`Liberty Mutual v. Progressive
`CBM2013-00009
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`(i) transactions are executed in accordance with management's general or specific authorization;
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`(ii) transactions are recorded as necessary (I) to permit preparation of financial statements in
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`conformity with generally accepted accounting principles or any other criteria applicable to such
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`statements, and (II) to maintain accountability for assets;
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`(iii) access to assets is permitted only in accordance with management's general or specific
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`authorization; and
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`(iv) the recorded accountability for assets is compared with the existing assets at reasonable intervals
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`and appropriate action is taken with respect to any differences.
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`(3)(A) With respect to matters concerning the national security ofthe United States, no duty or liability
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`under paragraph (2) ofthis subsection shall be imposed upon any person acting in cooperation with the head
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`of any Federal department or agency respons1ble for such matters if such act in cooperation with such head
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`of a department or agency was done upon the specific, written directive ofthe head of such department or
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`agency pursuant to Presidential authority to issue such directives. Each directive issued under this paragraph
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`shall set forth the specific facts and circumstances with respect to which the provisions ofthis paragraph are
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`to be invoked. Each such directive shall, unless renewed in writing, expire one year after the date of
`issuance.
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`(B) Each head of a Federal department or agency ofthe United States who issues a directive pursuant to
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`this paragraph shall maintain a complete file of all such directives and shall, on October 1 of each year,
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`transmit a summary ofnutters covered by such directives in force at any time during the previous year to the
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`Permanent Select Committee on Intelligence ofthe House ofRepresentatives and the Select Committee on
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`Intelligence ofthe Senate.
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`(4) No criminal liability shall be imposed for fiiling to comply with the requirements ofparagraph (2) of
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`this subsection except as provided in paragraph (5) ofthis subsection.
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`(5) No person shall knowingly circumvent or knowingly fail to implement a system of internal accounting
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`controls or knowingly lalsify any book, record, or account descrlbed in paragraph (2).
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`(6) Where an issuer which has a class of securities registered pursuant to section 78/ ofthis title or an
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`issuer which is required to file reports pursuant to section 780(d) ofthis title holds 50 per centum or less of
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`the voting power with respect to a domestic or foreign firm, the provisions ofparagraph (2) require only that
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`the issuer proceed in good faith to use its influence, to the extent reasonable under the issuer's
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`circumstances, to cause such domestic or foreign firm to devise and maintain a system of internal accounting
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`controls consistent with paragraph (2). Such circumstances include the relative degree ofthe issuer's
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`ownership ofthe domestic or foreign firm and the laws and practices governing the business operations of
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`the country in which such firm is located. An issuer which demonstrates good fiith efforts to use such
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`influence shall be conclusively presumed to have complied with the requirements ofparagraph (2).
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`(7) For the purpose ofparagraph (2) ofthis subsection, the terms “reasonable assurances” and
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`“reasonable detail” mean such level of detail and degree of assurance as would satisfy prudent oflicials in the
`conduct of their own alfairs.
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`(c) Alternative reports
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`If in the judgment ofthe Commission any report required under subsection (a) ofthis section is
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`inapplicable to any specified class or classes ofissuers, the Commission shall require in lieu thereofthe
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`submission of such reports of comparable character as it may deem applicable to such class or classes of
`issuers.
