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INCLUDING

SECURITIES ACT OF 1933
SECURITIES EXCHANGE ACT OF 1934
PUBLIC UTILITY HOLDING COMPANY ACT OF 1935

TRUST INDENTURE ACT OF 1939
INVESTMENT COMPANY ACT OF 1940

INVESTMENT ADVISERS ACT OF 1940
SECURITIES INVESTOR PROTECTION ACT OF 1970

PREPARED FOR THE USE OF THE

COMMITTEE ON COMMERCE
U.S. HOUSE OF REPRESENTATIVES

MARCH 1999

U.S. GOVERNMENT PRINTING OFFICE

54-643

WASHINGTON : 1999

For sale by the U.S. Government Printing Office
Superintendent of Documents, Congressional Sales Office, Washington, DC 20402

ISBN 0-16-058209-1

COMMITTEE ON COMMERCE

TOM BLILEY, Virginia, Chairman W.J. "BILLY TAUZIN, Louisiana

JOHN D. DINGELL, Michigan MICHAEL G. OXLEY, Ohio

HENRY A. WAXMAN, California MICHAEL BILIRAKIS, Florida

EDWARD J. MARKEY, Massachusetts JOE BARTON, Texas

RALPH M. HALL, Texas FRED UPTON, Michigan

RICK BOUCHER, Virginia CLIFF STEARNS, Florida

EDOLPHUS TOWNS, New York PAUL E. GILLMOR, Ohio

FRANK PALLONE, Jr., New Jersey Vice Chairman

SHERROD BROWN, Ohio JAMES C. GREENWOOD, Pennsylvania BART GORDON, Tennessee CHRISTOPHER COX, California

PETER DEUTSCH, Florida NATHAN DEAL, Georgia

BOBBY L. RUSH, Illinois STEVE LARGENT, Oklahoma

ANNA G. ESHOO, California RICHARD BURR, North Carolina

RON KLINK, Pennsylvania BRIAN P. BILBRAY, California

BART STUPAK, Michigan ED WHITFIELD, Kentucky

ELIOT L. ENGEL, New York GREG GANSKE, Iowa

THOMAS C. SAWYER, Ohio CHARLIE NORWOOD, Georgia

ALBERT R. WYNN, Maryland TOM A. COBURN, Oklahoma

GENE GREEN, Texas RICK LAZIO, New York

KAREN MCCARTHY, Missouri BARBARA CUBIN, Wyoming

TED STRICKLAND, Ohio JAMES E. ROGAN, California

DIANA DEGETTE, Colorado JOHN SHIMKUS, Ilinois

THOMAS M. BARRETT, Wisconsin HEATHER WILSON, New Mexico

BILL LUTHER, Minnesota JOHN B. SHADEGG, Arizona

LOIS CAPPS, California
CHARLES W. "CHIP PICKERING,

Mississippi
VITO FOSSELLA, New York
ROY BLUNT, Missouri
ED BRYANT, Tennessee
ROBERT L. EHRLICH, Jr., Maryland

JAMES E. DERDERIAN, Chief of Staff

JAMES D. BARNETTE, General Counsel
REID P.F. STUNTZ, Minority Staff Director and Chief Counsel

CONTENTS

Page

processors

Sec. 12. Registration requirements for securities

Sec. 13. Periodical and other reports

93

94

96

97

98

101

107

117
offenses

Sec. 14. Proxies ....

Sec. 15. Registration and regulation of brokers and dealers

Sec. 15A. Registered securities associations

Sec. 15B. Municipal securities

Sec. 15C. Government securities brokers and dealers

Sec. 16. Directors, officers, and principal stockholders

Sec. 17. Accounts and records, examinations of exchanges, members, and

others

Sec. 17A. National system for clearance and settlement of securities

transactions

Sec. 17B. Automated quotation for penny stocks

Sec. 18. Liability for misleading statements

Sec. 19. Registration, responsibilities, and oversight of self-regulatory

organizations

Sec. 20. Liability of controlling persons and persons who aid and abet

violations

Sec. 20A. Liability to contemporaneous traders for insider trading

Sec. 21. Investigations; injunctions and prosecution of offenses

Sec. 21A. Civil penalties for insider trading

Sec. 21B. Civil remedies in administrative proceedings

Sec. 21C. Cease-and-desist proceedings

Sec. 21D. Private securities litigation

Sec. 21E. Application of safe harbor for forward-looking statements

Sec. 22. Hearings by Commission

Sec. 23. Rules, regulations, and orders; annual reports

Sec. 24. Public availability of information

Sec. 25. Court review of orders and rules

Sec. 26. Unlawful representations

Sec. 27. Jurisdiction of offenses and suits

Sec. 27A. Special provision relating to statute of limitations on private

causes of action

Sec. 28. Effect on existing law

Sec. 29. Validity of contracts

Sec. 30. Foreign securities exchanges

Sec. 30A. Prohibited foreign trade practices by issuers

Sec. 31. Transaction fees

Sec. 32. Penalties

Sec. 33. Separability of provisions

Sec. 34. Effective date

Sec. 35. Authorization of appropriations

Sec. 35A. Requirements for the EDGAR system

Sec. 36. General exemptive authority

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