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9 17 C.F.R. ยง 230.251-263 (1997).
10 The Commission prepared three separate Surveys for state securities administrators, issuers, and broker-dealers and counsel, respectively. Surveys were sent out to all 51 securities administrators, 1083 issuers, 220 broker-dealers and 587 law firms. The Commission received responses from 46 securities administrators, 60 issuers, 15 broker-dealers, 25 law firms, 3 individuals, the Boston Stock Exchange, the North American Securities Administrators Association ("NASAA") and the Securities Industry Association ("SIA"). NASAA is an association of securities administrators from each of the 50 states, the District of Columbia, Puerto Rico, Mexico and several of the Canadian provinces. The SIA is an association representing about 700 securities firms, including investment banks, broker-dealers, specialists and mutual funds. The responses to the Survey are available for inspection and copying in the Commission's public reference room. Refer to File No. S-7-20-97.
11 Drinker Biddle, Gardner Carton, Kelley Drye, McDermott, Pettilon, Seward, Reid, Venture, and Waller Lansden.
12 Argent, Capital West, Federated Investors, McFarland, Josephthal, J.C. Bradford, Paragon, Paulson, RAF, Smartwood and Spelman.
13 Hanifen Imhoff, Lloyd Wade and Millennium.
14 PaineWebber.
15 Argent, Capital West, Smartwood and Spelman.
16 ARCO, BA Mortgage, Biosense, Bowlin, FirstSpartan, Mechala, Q Clubs, Sun Hill, and TV Azteca.
17 Asia Satellite, BEA Systems, BIORA, Bouygues, Cross-Continent, Daimler-Benz, DTA, Eltek, Four Media, Irwin Financial, GS Financial, Keystone, Kilroy, Medical Manager, Maxim, MoneyGram, NACI, Rayovac, Suncoast, TEAMAmerica, TeleTech, Telco, Versatility, Viisage, Westfield, West TeleServices, Midway and W.R. Grace.
18 Independent Capital, Metro, Powerwave, Precision Response and Strayer.
19 The companies which indicated that they had not engaged in offerings were First Mariner, Independent Capital, Mentor Funds, Metro and Old Guard. Rambus did not respond to this question.
20 Cragar, General Bearing, Precision Response, Rambus, Simulations and Strayer.
21 General Bearing, Obie Media, Trusted Information and World Heart.
Hearing on S.1260,
"The Securities Litigation Uniform Standards Act of 1997"
Prepared Testimony of The Honorable Arthur Levitt, Jr.
Chairman
Securities and Exchange Commission
and
The Honorable Isaac C. Hunt
Commissioner
Securities and Exchange Commission
10:00 a.m., Wednesday, October 29, 1997
Summary of Testimony
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