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`((1) Reports by persons acquiring more than five per centum of certain classes of securities
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`(1) Any person who, after acquiring directly or indirectly the beneficial ownership of any equity security of
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`a class which is registered pursuant to section 78/ ofthis title, or any equity security of an insurance company
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`which would have been required to be so registered except for the exemption contained in section 78/(g)(2)
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`(G) ofthis title, or any equity security issued by a closed- end investment company registered under the
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`Investment Company Act of 1940 [15 U.S.C. 80a—l et seq.] or any equity security issued by a Native
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`Corporation pursuant to section l629c(d)(6) oftitle 43, is directly or indirectly the beneficial owner ofmore
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`than 5 per centum of such class shall, within ten days after such acquisition, send to the issuer ofthe security
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`at its principal executive ofiice, by registered or certified mail, send to each exchange where the security is
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`traded, and file with the Commission, a statement containing such ofthe following information, and such
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`additional information, as the Commission may by rules and regulations, prescrlbe as necessary or
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`appropriate in the public interest or for the protection of investors—
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`(A) the background, and identity, residence, and citizenship of, and the nature of such beneficial
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`ownership by, such person and all other persons by whom or on whose behalfthe purchases have been
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`or are to be elfected;
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`(B) the source and amount ofthe fiinds or other consideration used or to be used in nuking the
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`purchases, and if any part ofthe purchase price is represented or is to be represented by funds or other
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`consideration borrowed or otherwise obtained for the purpose of acquiring, holding, or trading such
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`security, a description ofthe transaction and the names ofthe parties thereto, except that where a source
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`of funds is a loan made in the ordinary course ofbusiness by a bank, as defined in section 780(a)(6) of
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`this title, ifthe person filing such statement so requests, the name ofthe bank shall not be made available
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`to the public;
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`(C) ifthe purpose ofthe purchases or prospective purchases is to acquire control ofthe business ofthe
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`issuer ofthe securities, any plans or proposals which such persons rmy have to liquidate such issuer, to
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`sell its assets to or merge it with any other persons, or to make any other rmjor change in its business or
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`corporate structure;
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`(D) the number of shares of such security which are beneficially owned, and the number of shares
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`concerning which there is a right to acquire, directly or indirectly, by (i) such person, and (i) by each
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`associate of such person, giving the background, identity, residence, and citizenship of each such
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`associate; and
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`(E) information as to any contracts, arrangements, or understandings with any person with respect to
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`any securities ofthe issuer, including but not limited to transfer of any ofthe securities, joint ventures, loan
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`or option arrangements, puts or calls, guaranties of loans, guaranties against loss or guaranties ofprofits,
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`division of losses or profits, or the giving or withholding ofproxies, naming the persons with whom such
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`contracts, arrangements, or understandings have been entered into, and giving the details thereof
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`(2) If any material change occurs in the facts set forth in the statements to the issuer and the exchange,
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`and in the statement filed with the Commission, an amendment shall be transmitted to the issuer and the
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`exchange and shall be filed with the Commission, in accordance with such rules and regulations as the
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`Commission may prescribe as necessary or appropriate in the public interest or for the protection of
`investors.
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`(3) When two or more persons act as a partnership, limited partnership, syndicate, or other group for the
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`purpose of acquiring, holding, or disposing of securities of an issuer, such syndicate or group shall be
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`deemed a “person” for the purposes ofthis subsection
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`(4) In determining, for purposes ofthis subsection, any percentage of a class of any security, such class
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`shall be deemed to consist ofthe amount ofthe outstanding securities of such class, exclusive of any
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`securities of such class held by or for the account ofthe issuer or a subsidiary ofthe issuer.
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`(5) The Commission, by rule or regulation or by order, may permit any person to file in lieu ofthe
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`statement required by paragraph (1) ofthis subsection or the rules and regulations thereunder, a notice
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`stating the name of such person, the number of shares of any equity securities subject to paragraph (1) which
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`are owned by him, the date oftheir acquisition and such other information as the Commission may specify, if
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`it appears to the Commission that such securities were acquired by such person in the ordinary course ofhis
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`business and were not acquired for the purpose of and do not have the effect of changing or influencing the
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`control ofthe issuer nor in connection with or as a participant in any transaction having such purpose or
`effect.
