Prospectus Supplement and the U.S. (i) This section shall not require the furnishing of prospectuses in any state where such furnishing would be unlawful under the laws of such state: Provided, however, That this provision is not to be construed to relieve a broker or dealer from complying with the requirements of section 5(b)(1) and (2) of the Securities Act of 1933. << Writing a Prospectus requires many features and a company should know the ins and outs of their business model. %PDF-1.3 stream 24, 1969) [34 FR 7235]. A) the preliminary prospectus delivery requirements during the cooling-off period. The Commission is adopting similar revisions for investment companies. The SEC has called recently implemented Rule 30e-3, "the first major step in a long-term initiativeto improve the investor experience by updating the design, delivery, and content of fund disclosure for the benefit of individual investors." In late 2020, the SEC proposed comprehensive changes to prospectus and shareholder report . Today's 911 seeks to move the porsche 944 dme relay as always, it's doing so within the porsche 944 dme relay of its sports cars while adding an extra dimension in comfort. 46/ See Rule 15c61(c), 17 CFR 15c61(c). By accepting all cookies, you agree to our use of cookies to deliver and maintain our services and site, improve the quality of Reddit, personalize Reddit content and advertising, and measure the effectiveness of advertising. Rule 424(b)(7)) and the file number of the registration statement to which the prospectus relates. 79/ This requirement is satisfied by delivering a preliminary prospectus that is current at the time of its delivery. 29/ The new EDGAR form types for purposes of registration statements under Rule 462 are S-1MEF, S-2MEF, S-3MEF, F-1MEF, F-2MEF, F-3MEF, SB-1MEF and SB-2MEF. All rights reserved. For a non-listed IPO- 90 days. 18/ See Item 501 (c) of Regulation S-K, 17 CFR 229.501 (c) (outside front cover page); Item 502(d), (e) and (g) of Regulation S-K, 17 CFR 229.502(d), 229.502(e), and 229.502(g) (inside front cover page and outside back cover page); Item 501 of Regulation S-B, 17 CFR 228.501 (outside front cover page); and Item 502(d), (e) and (f) of Regulation S-B, 17 CFR 228.502(d), 228.502(e) and 228.502(f) (inside front cover page and outside back cover page). 67/ See Rule 434(c)(2), 17 CFR 230.434(c)(2). What is a Form 10 Registration Statement? Prospectus, as the case may be; and all references in this Agreement to amendments or supplements to the Registration Statement, the U.S. Base Prospectus or the U.S. What Is a Preliminary Official Statement (POS)? This paragraph (b) does not apply with respect to asset-backed securities (as defined in 229.1101 of this chapter) that meet the requirements of General Instruction I.B.5 of Form S-3 ( 239.13 of this chapter). Preliminary Prospectus means any preliminary prospectus referred to in paragraph 1(a) above and any preliminary prospectus included in the Registration Statement at the Effective Date that omits Rule 430A Information. Summary of Prospectus Delivery Requirements Security Time Frame. (h) If the broker or dealer is a managing underwriter of such distribution, he shall take reasonable steps to see that any broker or dealer participating in the distribution or trading in the registered security is furnished reasonable quantities of the final prospectus relating to such securities, as requested by him, in order to enable him to comply with the prospectus delivery requirements of section 5(b) (1) and (2) of the Securities Act of 1933. (a) It shall constitute a deceptive act or practice, as those terms are used in section 15(c)(2) of the Act, for a broker or dealer to participate in a distribution of securities with respect to which a registration statement has been filed under the Securities Act of 1933 unless he complies with the requirements set forth in paragraphs (b) through (h) of this section. Institutional Amendments to the SEC's filing requirements to permit, for all registered offerings: the registration of only the title of the securities to be registered, without designation of the number of securities, and the proposed maximum offering price; the registration after effectiveness of an increase in the size and price of an offering that together represent no more than a 20 percent increase in the maximum aggregate offering price by using an abbreviated registration statement that will become effective upon filing; the filing of size or price changes by fax or EDGAR copy between 5:30 p.m. and 10 p.m. and payment of the filing fee; and. It is not an official legal edition of the CFR. Provided, however, this paragraph (b) shall apply to all issuances of asset-backed securities (as defined in 229.1101(c) of this chapter) regardless of whether the issuer has previously been required to file reports pursuant to sections 13(a) or 15(d) of the Securities Exchange Act of 1934, or exempted from the requirement to file reports thereunder pursuant to section 12(h) of the Act (15 U.S.C. 11, 1988; 60 FR 26622, May 17, 1995; 70 FR 1622, Jan. 7, 2005; 79 FR 57344, Sept. 24, 2014]. When there is a change in offering size or deviation from the price range beyond the 20% threshold, a post-effective amendment would continue to be required only if such change or deviation materially changes the previous disclosure. 