A bill to require disclosure with respect to securities transactions conducted "online", to require the Securities and Exchange Commission to study the effects of online trading on securities markets, to prevent online securities fraud, and for other purposes.
Amends the Investment Advisers Act of 1940 to: (1) authorize the SEC to require an investment adviser to file requisite fees and documents with an SEC designee; and (2) require the SEC to require a designee to establish and maintain a readily accessible electronic process to receive inquiries regarding disciplinary actions and proceedings regarding its members.
Sets a deadline for brokers, dealers, investment companies, and investment advisers engaged in retail transactions to make available to retail investors through a hypertext link to an SEC website access to SEC information regarding investor education and fraud prevention.
Amends the Securities Act of 1933, the Securities Exchange Act of 1934, and the Investment Advisers Act of 1940 to double the civil penalty for Internet-related violations.
Directs the SEC to study and report to Congress on the market impact of online trading.
Authorizes appropriations to the SEC Office of Internet Enforcement for investor protection activities.
Introduced in Senate
Read twice and referred to the Committee on Banking.
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