2020 US Code
Title 15 - Commerce and Trade
Chapter 2A - Securities and Trust Indentures
Subchapter III - Trust Indentures
Sec. 77iii - Effective time of qualification
15 U.S.C. § 77iii (2020) |
§77iii. Effective time of qualification |
(a) Effective time of registration or application for qualification of indenture
The indenture under which a security has been or is to be issued shall be deemed to have been qualified under this subchapter— (1) when registration becomes effective as to such security; or (2) when an application for the qualification of such indenture becomes effective, pursuant to section 77ggg of this title. After qualification has become effective as to the indenture under which a security has been or is to be issued, no stop order shall be issued pursuant to section 77h(d) of this title, suspending the effectiveness of the registration statement relating to such security or of the application for qualification of such indenture, except on one or more of the grounds specified in section 77h of this title, or the failure of the issuer to file an application as provided for by section 77eee(b)(2) of this title. (c) Effect of subsequent rule or regulation on qualificationThe making, amendment, or rescission of a rule, regulation, or order under the provisions of this subchapter (except to the extent authorized by subsection (a) of section 77nnn of this title with respect to rules and regulations prescribed pursuant to such subsection) shall not affect the qualification, form, or interpretation of any indenture as to which qualification became effective prior to the making, amendment, or rescission of such rule, regulation, or order. (d) Liability of trustee under qualified indentureNo trustee under an indenture which has been qualified under this subchapter shall be subject to any liability because of any failure of such indenture to comply with any of the provisions of this subchapter, or any rule, regulation, or order thereunder. (e) Power of Commission to conduct investigationNothing in this subchapter shall be construed as empowering the Commission to conduct an investigation or other proceeding for the purpose of determining whether the provisions of an indenture which has been qualified under this subchapter are being complied with, or to enforce such provisions. |
(May 27, 1933, ch. 38, title III, §309, as added Aug. 3, 1939, ch. 411, 53 Stat. 1157; amended Pub. L. 101–550, title IV, §405, Nov. 15, 1990, 104 Stat. 2723.) |
AMENDMENTS
1990—Subsec. (b). Pub. L. 101–550 inserted before period at end ", or the failure of the issuer to file an application as provided for by section 77eee(b)(2) of this title". TRANSFER OF FUNCTIONSFor transfer of functions of Securities and Exchange Commission, with certain exceptions, to Chairman of such Commission, see Reorg. Plan No. 10 of 1950, §§1, 2, eff. May 24, 1950, 15 F.R. 3175, 64 Stat. 1265, set out under section 78d of this title. |
United States Code, 2018 Edition, Supplement 2, Title 15 - COMMERCE AND TRADE |
Bills and Statutes |
United States Code |
Y 1.2/5: |
Title 15 - COMMERCE AND TRADE CHAPTER 2A - SECURITIES AND TRUST INDENTURES SUBCHAPTER III - TRUST INDENTURES Sec. 77iii - Effective time of qualification |
section 77iii |
2020 |
January 13, 2021 |
No |
standard |
53 Stat. 1157 64 Stat. 1265 104 Stat. 2723 |
Public Law 101-550 |