§77iii Effective time of qualification

Summary

An indenture becomes qualified when the related security’s registration is effective, or when an application to qualify the indenture itself becomes effective under section 77ggg. Once an indenture is qualified, the Commission cannot issue a stop order to suspend the registration or the indenture’s qualification except for the specific reasons listed in section 77h or if the issuer failed to file the application required by section 77eee(b)(2). New or changed rules, regulations, or orders do not change how an already-qualified indenture is treated, except as allowed by subsection (a) of section 77nnn. A trustee of a qualified indenture is not liable just because the indenture does not comply with this subchapter or its rules. The Commission also may not use this subchapter to investigate or enforce whether the indenture’s terms are being followed.