securities

securities Sec. 308. (a) (1) Paragraph (6) of section 3(a) of the Securities Act of 1933 (15 U.S.C. 77c(a) (6)) is amended to read as follows: “(6) Any security issued by a motor carrier the issuance of which is subject to the provisions of section 214 of the Interstate Commerce Act, or any interest in a railroad equipment trust. For purposes of this paragraph ‘interest in a railroad equipment trust’ means any interest in an equipment trust, lease, conditional sales contract, or other 90 STAT. 57similar arrangement entered into, issued, assumed, guaranteed by, or for the benefit of, a common carrier to finance the acquisition of rolling stock, including motive power;”. (2) The second sentence of section 19(a) of such Act (15 U.S.C. 77s(a)) is amended by striking out “j but insofar as they relate to any common carrier subject to the provisions of section 20 of the Interstate Commerce Act, as amended, the rules and regulations of the Commission with respect to accounts shall not be inconsistent with the requirements imposed by the Interstate Commerce Commission under authority of such section 20”. (3) Section 214 of the Interstate Commerce Act (49 U.S.C. 314) is amended by striking out “That the exemption” and all that follows through “And provided further”. (b) Section 13(b) of the Securities Exchange Act of 1934 (15 U.S.C. 78m (b)) is amended by striking out “, and, in the case of carriers subject to the provisions of section 20 of the Interstate Commerce Act” and all that follows in such subsection, and inserting in lieu thereof “(except that such rules and regulations of the Commission may be inconsistent with such requirements to the extent that the Commission determines that the public interest or the protection of investors so requires).”. (c) Paragraph (7) of section 3(c) of the Investment Company Act of 1940 (15 U.S.C. 80a–3(c) (7)) is amended to read as follows: “(7) Any company (A) which is subject to regulation under section 214 or the Interstate Commerce Act, except that this exception shall not apply to a company which the Commission finds and by order declares to be primarily engaged, directly or indirectly, in the business of investing, reinvesting, owning, holding, or trading in securities, or (B) whose entire outstanding stock is owned or controlled by a company excepted under clause (A) hereof, if the assets of the controlled company consist substantially of securities issued by companies which are subject to regulation under section 214 of the Interstate Commerce Act.”. (d) (1) The amendments made by subsection (a) of this section shall take effect on the 60th day after the date of enactment of this Act, but shall not apply to any bona fide offering of a security made by the issuer, or by or through an underwriter, before such 60th day. (2) The amendment made by subsection (c) of this section shall not apply to any report by any person with respect to a fiscal year of such person which began before the date of enactment of this Act. (3) The amendment made by subsection (c) of this section shall take effect on the 60th day after the date of enactment of this Act.