports is discussed below in highest paid officers whose remuneration exceeded $30,000. the same sequence as the information requested in Senator Also, the registrant must furnish information as to any Metcalf's letter of February 9, 1973, except for the interlocking directorates with regard to the registrant and evaluation of the enforcement and effectiveness of the its underwriters. rules and regulations which will be covered in the Comptroller General's formal response to Senator Metcalf.: 4. Information on Long-Term and Short-Term Debt 1. Information on Proprietary (Voting) Owonership

Only Form N-8B-2 requires information as to long-term

debt. However, the information required to be submitted Form N-8B-1 requires the registrant to provide a does not require the details of the debts or the debt holders. listing of any person who owns 5 percent or more of the voting securities or more than 10 percent of any other 5. Enforcement and Effectiveness of Laws, Rules and class of equity security of the registrant. The information

Regulations to be submitted includes the owners' name and address; class of security owned; whether owned of record, bene

See Comptroller General's letter, p. 197. ficially or both; amount owned, and percentage of each class owned.

6. Availability and Cost of Information to the Public Form N-8B-2 requires the registrant to furnish for each person owning 5 percent or more of the outstanding the public in the SEC's Public Reference Section. Any

All forms and reports described above are available to voting securities of the depositor of the trust (1) the details of their ownership of all securities of the depositor information, at the SEC, at a cost of 10 cents per page.

individual desiring information may make copies of such and (2) the details of their ownership of all securities of the

Individuals may also receive copies of any information trust.

through an SEC contractor. 2. Information on Subsidiaries, Parent, or Any Other Com

7. Proposals of New Legislation or Authority pany Having Control Over Subject Organization On Form N-8A the registrant must furnish a schedule

See preceding discussion, under this heading, in first of (1) every company in which it owns directly 25 percent

part of this report, dealing with Securities Act of 1933, or more of the voting securities, and (2) companies owned 25 percent or more by companies in which the

Investment Advisers Act of 1940 registrant has a 25 percent interest. The schedule must

The Investment Advisers Act of 1940 (15 U.S.C. show the name of the company, date of organization, and state in which organized, form of organization, principal individuals who engage in the business of advising others

80b-1), provides for the registration with the SEC of business, and the percentage of voting securities owned. Form N-8B-1 requires the registrant to furnish infor

in their security transactions. The act authorizes the mation on investment policies, including the types of

SEC to issue rules prohibiting certain acts and procedures securities in which it may invest, the percentage of assets

as fraudulent or deceitful and to prescribe the form in which that can be invested in one security, the percentage of

registration information will be submitted to the SEC. voting securities of any one issuer it may acquire, in vest

The act also authorizes the SEC to require any additional ment for the purpose of exercising control, and portfolio

reports it deems necessary to protect investors. turnover. The registrant must also show for any company

Pursuant to this authority, SEC regulations (17 CFR in which the registrant owns 5 percent or more of the

279.1) require investment advisers to file a registration

with the SEC and prescribe the use of Form ADV for outstanding voting securities or has invested more than

this purpose. Form ADV is the source of most information 5 percent of its total assets, the name and address of the

received pursuant to the act concerning proprietary company, its principal business, and the percentage of the ownership; subsidiary, parent, and other control informaSee p.197.

tion; and officers and directors. The information received

p. 223.

on this registration is discussed below in the same sequence Form ADV further requires information as to persons as the information requested in Senator Metcalf's letter wholly or partly financing the business of the investment

adviser. of February 9, 1973, except for the evaluation of the enforcement and effectiveness of the rules and regulations

3. Information on Officers and Directors which will be covered in the Comptroller General's formal response to Senator Metcalf."

Form ADV requires the investment adviser to furnish a

listing of all directors and officers, their titles, the date 1. Information on Proprietary (Voting) Ownership

their service began, the class of securities owned and the

percentage owned. Form ADV requires the registrant to furnish the SEC a listing of any direct or indirect beneficial owners of 4. Information on Long-term and Short-term Debt 1 percent or more of any class of equity security, including Form ADV does not require information on long-term or the name of the owner, class of stock owned, and percent- short-term debt of investment advisers. age owned. If the registrant is a partnership or other form

5. Enforcement and Effectiveness of Laws, Rules, and of business, detailed information is required on the owner

Regulations ship of the organization.

See Comptroller General's letter, p. 197. 2. Information on Subsidiary, Parent, or Other Company 6. Availability and Cost of Information to the Public Having Control Over Subject Organization

All of the information described above is available to the Form ADV requires the registrant to furnish the SEC public in the SEC's Public Reference Section. Any inwith detailed information concerning any person who dividual desiring information may personally make copies exercises or has the power to exercise a controlling in- of the records at the SEC, at a cost of 10 cents per page. fluence over the policies or management of the investment

Individuals may also receive copies of any information adviser. Form ADV also requires information as to any

through an SEC contractor. controlling influence, whether direct or indirect, the ap

7. Proposals of New Legislation or Authority plicant or registrant exercises over any other person or organization involved in the securities or investment ad- part of this report, dealing with Securities Act of 1933,

See preceding discussion, under this heading, in first visory business.

p. 223.

STATUTES AUTHORIZING REGULATORY COMMISSIONS TO COLLECT CERTAIN DATA AND

SANCTIONS APPLICABLE TO COMPANIES WHICH FAIL TO PROVIDE DATA

*

Civil Aeronautics Board

Federal Communications Commission Title 49 U.S.C., Section 1377 provides:

Title 47 U.S.C., Section 219 provides: "(a) The Board is empowered to require annual, “(a) The Commission is authorized to require annual monthly, periodical and special reports from any air reports from all carriers subject to this chapter, and from carrier; to prescribe the manner and form in which such persons directly or indirectly controlling or controlled by, reports shall be made; and to require from any air carrier or under direct or indirect common control with any such specific answers to all questions upon which the Board carrier, to prescribe the manner in which such reports shall may deem information to be necessary.

be made, and to require from such persons specific answers "(b) Each air carrier shall submit annually, and at to all questions upon which the Commission may need such other times as the Board shall require, a list showing information. Except as otherwise required by the Commisthe names of each of the stockholders or members holding sion, such annual reports shall show in detail the amount of more than 5 per centum of the entire capital stock or capital stock issued, the amount and privileges of each capital, as the case may be, of such air carrier, together class of stock, the amounts paid therefor, and the manner with the name of any person for whose account, if other of payment for the same; the dividends paid and the surthan the holder, such stock is held; and a report setting plus fund, if any; the number of stockholders (and the forth a description of the shares of stock, or other interest, names of the thirty largest of each class of stock and the held by such air carrier, or for its account, in persons other amount held by each) than itself. Any person owning, beneficially or as trustee, "(b) *** (I)f any person subject to the provisions of this

] more than 5 per centum of any class of the capital stock section shall fail to make and file said reports within the or capital, as the case may be, of an air carrier shall submit annually, and at such other times, as the Board may Commission, for making and filing same, or shall fail to

time above specified, or within the time extended by the require, a description of the shares of stock or other interest owned by such persons, and the amount thereof." make specific answer to any question authorized by the

(Sec. 1471 provides civil penalties of up to $1,000 for provisions of this section within thirty days from the time each violation for each day it continues.)

it is lawfully required so to do, such person shall forfeit (Sec. 1472 makes such violations a misdemeanor and

to the United States the sum of $100 for each and every provides for a fine of up to $500 per violation per day for day it shall continue to be in default with respect therefirst offenses and up to $2,000 for subsequent offenses.) to.

* See p. 197.

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