{"abstract":"The Commission is adopting new Regulation M governing the activities of underwriters, issuers, selling security holders, and others in connection with offerings of securities. Regulation M is intended to preclude manipulative conduct by persons with an interest in the outcome of an offering. Regulation M significantly eases regulatory burdens on offering participants by eliminating the trading restrictions for underwriters of actively-traded securities; reducing the scope of coverage for other securities; reducing restrictions on issuer plans; providing a more flexible framework for stabilizing transactions; and deregulating rights offerings. Consisting of five new rules, plus a new definitional rule, Regulation M replaces Rules 10b-6, 10b-6A, 10b-7, 10b-8, and 10b-21 (``trading practices rules'') under the Securities Exchange Act of 1934 (``Exchange Act''), which are being rescinded. In addition, related amendments are being made to Items 502(d) and 508 of Regulations S-B and S-K, and to Rules 10b-18 and 17a- 2 under the Exchange Act. Conforming changes to various rules under the Securities Act of 1933 (``Securities Act'') and the Exchange Act are being made to reflect the repeal of the trading practices rules and the adoption of Regulation M.","action":"Final rules.","agencies":[{"raw_name":"SECURITIES AND EXCHANGE COMMISSION","name":"Securities and Exchange Commission","id":466,"url":"https://www.federalregister.gov/agencies/securities-and-exchange-commission","json_url":"https://www.federalregister.gov/api/v1/agencies/466","parent_id":null,"slug":"securities-and-exchange-commission"}],"body_html_url":"https://www.federalregister.gov/documents/full_text/html/1997/01/03/97-1.html","cfr_references":[{"chapter":null,"citation_url":null,"part":null,"title":17},{"chapter":null,"citation_url":null,"part":"200","title":17},{"chapter":null,"citation_url":null,"part":"228","title":17},{"chapter":null,"citation_url":null,"part":"229","title":17},{"chapter":null,"citation_url":null,"part":"230","title":17},{"chapter":null,"citation_url":null,"part":"240","title":17},{"chapter":null,"citation_url":null,"part":"242","title":17}],"citation":"62 FR 520","comment_url":null,"comments_close_on":null,"correction_of":null,"corrections":[],"dates":"March 4, 1997. The requirement of Sec. 242.104(i) and the amendments to Sec. 240.17a-2 are effective on April 1, 1997.","disposition_notes":null,"docket_ids":["Release Nos. 33-7375","34-38067","IC-22412","International Series Release No. 1039","File No. S7-11-96"],"dockets":[],"document_number":"97-1","effective_on":"1997-04-01","end_page":550,"executive_order_notes":null,"executive_order_number":null,"full_text_xml_url":null,"html_url":"https://www.federalregister.gov/documents/1997/01/03/97-1/anti-manipulation-rules-concerning-securities-offerings","images":{},"images_metadata":{},"json_url":"https://www.federalregister.gov/api/v1/documents/97-1?publication_date=1997-01-03","mods_url":"https://www.govinfo.gov/metadata/granule/FR-1997-01-03/97-1/mods.xml","not_received_for_publication":null,"page_length":31,"page_views":{"count":1346,"last_updated":"2026-07-26 14:15:03 -0400"},"pdf_url":"https://www.govinfo.gov/content/pkg/FR-1997-01-03/pdf/97-1.pdf","presidential_document_number":null,"proclamation_number":null,"public_inspection_pdf_url":null,"publication_date":"1997-01-03","raw_text_url":"https://www.federalregister.gov/documents/full_text/text/1997/01/03/97-1.txt","regulation_id_number_info":{"3235-AF54":{"issue":"199610","html_url":"https://www.federalregister.gov/regulations/3235-AF54/distributions-of-securities-limitations-on-trading-and-stabilizing","title":"Distributions of Securities: Limitations on Trading and Stabilizing","xml_url":"http://www.reginfo.gov/public/do/eAgendaViewRule?pubId=199610&RIN=3235-AF54&operation=OPERATION_EXPORT_XML","priority_category":"Substantive, Nonsignificant"}},"regulation_id_numbers":["3235-AF54"],"regulations_dot_gov_info":{"checked_regulationsdotgov_at":"2011-09-20T22:28:58Z"},"regulations_dot_gov_url":null,"significant":false,"signing_date":null,"start_page":520,"subtype":null,"title":"Anti-manipulation Rules Concerning Securities Offerings","toc_doc":null,"toc_subject":null,"topics":[],"type":"Rule","volume":62}