The new S.E.C. rules would apply to any foreign company that has registered securities in the United States.

In that time, over 800 foreign companies have registered securities with the SEC for the first time.

So instead of the Federal Government registering securities, maybe it should just register investors.

The companies will not register their debt- and mortgage-backed securities.

Form S-3 issuers may use shelf-registration to register securities that will be offered on an immediate, continuous or delayed basis.

To register and issue securities to lending organisations, in accordance with the law.

The new legislation allows the commission to cut the fees it charges companies to register securities and provides $300 million for the commission next year.

Both will embrace not just domestic companies but also foreign companies that register securities in the United States.

The staff registers securities, broker-dealers and their agents, investment advisers, loan brokers and certain land subdivisions.

Q. What about the state laws for registering securities?