A bill to amend the Securities Exchange Act of 1934 to extend the regulatory authority of the Secreary of the Treasury under the Government Securities Act of 1986, and for other purposes.
Government Securities Act Amendments of 1991 - Amends the Securities Exchange Act of 1934 to repeal the termination date for the Secretary of the Treasury's authority to promulgate regulations and issue orders governing government securities transactions by brokers and dealers (thereby permanently extending the Secretary's regulatory authority).
Authorizes the appropriate regulatory agency for such broker or dealer to issue sales practice rules and regulations necessary to prevent fraudulent or manipulative practices and to promote equitable principles of trade if the Secretary determines that such rulemaking does not or would not: (1) adversely affect the liquidity or efficiency of the Government securities market; or (2) impose unnecessary burdens upon competition. Mandates that such agency consult with and consider the views of the Secretary before approving or amending its rules and regulations unless an emergency exists requiring expeditious and summary action, and the agency publishes its reasons.
Authorizes registered securities associations to adopt and implement sales practice rules about government securities for their members.
Directs the Securities and Exchange Commission to consult with the Secretary before approving a proposed rule change filed by a registered securities association, or before modifying such a rule (unless an emergency requires expeditious action). Subjects Commission approval to the same conditions as apply to Federal regulatory agencies.
Prohibits Government securities dealers or brokers who are not members of the Securities Investor Protection Corporation (SIPC) from executing any securities transactions in contravention of SEC rules regarding disclosure to customers of the non-insured status of their accounts with respect to SIPC.
Expands the definition of "appropriate regulatory agency" to designate as the appropriate agency: (1) the Board of Governors of the Federal Reserve System in the case of an uninsured State branch or State agency of a foreign bank, or a corporation organized or having a specified kind of agreement with the Board; and (2) the Federal Deposit Insurance Corporation in the case of an insured State branch of a foreign bank.
Requires the Secretary of the Treasury, the SEC, and the Board of Governors of the Federal Reserve System to monitor and report to the Congress by a certain date on the effectiveness of private sector efforts to disseminate Government securities price and volume information.
Placed on the Union Calendar, Calendar No. 583.
Introduced in Senate
Read twice and referred to the Committee on Banking.
Subcommittee on Securities. Hearings held. Hearings printed: S.Hrg. 102-166.
Committee on Banking. Ordered to be reported with an amendment in the nature of a substitute favorably.
Committee on Banking. Reported to Senate by Senator Riegle with an amendment in the nature of a substitute and an amendment to the title. With written report No. 102-126.
Committee on Banking. Reported to Senate by Senator Riegle with an amendment in the nature of a substitute and an amendment to the title. With written report No. 102-126.
Placed on Senate Legislative Calendar under General Orders. Calendar No. 190.
Passed/agreed to in Senate: Passed Senate with an amendment and an amendment to the Title by Voice Vote.
Passed Senate with an amendment and an amendment to the Title by Voice Vote.
Received in the House.
Referred to the House Committee on Energy and Commerce.
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Message on Senate action sent to the House.
Referred to the Subcommittee on Telecommunications and Finance.