Amends the Securities Exchange Act of 1934 to cite conditions under which it shall not be unlawful for members of exchanges and associated persons to effect a transaction for an account with respect to which they exercise investment discretion.
Permits transactions for such a managed account (without the involvement of an independent floor broker) if the member or associated person: (1) has obtained express authorization from the person or persons authorized to transact business for the account before engaging in the practice of effecting such transactions; (2) furnishes the persons authorized to transact business for the account with a statement at least annually disclosing the aggregate compensation received by the exchange member in effecting such transactions; and (3) complies with any rules the Securities and Exchange Commission has prescribed with respect to such requirements.
Reported by the Committee on Energy and Commerce. H. Rept. 103-76.
Reported by the Committee on Energy and Commerce. H. Rept. 103-76.
Placed on the Union Calendar, Calendar No. 34.
Mr. Markey moved to suspend the rules and pass the bill.
Considered under suspension of the rules. (consideration: CR H2220-2221)
DEBATE - The House proceeded with forty minutes of debate.
Passed/agreed to in House: On motion to suspend the rules and pass the bill Agreed to by voice vote.
On motion to suspend the rules and pass the bill Agreed to by voice vote.
Motion to reconsider laid on the table Agreed to without objection.
Received in the Senate.
Read twice. Placed on Senate Legislative Calendar under General Orders. Calendar No. 63.
Passed/agreed to in Senate: Passed Senate without amendment by Voice Vote.(consideration: CR S9866)
Passed Senate without amendment by Voice Vote. (consideration: CR S9866)
Message on Senate action sent to the House.
Presented to President.
Presented to President.
Signed by President.
Signed by President.
Became Public Law No: 103-68.
Became Public Law No: 103-68.
Enacted as Public Law 103-68
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