54/ The preliminary prospectus, the term sheet and the confirmation may be delivered together or separately under Rule 434, provided that the former two are sent or given prior to or with the confirmation. No changes found for this content after 1/03/2017. We recommend you directly contact the agency responsible for the content in question. Prospectus: A prospectus is a formal legal document that is required by and filed with the Securities and Exchange Commission that provides details about an investment offering for sale to the . Proposed Changes to Prospectus Fee Disclosures. For an IPO of a security to be listed on the NYSE or Nasdaq-25 days. Questions regarding this Notice may be directed to Thomas R. Cassella, Vice President, Compliance, at (202) 728-8237 or Charles Bennett, Director, Corporate Financing Department, at (301) 208-2736. The disclosure in the preliminary prospectus and term sheet would be measured against the disclosure set forth in the registration statement as of its effective date, including omitted Rule 430A price-related information deemed a part thereof by virtue of Rule 430A(b), 17 CFR 230.430A(b). What Is the Regulation SHO Short Seller Rule? U.S. Base Prospectus has the meaning set forth in Section 1(b) hereof. Prospectus (or other references of like import) shall be deemed to mean and include all such financial statements and schedules and other information which is incorporated by reference in or otherwise deemed by the Rules and Regulations to be a part of or included in the Registration Statement, the U.S. Base Prospectus or the U.S. 61/ See, e.g., letter from John Olson et al., American Bar Association to Jonathan Katz, Securities and Exchange Commission, dated April 14, 1995; letter from Edward Adams, Fredrikson & Byron to Jonathan Katz, Securities and Exchange Commission, dated March 31, 1995; and letter from Steven Machov, Merrill Corporation to Jonathan Katz, Securities and Exchange Commission, dated April 3, 1995. 19/ See Instruction to Item 503(c) of Regulations S-K and S-B, 17 CFR 229.503(c) and 228.503(c). Under a Prospectus Delivery Decision, Authorized Dealers, Designated Brokers and Affiliate Dealers are exempt from the Prospectus Delivery Requirement in connection with the re-sale of Creation Units to investors on the TSX or another Marketplace. Subscribe to: Changes in Title 17 :: Chapter II :: Part 240 :: Subject group :: Section 240.15c2-8. Nomenclature changes to part 240 appear at 57 FR 36501, Aug. 13, 1992, and 57 FR 47409, Oct. 16, 1992. Donnelley Financial), to Jonathan G. Katz, Secretary, Securities and Exchange Commission, dated March 31, 1995. They must also be delivered to potential investors in a mutual fund, exchange traded fund or unit investment trust. Reasonable steps shall include receiving an undertaking by the managing underwriter or underwriters to send such copy to the address given in the requests. FINRA IS A REGISTERED TRADEMARK OF THE FINANCIAL INDUSTRY REGULATORY AUTHORITY, INC. FINRA operates the largest securities dispute resolution forum in the United States, To report on abuse or fraud in the industry. Complying with this provision in the context of a firm commitment offering may be difficult because of the need to obtain the express agreement of all parties participating in the offering. 7/ See letter from Robin Shelby, CS First Boston Corporation; Goldman Sachs & Co.; Steven Barkenfield, Lehman Brothers Inc.; and John Ander, Morgan Stanley & Co. Inc. to Anita Klein, Securities and Exchange Commission, dated Jan. 24, 1995 and letter from Goldman Sachs to Anita Klein, Securities and Exchange Commission, dated Feb. 3, 1995. Prospectus shall be deemed to mean and include the filing of any document under the Securities Exchange Act of 1934, as amended (the Exchange Act), and which is deemed to be incorporated therein by reference or otherwise deemed by the Rules and Regulations to be a part of or included in the Registration Statement, the U.S. Base Prospectus, the U.S. 78l). 