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`(6) The provisions ofthis subsection shall not apply to—
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`(A) any acquisition or offer to acquire securities nude or proposed to be made by means of a
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`registration statement under the Securities Act of 1933 [15 U.S.C. 77a et seq.];
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`(B) any acquisition ofthe beneficial ownership of a security which, together with all other acquisitions
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`by the same person of securities ofthe same class during the preceding twelve months, does not exceed 2
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`per centum ofthat class;
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`(C) any acquisition of an equity security by the issuer of such security;
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`(D) any acquisition or proposed acquisition of a security which the Commission, by rules or regulations
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`or by order, shall exempt fiom the provisions ofthis subsection as not entered into for the purpose of and
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`not having the efiect of changing or influencing the control ofthe issuer or otherwise as not
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`comprehended within the purposes ofthis subsection.
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`(e) Purchase of securities by issuer
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`(1) It shall be unlawfiul for an issuer which has a class of equity securities registered pursuant to section
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`78/ ofthis title, or which is a closed- end investment company registered under the Investment Company Act
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`of 1940 [15 U.S.C. 80a—1 et seq.], to purchase any equity security issued by it if such purchase is in
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`contravention of such rules and regulations as the Commission, in the public interest or for the protection of
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`investors, may adopt (A) to define acts and practices which are fraudulent, deceptive, or manipulative, and
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`(B) to prescribe means reasonably designed to prevent such acts and practices. Such rules and regulations
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`may require such issuer to provide holders of equity securities of such class with such information relating to
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`the reasons for such purchase, the source of funds, the number of shares to be purchased, the price to be
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`paid for such securities, the method ofpurchase, and such additional information, as the Commission deems
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`necessary or appropriate in the public interest or for the protection of investors, or which the Commission
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`deems to be material to a determination whether such security should be sold.
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`(2) For the purpose ofthis subsection, a purchase by or for the issuer or any person controlling,
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`controlled by, or under common control with the issuer, or a purchase subject to control ofthe issuer or any
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`such person, shall be deemed to be a purchase by the issuer. The Commission shall have power to rmke
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`rules and regulations implementing this paragraph in the public interest and for the protection of investors,
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`including exemptive rules and regulations covering situations in which the Commission deems it unnecessary
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`or inappropriate that a purchase ofthe type descrlbed in this paragraph shall be deemed to be a purchase by
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`the issuer for purposes of some or all ofthe provisions ofparagraph (1) ofthis subsection.
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`(3) At the time of filing such statement as the Commission may require by rule pursuant to paragraph (1)
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`ofthis subsection, the person rmking the filing shall pay to the Commission a fee of 1/50 of 1 per centum of
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`the value of securities proposed to be purchased. The fee shall be reduced with respect to securities in an
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`amount equal to any fee paid with respect to any securities issued in connection with the proposed
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`transaction under section 6(b) ofthe Securities Act of 1933 [15 U.S.C. 77i(b)], or the fee paid under that
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`section shall be reduced in an amount equal to the fee paid to the Commission in connection with such
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`transaction under this paragraph.
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`(1) Reports by institutional investment managers
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`(1) Every institutional investment mnager which uses the rmils, or any means or instrumentality of
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`interstate commerce in the course of its business as an institutional investment rmnager and which exercises
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`investment discretion with respect to accounts holding equity securities of a class descrrbed in subsection ((1)
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`(l) ofthis section having an aggregate fiir market value on the last trading day in any ofthe preceding twelve
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`months of at least $100,000,000 or such lesser amount (but in no case less than $10,000,000) as the
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`Commission, by rule, may determine, shall file reports with the Commission in such form, for such periods,
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`and at such times after the end of such periods as the Commission, by rule, may prescrrbe, but in no event
