...v. Pennsylvania R. Co., 324 US 439, 456-457 ; California v. Federal Power Comm'n, 369 US 482, 485. Repeal is to be regarded as implied only if necessary...principle to reconciliation of the two statutory schemes. Although the Act gives to the Securities and Exchange Commission the power to request exchanges to...

...express exemption from the antitrust laws and that repeals by implication are not favored. It stated that "repeal is to be regarded as implied only if necessary to make the Securities Exchange Act work, and then only to the minimum extent necessary." The Court pointed out that, although the Exchange Act gives...

...from any other statute," and that since it had long been the rule that repeals of the antitrust laws by implication are not favored, "repeal is to be regarded...and even then only to the minimum extent necessary." 373 US 341 at 357. Act, it is clear that no justification can be offered for self-regulation conducted...

...are not "completely ousted" by the Securities Exchange Act, and that they can be implicitly repealed "only if necessary to make the Securities Exchange...even then only to the minimum extent necessary." This principle applies whether or not the particular conduct in question has been reviewed by the Commission,...

...Exchange. 373 US 341, made it quite clear that exchange activities are exempt from the antitrust laws "only if necessary to make the Securities Exchange...and even then only to the minimum extent necessary." The Court emphasized that "exchange self-regulation is to be regarded as justified in response to antitrust...

...you on that. It seems to me that the language concerning a standard which seems to be a standard of. "Repeal is to be regarded as implied only if necessary to make the Securities Exchange Act work," that "only if necessary" is awfully strong language, and then the addition, "This is the guiding principle...

...held that the rules and activities of the exchanges may be found to be exempt from the antitrust laws "if necessary to make the Securities Exchange Act work, and even then only only to the minimum extent necessary." 373 US at 357. (Emphasis added) Under Silver, if a rule or conduct...

...had • ie bm the rub- that repeals of the antitrust laws by implication are not favored, •rvml и to be regarded as implied only if necessary to make the Securities • «г&вяцрг Act work, and even then only to the minimum extent necessary." ~) !' .s. Ml at...

...United States in Sifter v. Xew York Stock Exchange is that exemptions from the antitrust laws are to be implied "only if necessary to make the Securities...and even then only to the minimum extent necessary." The court went on to say that "Exchange self-regulation is to be regarded as justified in response...

...are not completely ousted by the Securities Exchange Act, and that they can be implicitly repealed only if necessary to make the Securities Exchange...even then only to the minimum extent necessary. This principle applies whether or not the particular conduct in question has been reviewed by the Commission,...