Public Law 119-73 (01/23/2026)

15 U.S.C. § 77iii

Effective time of qualification

(a)

Effective time of registration or application for qualification of indenture

The indenture under which a security has been or is to be issued shall be deemed to have been qualified under this subchapter—
(1)
when registration becomes effective as to such security; or
(2)
section 77ggg of this title when an application for the qualification of such indenture becomes effective, pursuant to .
(b)

Stop orders after effective time of qualification

section 77h(d) of this titlesection 77h of this titlesection 77eee(b)(2) of this titleAfter qualification has become effective as to the indenture under which a security has been or is to be issued, no stop order shall be issued pursuant to , suspending the effectiveness of the registration statement relating to such security or of the application for qualification of such indenture, except on one or more of the grounds specified in , or the failure of the issuer to file an application as provided for by .

(c)

Effect of subsequent rule or regulation on qualification

section 77nnn of this titleThe making, amendment, or rescission of a rule, regulation, or order under the provisions of this subchapter (except to the extent authorized by subsection (a) of with respect to rules and regulations prescribed pursuant to such subsection) shall not affect the qualification, form, or interpretation of any indenture as to which qualification became effective prior to the making, amendment, or rescission of such rule, regulation, or order.

(d)

Liability of trustee under qualified indenture

No trustee under an indenture which has been qualified under this subchapter shall be subject to any liability because of any failure of such indenture to comply with any of the provisions of this subchapter, or any rule, regulation, or order thereunder.

(e)

Power of Commission to conduct investigation

Nothing in this subchapter shall be construed as empowering the Commission to conduct an investigation or other proceeding for the purpose of determining whether the provisions of an indenture which has been qualified under this subchapter are being complied with, or to enforce such provisions.

May 27, 1933, ch. 38Aug. 3, 1939, ch. 41153 Stat. 1157Pub. L. 101–550, title IV, § 405104 Stat. 2723(, title III, § 309, as added , ; amended , , .)

Editorial Notes

Amendments

Pub. L. 101–550section 77eee(b)(2) of this title1990—Subsec. (b). inserted before period at end “, or the failure of the issuer to file an application as provided for by ”.

Executive Documents

Transfer of Functions

64 Stat. 1265section 78d of this titleFor transfer of functions of Securities and Exchange Commission, with certain exceptions, to Chairman of such Commission, see Reorg. Plan No. 10 of 1950, §§ 1, 2, eff. , 15 F.R. 3175, , set out under .