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`shall such reports be filed for periods longer than one year or shorter than one quarter. Such reports shall
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`include for each such equity security held on the last day ofthe reporting period by accounts (in aggregate or
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`by type as the Commission, by rule, may prescribe) with respect to which the institutional investment
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`manager exercises investment discretion (other than securities held in amounts which the Commission, by
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`rule, determines to be insignificant for purposes ofthis subsection), the name ofthe issuer and the title, class,
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`CUSIP number, number of shares or principal amount, and aggregate fair market value of each such
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`security. Such reports may also include for accounts (in aggregate or by type) with respect to which the
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`institutional investment manager exercises investment discretion such ofthe following information as the
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`Commission, by rule, prescribes—
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`(A) the name ofthe issuer and the title, class, CUSIP number, number of shares or principal amount,
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`and aggregate fair market value or cost or amortized cost of each other security (other than an exempted
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`security) held on the last day ofthe reporting period by such accounts;
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`(B) the aggregate fair market value or cost or amortized cost of exempted securities (in aggregate or by
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`class) held on the last day ofthe reporting period by such accounts;
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`(C) the number of shares of each equity security of a class described in subsection (d)(1) ofthis section
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`held on the last day ofthe reporting period by such accounts with respect to which the institutional
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`investment manager possesses sole or shared authority to exercise the voting rights evidenced by such
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`securities;
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`(D) the aggregate purchases and aggregate sales during the reporting period of each security (other
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`than an exempted security) eifected by or for such accounts; and
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`(E) with respect to any transaction or series oftransactions having a market value of at least $500,000
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`or such other amount as the Commission, by rule, may determine, effected during the reporting period by
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`or for such accounts in any equity security of a class described in subsection (d)(l) ofthis section—
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`(i) the name ofthe issuer and the title, class, and CUSIP number ofthe security;
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`(i) the number of shares or principal amount ofthe security involved in the transaction;
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`(iii) whether the transaction was a purchase or sale;
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`(iv) the per share price or prices at which the transaction was eifected;
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`(v) the date or dates ofthe transaction;
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`(vi) the date or dates ofthe settlement ofthe transaction;
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`(Vii) the broker or dealer through whom the transaction was efiected;
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`(viii) the market or markets in which the transaction was effected; and
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`(ix) such other related information as the Commission, by rule, may prescribe.
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`(2) The Commission, by rule, or order, may exempt, conditionally or unconditionally, any institutional
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`investment manager or security or any class of institutional investment managers or securities firom any or all
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`ofthe provisions ofthis subsection or the rules thereunder.
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`(3) The Commission shall make available to the public for a reasonable fee a list of all equity securities of
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`a class descrrbed in subsection (d)(l) ofthis section, updated no less frequently than reports are required to
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`be filed pursuant to paragraph (1) ofthis subsection. The Commission shall tabulate the information
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`contained in any report filed pursuant to this subsection in a manner which will, in the view ofthe
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`Commission, maximize the usefulness ofthe inforrmtion to other Federal and State authorities and the
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`public. Promptly after the filing of any such report, the Commission shall make the inforrmtion contained
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`therein conveniently available to the public for a reasonable fee in such form as the Commission, by rule,
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`may prescribe, except that the Commission, as it determines to be necessary or appropriate in the public
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`interest or for the protection of investors, may delay or prevent public disclosure of any such information in
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`accordance with section 552 oftitle 5. Notwithstanding the preceding sentence, any such information
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`identifying the securities held by the account of a natural person or an estate or trust (other than a business
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`trust or investment company) shall not be disclosed to the public.