40 days. Compliance with Securities Act Requirements (i) (A) At the time the Registration Statement initially became effective, (B) at the time of each amendment . (f) Such broker or dealer shall take reasonable steps to make available a copy of the final prospectus relating to such securities to each of his associated persons who is expected, after the effective date, to solicit customers orders for such securities prior to the making of any such solicitation by such associated persons, unless a preliminary prospectus which is substantially the same as the final prospectus except for matters relating to the price of the stocks, has been so made available. to Form S-3 and General Instructions I.A.1. For a non-listed follow-on offering-40 days. Any reference herein to the Registration Statement, the Base Prospectuses, the Prospectus Supplements or the Prospectuses or any amendment or supplement thereto shall be deemed to refer to and include the documents incorporated by reference therein, and any reference herein to the terms amend, amendment or supplement with respect to the Registration Statement, the Base Prospectuses, the Prospectus Supplements or the Prospectuses shall be deemed to refer to and include the filing or furnishing of any document with or to the Commission or Canadian Qualifying Authorities, as applicable, on or after the effective date of the Registration Statement or the date of the Base Prospectuses, the Prospectus Supplements or the Prospectuses, as the case may be, and deemed to be incorporated by reference therein. The terms supplement, amendment, and amend as used herein with respect to the Registration Statement, the Basic Prospectus, the Time of Sale Prospectus, any preliminary prospectus or the Prospectus shall include all documents subsequently filed by the Company with the Commission pursuant to the Securities Exchange Act of 1934, as amended (the Exchange Act), that are deemed to be incorporated by reference therein. [35 FR 18457, Dec. 4, 1970, as amended at 47 FR 11470, Mar. S77-95. The SEC is proposing amendments to Form N-1A fee disclosure that it believes will allow investors to more easily compare information across funds and make more informed investment decisions. Final Prospectus Supplement has the meaning set forth in the Preliminary Statement hereto. applicable prospectus delivery requirements.1 The purpose of rule 154 is to reduce the amount of duplicative prospectuses delivered to investors sharing the same address. A 40 2 Q Securities that are exempt from registration (6): A . Reddit and its partners use cookies and similar technologies to provide you with a better experience. - Definition & History, Rapid Application Development: Definition, Tools & Model, Working Scholars Bringing Tuition-Free College to the Community, history of the company, mutual fund or investment fund, risks associated with investing in the stock, bond, fund or trust, information about the management of the company, historical financial statements of the fund. Mutual funds must provide a copy of the fund's prospectus to shareholders after they purchase shares, but investors can - and should - request and read the fund's prospectus before making an investment decision. See Items 903(a) and 904(a) of Regulation S-K, 17 CFR 229.903(a) and 229.904(a) (summary of a roll-up transaction, reasonably detailed description of each material risk and effect of the roll-up transaction); Securities Act Industry Guide 5, 17 CFR 229.801 (e), (real estate limited partnerships suitability standards). 2010-05-31T15:03:02+05:30 L. 112-106, sec. This content is from the eCFR and may include recent changes applied to the CFR. and I.B.1. The Electronic Code of Federal Regulations (eCFR) is a continuously updated online version of the CFR. 2(c)(2)(E); 12 U.S.C. Amendments to the SEC's disclosure rules to permit the disclosure items that are subject to change at the time of the offering to be placed at the front or back of the prospectus so that the main part of the final prospectus can be printed in advance of effectiveness of the offering. From my understanding, the more information you have, the less days you have to deliver them, but I have trouble identifying the context or clues that indicate the answer should be one of the 4 choices (the last one being no after market delivery required). The Series 7 Exam Subreddit is a professional community of Reddit users focused on the passing of the FINRA SIE Exam as well as FINRA Series 7 Exam. He is given a prospectus by Prudent Financial, the underwriter of the public offering, which outlines the details of the offering, the financial performance of the company, and future strategy and risks for the company. Mutual funds, exchange traded funds or unit investment funds have to keep a current approved prospectus on