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2000 - Rules and Regulations
Subpart J—Rules and Procedures Relating to Exemption
Proceedings Under Section 12(h) of the Securities Exchange Act of
1934
§ 308.138 Scope.
The rules and procedures of this subpart J shall apply to
proceedings by the Board of Directors or its designee to exempt, in
whole or in part, an issuer of securities from the provisions of
sections 12(g), 13, 14(a), 14(c), 14(d), or 14(f) of the Exchange Act,
as amended (15 U.S.C.
78l, 78m,
78n (a), (c), (d) or (f)), or
to exempt an officer or a director
{{8-16-91 p.2162}}or beneficial owner of
securities of such an issuer from the provisions of section 16 of the
Exchange Act (15 U.S.C. 78p).
[Codified to 12 C.F.R.
§ 308.138]
§ 308.139 Application for exemption.
Any interested person may file a written application for an
exemption under this subpart with the Executive Secretary, Federal
Deposit Insurance Corporation, 550 17th Street NW., Washington, DC
20429. The application shall specify the exemption sought and the
reason therefor, and shall include a statement indicating why the
exemption would be consistent with the public interest or the
protection of investors.
[Codified to 12 C.F.R.
§ 308.139]
§ 308.140 Newspaper notice.
(a) General rule. If the Board of Directors or its
designee, in its sole discretion, decides to further consider an
application for exemption, there shall be served upon the applicant
instructions to publish one notification in a newspaper of general
circulation in the community where the main office of the issuer is
located. The applicant shall furnish proof of such publication to the
Executive Secretary or such other person as may be directed in the
instructions.
(b) Contents. The notification shall contain the name
and address of the issuer and the name and title of the applicant, the
exemption sought, a statement that a hearing will be held, and a
statement that within 30 days of publication of the newspaper notice,
interested persons may submit to the FDIC written comments on the
application for exemption and a written request for an opportunity to
be heard. The address of the FDIC must appear in the notice.
[Codified to 12 C.F.R.
§ 308.140]
§ 308.141 Notice of hearing.
Within ten days after expiration of the period for receipt of
comments pursuant to § 308.140, the Executive Secretary shall serve
upon the applicant and any person who has requested an opportunity to
be heard written notification indicating the place and time of the
hearing. The hearing shall be held not later than 30 days after service
of the notification of hearing. The notification shall contain the name
and address of the presiding officer designated by the Executive
Secretary and a statement of the matters to be considered.
[Codified to 12 C.F.R.
§ 308.141]
§ 308.142 Hearing.
(a) Proceedings are informal. Formal rules of evidence,
the adjudicative procedures of the APA
(5 U.S.C. 554--557), the Uniform
Rules and § 308.108 of subpart B of the Local Rules shall not apply
to hearings under this subpart.
(b) Hearing Procedure. (1) Parties to the hearing may
appear personally or through counsel and shall have the right to
introduce relevant and material documents and to make an oral
statement.
(2) There shall be no discovery in proceeding under this subpart
J.
(3) The presiding officer shall have discretion to permit
presentation of witnesses within specified time limits, provided that a
list of witnesses is furnished to the presiding officer prior to the
hearing. Witnesses shall be sworn, unless otherwise directed by the
presiding officer. The presiding officer may ask questions of any
witness and each party may cross-examine any witness presented by an
opposing party.
(4) The proceedings shall be on the record and the transcript
shall be promptly submitted to the Board of Directors. The presiding
officer shall make recommendations to the Board of Directors, unless
the Board of Directors, in its sole discretion, directs otherwise.
[Codified to 12 C.F.R. § 308.142]
{{12-30-99 p.2163}}
§ 308.143 Decision of Board of Directors.
Following submission of the hearing transcript to the Board of
Directors, the Board of Directors may grant the exemption where it
determines, by reason of the number of public investors, the amount of
trading interest in the securities, the nature and extent of the
issuer's activities, the issuer's income or assets, or otherwise, that
the exemption is consistent with the public interest or the protection
of investors. Any exemption shall be set forth in an order specifying
the terms of the exemption, the person to whom it is granted, and the
period for which it is granted. A copy of the order shall be served
upon each party to the proceeding.
[Codified to 12 C.F.R. § 308.143]
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