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Rule 416 Questionnaires and Reports

This rule interpretation is no longer applicable effective February 8, 2010.

/01 Gold and Silver Offerings

Member organizations must submit all plans for gold and silver offerings in writing to the Exchange prior to implementation along with an opinion of counsel that the plan for trading and handling bullion does not constitute an investment contract requiring SEC registration as a security. Member organizations and their counsels are advised to review the Securities and Exchange Commission Release dated December 26, 1974, which contains the text of some no-action letters with regard to arrangements for the sale of gold bullion. The Release was issued as Securities Act of 1933 Release No. 5552 and Securities Exchange Act of 1934 Release No. 11156.

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