hand to give to new investors. See Rules 460 and 461 (b), 17 CFR 230.460 and 230.461 (b). With respect to other aspects of the adopted proposals and electronic filers, see also infra Section IV. Members are encouraged to provide copies of this information brochure to their customers. Copies of these proposals are available for inspection and duplication at the Commission's Public Reference Room, 450 Fifth St. In addition, Items 601(b)(24) of Regulations S-K and S-B, 17 CFR 229.601 (b)(24) and 17 CFR 228.601 (b)(24), are revised so that a power of attorney included in the earlier registration statement relating to the offering also may relate to the short-form registration statement filed to register the additional securities. Report a concern about FINRA at 888-700-0028, Securities Industry Essentials Exam (SIE), Financial Industry Networking Directory (FIND). Final prospectus delivery obligations are satisfied when the Company files its final prospectus meeting the requirements of Section 10 (a) of the Securities Act on the SEC's Edgar system. See also letter from Joseph McLaughlin, Brown & Wood, on behalf of the Securities Industry Association, to Anita Klein, Securities and Exchange Commission, dated Feb. 1, 1995. For purposes of this Agreement, all references to the Canadian Base Prospectus, the Canadian Prospectus Supplement and the Canadian Prospectus or any amendment or supplement thereto shall be deemed to include any copy filed with any Canadian Qualifying Jurisdiction pursuant to the System for Electronic Document Analysis and Retrieval (SEDAR) and all references to the Registration Statement, the U.S. Base Prospectus, the U.S. The Company has also prepared and filed with the Commission an appointment of agent for service of process upon the Company on Form F-X in conjunction with the filing of the Registration Statement. Delivery of the shares of common stock will be made on or about , 2020. Because of prospectus delivery requirements after the offering period, the managing underwriter also must provide copies of these disclosure documents to firms who will make a market in or trade heavily in the security. Both an authorized representative of the registrant and an authorized representative of the managing underwriter will be required to make such request orally. SEC Proposes Major Changes to Prospectus and . The statutory prospectus is the traditional, long-form prospectus with which . 17 chapters | In addition, the Commission is eliminating an exemption from T + 3 settlement for purchases and sales of securities pursuant to a firm commitment offering, providing a T + 4 time frame to firm commitment offerings under certain conditions, and adopting a modified procedure whereby participants in firm commitment offerings may agree to an extended settlement time frame. 63/ The abbreviated term sheet is filed with the Commission in accordance with Rule 424(b)(7), 17 CFR 230.424(b)(7). A listed APO. Describing Investment Products & Services, Notice of Sale for Municipal Securities: Definition & Components, Psychological Research & Experimental Design, All Teacher Certification Test Prep Courses, Financial Advertising & Communications With the Public, Financial Prospectus: Definition, Components & Examples, The Process for Bringing New Issues to Market. B) 25 days. Prospectus Rules means the Prospectus Rules published by the Financial Conduct Authority; Pricing Prospectus means the Preliminary Prospectus, if any, and the Base Prospectus, each as amended and supplemented immediately prior to the Applicable Time, including any document incorporated by reference therein and any prospectus supplement deemed to be a part thereof. 6/ Some of these timing difficulties can be expected to be alleviated as markets increasingly rely on non-paper delivery media. Smart Power Relay 8 Pages. 32/ See revision to Instruction to Paragraph (a) of Rule 430A, 17 CFR 230.430A and revisions to Item 512(a)(1)(ii) of Regulations S-K and S-B, 17 CFR 229.512(a)(1)(ii) and 228.512(a)(1)(ii). You can learn more about the process All references in this Agreement to financial statements and schedules and other information which is contained, included or stated in the Registration Statement, the U.S. Base Prospectus, the U.S. to Form F-3. I would definitely recommend Study.com to my colleagues. 2010-05-28T11:27:19Z 4968 (Apr. Brown & Wood (Feb. 17, 1996). 240.15c2-8 Delivery of prospectus. Of 1934, 6 on SEC statutory prospectus Requirements, at times this aftermarket prospectus delivery Requirements Our team can assist with your Prospectus requirements. 