San Francisco Mining Exchange v. Securities and Exchange Commission
Opinion
Opinion
Hamley, J.
This matter is before us on the petition of the San Francisco Mining Exchange (Exchange), to review an order of the Securities and Exchange Commission (Commission). The Exchange is registered as a national securities exchange under section 6 of the Securities Exchange Act of 1934 (Act), 48 Stat. 885 (1934), 15 U.S.C. § 78f (1964). The order under review, entered pursuant to section 19(a) (1) of the Act, 48 Stat. 898 , as amended, 15 U.S.C. § 78s(a) (1) (1964), withdraws the Exchange’s registration.
After extensive hearings, the Commission’s examiner found, among other things, that there had been numerous and repeated violations of statutes and regulations involving members and officials of the Exchange and issuers of securities listed on the Exchange; that the Exchange had not made any effort to force issuers or members to comply with the Act or to force them to comply with its own rules adopted pursuant to the Act; that the Exchange had been a vehicle for evading and circumventing provisions of the statutes and regulations designed for the protection of investors;. and that remedial action must be taken in the public interest.