401.7—Temporary exemption for certain government securities brokers and dealers terminating business on or before October 31, 1987.

During the period ending October 31, 1987, a government securities broker or dealer shall be exempt from the provisions of section l5C (a), (b), and (d) of the Act (15 U.S.C. 78o-5(a), (b), (d)) and the regulations of this subchapter if:
(a) Its government securities broker or dealer activities are limited to the performance of contractual obligations entered into prior to July 25, 1987;
(b) It is the subsidiary or affiliate of a government securities broker or dealer that has registered or given notice pursuant to section 15C(a)(1) of the Act (15 U.S.C. 78o-5(a)(1) ); and
(c) It ceases all government securities broker or dealer activities on or before October 31, 1987.