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387 X-9042 L1RH al 1 r e s e r v e STATEI/IENT FOR.TilE PRESS For immediate r e l e a s e * December 7, 1934. JURISDICTION OF BUSINESS CONDUCT COMMITTEE TO GRANT EXTENSIONS OF TIME IN CONNECTION VflTKCASH TRANSACTIONS. Ruling No. 40 i n t e r p r e t i n g R e g u l a t i o n T. In r e p l y t o s e v e r a l i n q u i r i e s r e g a r d i n g e x t e n s i o n s of time i n c o n n e c t i o n w i t h "cash t r a n s a c t i o n s " ^ t h e F e d e r a l Reserve Board r u l e s t h a t t h e j u r i s d i c t i o n of t h e b u s i n e s s conduct committee or o t h e r s u i t a b l e committee of a n a t i o n a l s e c u r i t i e s exchange t o g r a n t e x t e n s i o n s of time under s e c t i o n 6 of R e g u l a t i o n T i s n o t c o n f i n e d t o members of t h a t exchange or t o t r a n s a c t i o n s on t h a t exchange. Assuming t h e c i r c u m s t a n c e s w a r r a n t an e x t e n s i o n of t i m e , t h e committee may g r a n t such an ext e n s i o n of time t o any member of t h a t exchange or t o any b r o k e r or d e a l e r who t r a n s a c t s a b u s i n e s s i n s e c u r i t i e s through t h e medium of a member of t h a t exchange. Furthermore, t h e committee may g r a n t t h e s e persons such an e x t e n s i o n of time not only i n c o n n e c t i o n w i t h t r a n s a c t i o n s e f f e c t e d on t h e exchange, but a l s o i n c o n n e c t i o n w i t h t r a n s a c t i o n s n o t e f f e c t e d on t h e exchange. This a p p l i e s t o " c a s h t r a n s a c t i o n s " i n u n r e g i s t e r e d , non-exempted s e c u r i t i e s , as w e l l as t o o t h e r "cash t r a n s a c t i o n s " ; and i t i s not n e c e s s a r y t h a t t h e t r a n s a c t i o n i n v o l v e a s e c u r i t y r e g i s t e r e d on t h e exchange i n q u e s t i o n , or any o t h e r r e g i s t e r e d s e c u r i t y .
@FedFRASER