Less & Less

"This is our answer to our pledge to make less onerous, less expensive and more practical the registration of securities," said Chairman Joseph Patrick Kennedy of the Securities & Exchange Commission one day last week, as he announced a simplified registration form for seasoned corporations. "We have tried this out with the most vociferous opponents of the Securities Act and with accountants. . . . They feel that there is nothing in it which is unreasonable and will advise their clients to go ahead."

Specifically drawn to obviate the need for filing the mountains of information which a literal reading of the Securities Act seemed to require, the SEC's new regulations apply only to established corporations or their successors. Fresh promotions, which have never been burdened by the law because they have no corporate history, will continue to use the strict old form. But no longer is it necessary for an old-line company to describe in painful detail every last trivial law suit, every last patent, every last plant built and abandoned years ago.

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