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`(4) In exercising its authority under this subsection, the Commission shall determine (and so state) that its
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`action is necessary or appropriate in the public interest and for the protection of investors or to maintain fiir
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`and orderly markets or, in granting an exemption, that its action is consistent with the protection of investors
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`and the purposes ofthis subsection. In exercising such authority the Commission shall take such steps as are
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`within its power, including consulting with the Comptroller General ofthe United States, the Director ofthe
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`Office ofManagement and Budget, the appropriate regulatory agencies, Federal and State authorities which,
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`directly or indirectly, require reports fiom institutional investment managers of information substantially
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`similar to that called for by this subsection, national securities exchanges, and registered securities
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`associations, (A) to achieve uniform, centralized reporting of information concerning the securities holdings
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`of and transactions by or for accounts with respect to which institutional investment managers exercise
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`investment discretion, and (B) consistently with the objective set forth in the preceding subparagraph, to
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`avoid unnecessarily duplicative reporting by, and minimize the compliance burden on, institutional investment
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`managers. Federal authorities which, directly or indirectly, require reports from institutional investment
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`managers of information substantially similar to that called for by this subsection shall cooperate with the
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`Commission in the performance of its responsfloilities under the preceding sentence. An institutional
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`investment manager which is a bank, the deposits ofwhich are insured in accordance with the Federal
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`Deposit Insurance Act [12 U.S.C. 1811 et seq], shall file with the appropriate regulatory agency a copy of
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`every report filed with the Commission pursuant to this subsection
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`(5)(A) For purposes ofthis subsection the term “institutional investment manager” includes any person,
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`other than a natural person, investing in or buying and selling securities for its own account, and any person
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`exercising investment discretion with respect to the account of any other person
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`(B) The Commission shall adopt such rules as it deems necessary or appropriate to prevent duplicative
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`reporting pursuant to this subsection by two or more institutional investment rmnagers exercising investment
`discretion with respect to the same amount.1
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`(g) Statement of equity security ownership
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`(1) Any person who is directly or indirectly the beneficial owner ofmore than 5 per centum of any
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`security of a class described in subsection (d)(1) ofthis section shall send to the issuer ofthe security and
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`shall file with the Commission a statement setting forth, in such form and at such time as the Commission
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`may, by rule, prescribe—
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`(A) such person‘s identity, residence, and citizenship; and
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`(B) the number and description ofthe shares in which such person has an interest and the nature of
`such interest.
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`(2) If any material change occurs in the ficts set forth in the statement sent to the issuer and filed with the
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`Commission, an amendment shall be transmitted to the issuer and shall be filed with the Commission, in
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`accordance with such rules and regulations as the Commission may prescribe as necessary or appropriate in
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`the public interest or for the protection of investors.
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`(3) When two or more persons act as a partnership, limited partnership, syndicate, or other group for the
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`purpose of acquiring, holding, or disposing of securities of an issuer, such syndicate or group shall be
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`deemed a “person” for the purposes ofthis subsection.
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`(4) In determining, for purposes ofthis subsection, any percentage of a class of any security, such class
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`shall be deemed to consist ofthe amount ofthe outstanding securities of such class, exclusive of any
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`securities of such class held by or for the account ofthe issuer or a subsidiary ofthe issuer.
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`(5) In exercising its authority under this subsection, the Commission shall take such steps as it deems
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`necessary or appropriate in the public interest or for the protection of investors (A) to achieve centralized
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`reporting of information regarding ownership, (B) to avoid unnecessarily duplicative reporting by and
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`minimize the compliance burden on persons required to report, and (C) to tabulate and promptly make
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`available the information containedin any report filed pursuant to this subsectionIn a rmnner which will,1n
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`the view ofthe Commission, maximize the usefiilness ofthe information to other Federal and State agencies
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`and the public.
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`(6) The Commission may, by rule or order, exempt, in whole or in part, any person or class ofpersons
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`flom any or all ofthe reporting requirements ofthis subsection as it deems necessary or appropriate in the
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`public interest or for the protection of investors.
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`(h) Large trader reporting
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`(1) Identification requirements for large traders
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`For the purpose ofmonitoring the impact on the securities markets of securities transactions involving a
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`substantial volume or a large fair market value or exercise value and for the purpose of otherwise assisting
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`the Commission in the enforcement ofthis chapter, each large trader shall—
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`(A) provide such information to the Commission as the Commission may by rule or regulation
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`prescrrbe as necessary or appropriate, identifying such large trader and all accounts in or through which
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`such large trader effects such transactions; and
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`(B) identify, in accordance with such rules or regulations as the Commission may prescribe as
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`necessary or appropriate, to any registered broker or dealer by or through whom such large trader
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`directly or indirectly effects securities transactions, such large trader and all accounts directly or
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`indirectly maintained with such broker or dealer by such large trader in or through which such
`transactions are effected.
