Court Opinion

ID: 9427419
Source: CourtListenerOpinion
Date Created: 2023-08-02 23:20:40.436045+00
Date Added: 2024-06-11T17:23:07.043514
License: Public Domain

Mr. Chief Justice Burger,
concurring.
I join in the opinion of the Court except as to the discussion of the 1970 amendment to § 3 (a) (2) of the Securities Act. There is no need to deal, in this case, with the scope of the exemption, since it is not an issue presented for decision.
The Commission argues that the new exemption from the registration requirement of the Act applies to participation in a pension plan, and infers that Congress must have understood that such participation is a security which otherwise would be subject to the Act. It is not necessary to evaluate the Commission’s interpretation of the exemption, however, because even if it is correct, it does not support the conclusion the Commission draws.
*571First, the inference concerning Congress’ understanding of the Act in 1970 is tenuous. The language of the amendment covers a variety of financial interests, some of which clearly are “securities” as defined in the Act. Congress most likely acted with a view to those interests, without considering other financial interests like those involved here, for which registration never had been required.
Second, even if a draftsman concerned with exempting a variety of interests from the registration requirement may have believed, in 1970, that certain pension interests were within the statutory definition of “security,” that would have little, if any, bearing on this case. At issue here is the construction of definitions enacted in 1933 and 1934.
The briefs suggest that the construction of the 1970 amendment may be problematic. The scope of the exemption may be of real importance to someone in some future case — but it is not so in connection with this action. Accordingly, I reserve any expression of views on the issue at this time.