CITE

    15 USC Sec. 77iii                                           01/08/2008

EXPCITE

    TITLE 15 - COMMERCE AND TRADE
    CHAPTER 2A - SECURITIES AND TRUST INDENTURES
    SUBCHAPTER III - TRUST INDENTURES

HEAD

    Sec. 77iii. Effective time of qualification

STATUTE

    (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.
    (b) Stop orders after effective time of qualification
      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 qualification
      The 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 indenture
      No 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 investigation
      Nothing 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.

SOURCE

    (May 27, 1933, ch. 38, title III, Sec. 309, as added Aug. 3, 1939,
    ch. 411, 53 Stat. 1157; amended Pub. L. 101-550, title IV, Sec.
    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 FUNCTIONS

      For transfer of functions of Securities and Exchange Commission,
    with certain exceptions, to Chairman of such Commission, see Reorg.
    Plan No. 10 of 1950, Secs. 1, 2, eff. May 24, 1950, 15 F.R. 3175,
    64 Stat. 1265, set out under section 78d of this title.