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`(2) Recordkeeping and reporting requirements for brokers and dealers
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`Every registered broker or dealer shall make and keep for prescribed periods such records as the
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`Commission by rule or regulation prescrrbes as necessary or appropriate in the public interest, for the
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`protection of investors, or otherwise in fintherance ofthe purposes ofthis chapter, with respect to
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`securities transactions that equal or exceed the reporting activity level effected directly or indirectly by or
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`through such registered broker or dealer of or for any person that such broker or dealer knows is a large
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`trader, or any person that such broker or dealer has reason to know is a large trader on the basis of
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`transactions in securities effected by or through such broker or dealer. Such records shall be available for
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`reporting to the Commission, or any self-regulatory organization that the Commission shall designate to
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`receive such reports, on the morning ofthe day following the day the transactions were effected, and shall
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`be reported to the Commission or a self-regulatory organization designated by the Commission
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`immediately upon request by the Commission or such a self-regulatory organization. Such records and
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`reports shall be in a format and transmitted in a manner prescribed by the Commission (including, but not
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`limited to, machine readable form).
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`(3) Aggregation rules
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`The Commission may prescribe rules or regulations governing the manner in which transactions and
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`accounts shall be aggregated for the purpose ofthis subsection, including aggregation on the basis of
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`common ownership or control
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`(4) Examination of broker and dealer records
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`All records required to be made and kept by registered brokers and dealers pursuant to this subsection
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`with respect to transactions eifected by large traders are subject at any time, or fiom time to time, to such
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`reasonable periodic, special, or other examinations by representatives ofthe Commission as the
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`Commission deems necessary or appropriate in the public interest, for the protection of investors, or
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`otherwise in fintherance ofthe purposes ofthis chapter.
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`(5) Factors to be considered in Commission actions
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`In exercising its authority under this subsection, the Commission shall take into account—
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`(A) existing reporting systems;
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`(B) the costs associated with maintaining information with respect to transactions efi‘ected by large
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`traders and reporting such infonmtion to the Commission or self-regulatory organizations; and
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`(C) the relationship between the United States and international securities markets.
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`(6) Exemptions
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`The Commission, by rule, regulation, or order, consistent with the purposes ofthis chapter, may
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`exempt any person or class ofpersons or any transaction or class oftransactions, either conditionally or
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`upon specified terms and conditions or for stated periods, from the operation ofthis subsection, and the
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`rules and regulations thereunder.
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`(7) Authority of Commission to limit disclosure of information
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`Notwithstanding any other provision of law, the Commission shall not be compelled to disclose any
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`information required to be kept or reported under this subsection. Nothing in this subsection shall
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`authorize the Commission to withhold inforrmtion from Congress, or prevent the Commission fiom
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`complying with a request for infornntion fiom any other Federal department or agency requesting
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`information for purposes within the scope of its jurisdiction, or complying with an order of a court ofthe
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`United States in an action brought by the United States or the Commission. For purposes of section 552
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`oftitle 5, this subsection shall be considered a statute described in subsection (b)(3)(B) of such section
`552.
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`(8) Definitions
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`For purposes ofthis subsection—
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`(A) the term “large trader” means every person who, for his own account or an account for which
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`he exercises investment discretion, eflects transactions for the purchase or sale of any publicly traded
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`security or securities by use of any means or instrumentality of interstate commerce or ofthe mails, or
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`of any facility of a national securities exchange, directly or indirectly by or through a registered broker
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`or dealer in an aggregate amount equal to or in excess ofthe identifying activity level;
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`(B) the term “publicly traded security” means any equity security (including an option on individual
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`equity securities, and an option on a group or index of such securities) listed, or admitted to unlisted
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`trading privileges, on a national securities exchange, or quoted in an automated interdealer quotation
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`system;
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`(C) the term “identifying activity level” means transactions in publicly traded securities at or above a
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`level ofvolume, fair market value, or exercise value as shall be fixed from time to time by the
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`U.S.C. Title 15- COMMERCE AND TRADE
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`Commission by rule or regulation, specifying the time interval during which such transactions shall be
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`aggregated;
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`(D) the term “reporting activity level” means transactions in publicly traded securities at or above a
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`level ofvolume, fair market value, or exercise value as shall be fixed from time to time by the
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`Commission by rule, regulation, or order, specifying the time interval during which such transactions
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`shall be aggregated; and
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`(E) the term “person” has the meaning given in section 78c(a)(9) ofthis title and also includes two or
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`more persons acting as a partnership, limited partnership, syndicate, or other group, but does not
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`include a foreign central bank.
