An act to make certain amendments to sections 4, 13, 14, 15, and 15B of the Securities Exchange Act of 1934.

(Measure passed House, amended, roll call #120 (361-63))

Amends the Securities Exchange Act of 1934 to permit the Securities and Exchange Commission to accept reimbursement from non-Federal sources for travel, subsistence, and other necessary expenses incurred by Commission members and employees in attending meetings and conferences.

Permits participants in the professional fellows program of the Commission to accept payment of relocation expenses from their former employers.

Requires a person, at the time of filing with the Commission a statement relating to an issuer repurchase of shares, to pay a fee of one-fiftieth of one percent of the value of securities proposed to be purchased.

Requires that at the time of filing proxy materials concerning an acquisition, merger or proposed sale or disposition of substantially all company assets, the person making such filing (other than a company registered under the Investment Company Act of 1940) shall pay a fee of one- fiftieth of one percent of the value of any cash or securities paid.

Imposes the same fee for the filing of a preliminary information statement and for the filing of a statement by the bidding company in a cash tender offer.

Reserves the Commission's power to impose fees, charges, or prices for matters not involving any acquisition, merger, consolidation sale, or other disposition of assets.

Requires any registered broker or dealer in securities (other than exempted securities or commercial bills) to join a registered securities association, unless such broker or dealer effects securities transactions solely on a national securities exchange of which it is a member.

Permits the Commission to exempt any broker or dealer or class of brokers or dealers from such requirement.

Permits public members of the Municipal Securities Rulemaking Board to be associated with any broker, dealer, or municipal securities dealer by reason of being under common control with, or indirectly controlling, any broker or dealer which is not a municipal securities broker or municipal securities dealer.