To improve the communication between registrants of investment company securities and their beneficial shareholders by requiring nominee shareholders to deliver proxy materials and information statements to such beneficial shareholders, and for other purposes.
Shareholder Communications Improvement Act of 1989 - Amends the Securities Exchange Act of 1934 to require mutual fund and other investment company entities that exercise fiduciary powers holding securities as nominees to: (1) deliver proxy materials and information statements to the beneficial owners of investment company securities; and (2) supply registrants, upon request, with beneficial owner information so that annual reports and voluntary communications may be provided to such beneficial owners.
Requires that information statements be provided by: (1) brokers and bank nominees to the beneficial owners of the securities; and (2) investment companies to record holders prior to any security holder vote when proxies, consents, or authorizations are not solicited.
Became Public Law No: 101-550.
Introduced in House
Introduced in House
Referred to the House Committee on Energy and Commerce.
Referred to the Subcommittee on Telecommunications and Finance.
Subcommittee Hearings Held.
Forwarded by Subcommittee to Full Committee.
Subcommittee Consideration and Mark-up Session Held.
For Further Action See H.R.1396.
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