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`(June 6, 1934, ch. 404, title I, §13, 48 Stat. 894; Aug. 20, 1964, Pub. L. 88—467, §4, 78 Stat. 569; July
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`29, 1968, Pub. L. 90—439, §2, 82 Stat. 454; Dec. 22, 1970, Pub. L. 91—567, §§1, 2, 84 Stat. 1497; June
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`4, 1975, Pub. L. 94—29, §10, 89 Stat. 119; Feb. 5, 1976, Pub. L. 94—210, title 111, §308(b), 90 Stat. 57;
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`Dec. 19, 1977, Pub. L. 95—213, title I, §102, title II, §§202, 203, 91 Stat. 1494, 1498, 1499; June 6,
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`1983, Pub. L. 98—38, §2(a), 97 Stat. 205; Dec. 4, 1987, Pub. L. 100—181, title III, §§315, 316, 101 Stat.
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`1256; Feb. 3, 1988, Pub. L. 100—241, §12(d), 101 Stat. 1810; Aug. 23, 1988, Pub. L. 100—418, title V,
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`§5002, 102 Stat. 1415; Oct. 16, 1990, Pub. L. 101—432, §3, 104 Stat. 964.)
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`REFERENCES IN TEXT
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`This chapter, referred to in subsecs. (b)(l) and (h)(1), (2), (4), (6), was in the original “this title”. See
`References in Text note set out under section 78a of this title.
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`The Investment Company Act of 1940, referred to in subsecs. (d)(l) and (e)(1), is title I of act Aug. 22,
`1940, ch. 686, 54 Stat. 789, as amended, which is classified generally to subchapter I (§80a—1 et seq.) of
`chapter 2D of this title. For complete classification of this Act to the Code, see section 80a—51 of this title and
`Tables.
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`The Securities Act of 1933, referred to in subsec. (d)(6)(A), is act May 27, 1933, ch. 38, title 1,48 Stat. 74,
`as amended, which is classified generally to subchapter I (§77a et seq.) of chapter 2A of this title. For
`complete classification of this Act to the Code, see section 77a of this title and Tables.
`The Federal Deposit Insurance Act, referred to in subsec. (f)(4), is act Sept. 21, 1950, ch. 967, §2, 64 Stat.
`873, as amended, which is classified generally to chapter 16 (§ 1811 et seq.) of Title 12, Banks and Banking.
`For complete classification of this Act to the Code, see Short Title note set out under section 1811 of Title 12
`and Tables.
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`AMENDMENTS
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`1990—Subsec. (h). Pub. L. 101—432 added subsec. (h).
`1988—Subsec. (b)(4) to (7). Pub. L. 100—418 added pars. (4) to (7).
`Subsec. (d)(l). Pub. L. 100—241 inserted “or any equity security issued by a Native Corporation pursuant to
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`section 1629c(d)(6) of title 43”.
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`1987—Subsec. (c). Pub. L. 100—181, §315, struck out “of” after “thereof”.
`Subsec. (h). Pub. L. 100—181, §316, struck out subsec. (h) which required Commission to report to
`Congress within thirty months of Dec. 19, 1977, with respect to effectiveness of ownership reporting
`requirements contained in this chapter and desirability and feas1bility of reducing or otherwise modifying the 5
`per centum thresh