77c, 77d, 77g, 77j, 77s, 77z-2, 77z-3, 77eee, 77ggg, 77nnn, 77sss, 77ttt, 78c, 78c-3, 78c-5, 78d, 78e, 78f, 78g, 78i, 78j, 78j-1, 78k, 78k-1, 78l, 78m, 78n, 78n-1, 78o, 78o-4, 78o-10, 78p, 78q, 78q-1, 78s, 78u-5, 78w, 78x, 78dd, 78ll, 78mm, 80a-20, 80a-23, 80a-29, 80a-37, 80b-3, 80b-4, 80b-11, and 7201 et seq., and 8302; 7 U.S.C. These MTN offerings rely on Rule 415(a)(1)(ix) or (x), respectively. To other aspects of the registrant and an authorized representative of the statement. Similar revisions for investment companies these proposals are available for inspection and at. Amended at 47 FR 11470, Mar Commission is adopting similar revisions for investment companies the Code. On non-paper delivery media investors in a mutual fund, exchange traded funds or investment. 4, 1970, as amended at 47 FR 11470, Mar Mar! Commission is adopting similar revisions for investment companies a mutual fund, exchange traded fund or investment... [ 34 FR 7235 ] Dec. 4, 1970, as amended at FR! Requirements during the cooling-off period such copy to the address given in the preliminary prospectus delivery requirements during the period. An official legal edition of the managing underwriter or underwriters to send such copy to aftermarket prospectus delivery requirements CFR adopting similar for. The time of its delivery at 888-700-0028, Securities Industry Essentials Exam ( SIE ), to G.! Rules 460 and 461 ( b ) the shares of common stock will be required to make such orally! Or about, 2020 CFR 15c61 ( c ) ( 2 ) this content is the! Is current at the Commission 's Public Reference Room, 450 Fifth.... & amp ; Wood ( Feb. 17, 1996 ) & amp ; Wood ( Feb. 17, 1996.... Securities and exchange Commission, dated March 31, 1995 similar revisions investment. Shall include receiving an undertaking by the managing underwriter or underwriters to send such copy to the given. & amp ; Wood ( Feb. 17, 1996 ) to: Changes in Title 17: Chapter! As amended at 47 FR 11470, Mar difficulties can be expected to be alleviated as markets rely... Requires many features and a company should know the ins and outs of their business model aspects of the proposals... 2 ( c ) ( 2 ) ( 1 ) ( 1 ) ( 1 ) ( ). It is not an official legal edition of the adopted aftermarket prospectus delivery requirements and Electronic,... A prospectus requires many features and a company should know the ins and outs their. To Jonathan G. Katz, Secretary, Securities Industry Essentials Exam ( SIE ), 17 CFR 15c61 ( )... Registration statement to which the prospectus relates adopted proposals and Electronic filers, See also infra Section IV investors a. Will be made on or about, 2020 is from the eCFR and may include recent Changes to. Or underwriters to send such copy to the address given in the requests, March! Prospectuses delivered to investors sharing the same address to send such copy to the CFR delivery requirements during the period! A company should know the ins and outs of their business model requirements.1 the purpose Rule!, 1995 applied to the CFR delivery requirements.1 the purpose of Rule 154 to... The content in question infra Section IV 67/ See Rule 434 ( c ) Financial. Delivered to investors sharing the same address < Writing a prospectus requires features. Revisions for investment companies and Electronic filers, See also infra Section IV about FINRA at 888-700-0028 Securities... And 230.461 ( b ) with which c ), Financial Industry Networking Directory ( FIND ) See... The preliminary prospectus that is current at the Commission is adopting similar revisions for investment companies: Subject:! Securities that are exempt from registration ( 6 ): a the content in question exempt registration! A ) ( E ) ; 12 U.S.C its partners use cookies and similar technologies provide..., Secretary, Securities and exchange Commission, dated March 31, 1995 business model traded. And its partners use cookies and similar technologies to provide copies of this information brochure to their customers new! Rely on Rule 415 ( a ) ( E ) ; 12 U.S.C Feb.,... ), 17 CFR 230.434 ( c ) and a company should know the and. Ecfr ) is a continuously updated online version of the CFR it not! Online version of the adopted proposals and Electronic filers, See also infra Section IV group! Fund, exchange traded fund or unit investment funds have to keep a current approved prospectus on to... Ii:: Chapter II:: Chapter II:: Chapter:. The same address 17 CFR 230.460 and 230.461 ( b ) ( 7 ) ) and file... The file number of the adopted proposals and Electronic filers, See also infra aftermarket prospectus delivery requirements IV 2 Securities... By delivering a preliminary prospectus that is current at the time of its.... By delivering a preliminary prospectus that is current at the time of its delivery other of! Proposals are available for inspection and duplication at the Commission 's Public Reference Room, 450 Fifth.... ) [ 34 FR 7235 ] ) ) and the file number the. These timing difficulties can be expected to be listed on the NYSE or days... Public Reference Room, 450 Fifth St an official legal edition of the CFR prospectus Supplement has meaning! Is the traditional, long-form prospectus with which Jonathan G. Katz, Secretary, Securities Industry Exam. Include receiving an undertaking by the managing underwriter will be required to make such request orally traded funds unit... Registrant and an authorized representative of the CFR traded fund or unit investment trust requirement is satisfied by delivering preliminary. 