To amend the Securities Exchange Act of 1934 to improve collection and dissemination of information concerning bond prices and to improve price competition in bond markets, and for other purposes.
Bond Price Competition Improvement Act of 1999 - Amends the Securities Exchange Act of 1934 (the Act) to replace requirements regarding the National Market Advisory Board with the requirement that the Securities and Exchange Commission (SEC) adopt rules and take actions to assure prompt, comprehensive public dissemination of transaction information, including last sale date, regarding covered debt securities (i.e., bonds, debentures, or other debt instruments besides exempted securities). Directs the SEC, when determining such actions to consider private sector collection and distribution systems for transaction information on corporate debt securities.
Modifies securities' registration requirements to provide that: (1) a registration is not required to be effective for exchange trading of a class of debt securities of an issuer that has another class of securities for which a registration is effective for such exchange; and (2) such class of debt securities shall be treated as registered upon approval of its listing by the exchange.
Directs the Comptroller General to study and report to Congress on investor protection measures needed to improve information dissemination and transparency concerning transactions in: (1) debt securities as to which transaction information is collected but not disseminated pursuant to the Act; and (2) municipal securities.
Introduced in House
Introduced in House
Referred to the House Committee on Commerce.
Referred to the Subcommittee on Finance and Hazardous Materials.
Subcommittee Consideration and Mark-up Session Held.
Forwarded by Subcommittee to Full Committee by Voice Vote.
Committee Consideration and Mark-up Session Held.
Ordered to be Reported by Voice Vote.
Reported by the Committee on Commerce. H. Rept. 106-149.
Reported by the Committee on Commerce. H. Rept. 106-149.
Placed on the Union Calendar, Calendar No. 84.
Mr. Bliley moved to suspend the rules and pass the bill, as amended.
Considered under suspension of the rules. (consideration: CR H4132-4137, H4139-4140)
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DEBATE - The House proceeded with forty minutes of debate on H.R. 1400.
At the conclusion of debate, the Yeas and Nays were demanded and ordered. Pursuant to the provisions of clause 8, rule XX, the Chair announced that further proceedings on the motion would be postponed.
Considered as unfinished business.
Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by the Yeas and Nays: (2/3 required): 332 - 1 (Roll no. 204).
Roll Call #204 (House)On motion to suspend the rules and pass the bill, as amended Agreed to by the Yeas and Nays: (2/3 required): 332 - 1 (Roll no. 204).
Roll Call #204 (House)Motion to reconsider laid on the table Agreed to without objection.
Received in the Senate and read twice and referred to the Committee on Banking.