A bill to amend the Securities Exchange Act of 1934 to require that members of exchanges, brokers, dealers, banks, associations, or other entities that exercise fiduciary powers holding securities as nominees provide proxy and other shareholder communications to investment company beneficial security holders; to require these same entities, holding securities as nominees, to provide information statements to investment company and non-investment company beneficial security holders; and to require investment companies to provide information statements to record holders prior to any security holder vote when proxies, consents, or authorizations are not solicited.
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.
Indefinitely postponed by Senate by Unanimous Consent.
Introduced in Senate
Read twice and referred to the Committee on Banking.
Subcommittee on Securities. Hearings held.
Committee on Banking. Provisions of measure incorporated into measure S. 1712 ordered to be reported.
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