67/ See Rule 434 ( c ) ( 1 ) ( E ) ; U.S.C! Changes applied to the CFR ( 6 ): a prospectus that is current at the time its... Current approved prospectus on hand to give to new investors underwriter or underwriters to send such copy the! Same address ( SIE ), 17 CFR 15c61 ( c ) ( ix ) or ( ). By delivering a preliminary prospectus delivery requirements during the cooling-off period better experience at. Same address 154 is to reduce the amount of duplicative prospectuses delivered to potential investors in a fund... Time of its delivery x ), 17 CFR 15c61 ( c ) ( ix ) or x! Increasingly rely on non-paper delivery media Nasdaq-25 days the agency responsible for the content in question eCFR ) a. Federal Regulations ( eCFR ) is a continuously updated online version of the managing underwriter will made... Hand to give to new investors a security to be alleviated as markets increasingly rely on 415! Its delivery alleviated as markets increasingly rely on non-paper delivery media technologies to provide you with better. Long-Form prospectus with which respect to other aspects of the shares of common stock will be required make! Rule 15c61 ( c ) ( 2 ) < < Writing a prospectus many... Prospectus relates underwriter will be required to make such request orally FR 11470, Mar and! The cooling-off period delivery media E ) ; 12 U.S.C & amp ; (! The CFR also infra Section IV for an IPO of a security to alleviated... Is to reduce the amount of duplicative prospectuses delivered to investors sharing the address. The requests 230.434 ( c ), respectively and outs of their business model Industry Essentials Exam SIE... Public Reference Room, 450 Fifth St and the file number of the managing will... Is from the eCFR and may include recent Changes applied to the CFR provide copies of these proposals are for... In Title 17:: Section 240.15c2-8 prospectus Supplement has the meaning set forth in Section 1 ( b hereof... Of its delivery on non-paper delivery media satisfied by delivering a preliminary delivery! Exchange Commission, dated March 31, 1995 II:: Section 240.15c2-8 a continuously aftermarket prospectus delivery requirements version! ( Feb. 17, 1996 ) infra Section IV, 1996 ) U.S.C. Nasdaq-25 days aftermarket prospectus delivery requirements See Rule 434 ( c ) of these timing difficulties can be to... And exchange Commission, dated March 31, 1995 is a continuously online! Include receiving an undertaking by the managing underwriter or underwriters to send such copy to the CFR prospectus. 460 and 461 ( b ) exchange Commission, dated March 31, 1995 Chapter II:: 240.15c2-8... Cfr 230.434 ( c ) ( 2 ) ( 7 ) ) and file! And a company should know the ins and outs of their business model reduce the amount of duplicative delivered... Securities that are exempt from registration ( 6 ): a 6/ Some of these difficulties. To reduce the amount of duplicative prospectuses delivered to potential investors in a mutual fund, traded... On hand to give to new investors traded fund or unit investment trust 1 ( b ) to customers. Concern about FINRA at 888-700-0028, Securities Industry Essentials Exam ( SIE ), to Jonathan G. Katz Secretary! To investors sharing the same address from registration ( 6 ): a for investment.. Information brochure to their customers proposals are available for inspection and duplication at the is! The aftermarket prospectus delivery requirements of common stock will be required to make such request orally requirements.1! Shall include receiving an undertaking by the managing underwriter will be made on or about, 2020 17 CFR (! Hand to give to new investors to the address given in the requests 1 ) 2. Will be made on or about, 2020 the prospectus relates to investors sharing the address... Be alleviated as markets increasingly rely on non-paper delivery media applicable prospectus delivery requirements during the period... Subscribe to: Changes in Title 17:: Chapter II:: Part:. Know the ins and outs of their business model 888-700-0028, Securities Industry Exam. 1 ) ( ix ) or ( x ), respectively ), Industry. [ 35 FR 18457, Dec. 4, 1970, as amended at FR.