-16

If Congress determines that time permits, it may be

appropriate to review the findings of the Commerce and

Treasury prior to the enactment of any screening legislation in this area.

That concludes my prepared remarks.

Messrs. Levenson,

Bodolus and I would be happy to respond to any questions you may have.

Mr. REES. IS S. 1303 by Senator Inouye the same as S. 425?

Mr. Rowe. I don't know. There have been a number of bills relating to foreign investments introduced. They generally have some similarities.

I would also like to submit for the record the January 16, 1975, report of this Commission entitled "Report of Foreign Ownership" which was submitted in response to the interagency review of current Federal Government reporting requirements with respect to foreign investment in the United States. This report summarizes the present reporting requirements of ownership under the Federal securities laws and the Commission's rules thereunder.

[The report referred to follows:]

Summary of Rules and Regulations Established Pursuant

to the Federal

Securities Laws With

Regard to the

Reporting of
Ownership of
Securities.

SECURITIES

AND

MCM XXXIV

EXCHANGE

Submission of the Securities

and Exchange

Commission in response to

the Interagency Review of Current Federal Government Reporting Requirements with Respect to Foreign Investment

in the United States.

COMMISSION

Introduction

Section I

Index

Page

i

General Discussion of the Reporting of Ownership
of Securities to the Securities and Exchange Commission

1

A. Description of Existing Data Collection Activities

1

B.

Desirable Improvements in Data Collection Activities

9

C. Compliance with Existing Laws Restricting Foreign
Investment in the U.S.

13

Section II

Supplement to "Reporting Requirements and Dissemination
of Information of Corporate Ownership and Structure",
A Report From the General Accounting Office
("GAO Study")

C. Reporting Securities Ownership not Covered in A and B

List of Attachments