Source: https://law.justia.com/cases/federal/appellate-courts/F2/452/935/174669/
Timestamp: 2019-09-20 16:20:46
Document Index: 642551672

Matched Legal Cases: ['§ 78', '§ 78', '§ 78', '§ 77', '§ 78', '§ 78', '§ 78', '§ 78', '§ 78', '§ 78']

Fed. Sec. L. Rep. P 93,314intercontinental Industries, Inc., Petitioner, v. American Stock Exchange and Securities and Exchangecommission, Respondents, 452 F.2d 935 (5th Cir. 1971) :: Justia
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Fed. Sec. L. Rep. P 93,314intercontinental Industries, Inc., Petitioner, v. American Stock Exchange and Securities and Exchangecommission, Respondents, 452 F.2d 935 (5th Cir. 1971)
US Court of Appeals for the Fifth Circuit - 452 F.2d 935 (5th Cir. 1971)
Likewise, the Exchange's position that constitutional due process is not required since the Exchange is not a governmental agency is clearly contrary to numerous court decisions. See Burton v. Wilmington Parking Authority, 365 U.S. 715, 81 S. Ct. 856, 6 L. Ed. 2d 45 (1961); Colon v. Tompkins Square Neighbors, Inc., 294 F. Supp. 134 (S.D.N.Y. 1968); McQueen v. Druker, 438 F.2d 781 (1st Cir. 1971). The intimate involvement of the Exchange with the Securities and Exchange Commission brings it within the purview of the Fifth Amendment controls over governmental due process.9
There is no statutory requirement that the Commission hold a hearing before granting a delisting application. Under Sec. 12(d) of the Securities Exchange Act, 15 U.S.C. § 78l(d), and the Commission's rules promulgated thereunder, 17 CFR Sec. 240.12d2-2(c), the Commission "may" order a hearing on a delisting application. Thus, in the circumstances of this case, and in the absence of a showing that petitioner had new evidence to present to the Commission, see American Export & Isbrandtsen Lines v. Federal Maritime Commission, 334 F.2d 185 (9th Cir. 1964), we cannot say that it was error for the Commission to decline to grant INI a hearing.
Securities Exchange Act, Sec. 12(d), 15 U.S.C. § 78l(d); Rule 12d2-2(c), 17 CFR 240.12d2-2(c)
Jurisdiction is based upon Section 25 of the Securities Exchange Act of 1934 (15 U.S.C. § 78y)
Section 17 of the Securities Act of 1933, 15 U.S.C. § 77q(a); Section 10 (b) of the Securities Exchange Act of 1934, 15 U.S.C. § 78j(b); and 17 CFR 240.10b-5
1. The Exchange must register with the Commission. (Section 6, 15 U.S.C. § 78f)
The Exchange's rules must be submitted to the Commission and are subject to alteration or supplementation by the Commission. (Section 6(a), 15 U.S.C. § 78f(a); Section 19(b), 15 U.S.C. § 78s(b))
The Exchange's members are closely regulated by the Commission. (Sections 9(a), 11, 17(a) and 19(a) (3), 15 U.S.C. §§ 78i(a), 78k, 78q(a), 78s(a) (3))
The Exchange may be suspended or its registration withdrawn by the Commission. (Section 19(a) (1), 15 U.S.C. § 78s(a) (1))