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HR 3505 ERFS

December 7, 2007

Received; read twice and referred to the Committee on Banking, Housing, and Urban Affairs

To make various technical and clerical amendments to the Federal securities laws.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

This Act may be cited as the `Securities Law Technical Corrections Act of 2007'.

SEC. 2. TECHNICAL CORRECTIONS.

(a) Securities Act of 1933- The Securities Act of 1933 (15 U.S.C. 77a et seq.) is amended--

(1) in section 3(a)(4) (15 U.S.C. 77c(a)(4)), by striking `individual;' and inserting `individual,';

(2) in section 18(b)(1)(C) (15 U.S.C. 77r(b)(1)(C)), by striking `is a security' and inserting `a security';

(3) in section 18(c)(2)(B)(i) (15 U.S.C. 77r(c)(2)(B)(i)), by striking `State, or' and inserting `State or';

(4) in section 19(d)(6)(A) (15 U.S.C. 77s(d)(6)(A)), by striking `in paragraph (1) of (3)' and inserting `in paragraph (1) or (3)'; and

(5) in section 27A(c)(1)(B)(ii) (15 U.S.C. 77z-2(c)(1)(B)(ii)), by striking `business entity;' and inserting `business entity,'.

(b) Securities Exchange Act of 1934- The Securities Exchange Act of 1934 (15 U.S.C. 78 et seq.) is amended--

(1) in section 2(1)(a) (15 U.S.C. 78b(1)(a)), by striking `affected' and inserting `effected';

(2) in section 3(a)(55)(A) (15 U.S.C. 78c(a)(55)(A)), by striking `section 3(a)(12) of the Securities Exchange Act of 1934' and inserting `section 3(a)(12) of this Act';

(3) in section 3(g) (15 U.S.C. 78c(g)), by striking `company, account person, or entity' and inserting `company, account, person, or entity';

(4) in section 10A(i)(1)(B)(i) (15 U.S.C. 78j-1(i)(1)(B)(i)), by striking `nonaudit' and inserting `non-audit';

(5) in section 13(b)(1) (15 U.S.C. 78m(b)(1)), by striking `earning statement' and inserting `earnings statement';

(6) in section 15(b)(1) (15 U.S.C. 78o(b)(1))--

(A) by striking the sentence beginning `The order granting' and ending `from such membership.' in subparagraph (B); and

(B) inserting such sentence in the matter following such subparagraph after `are satisfied.';

(7) in section 15 (15 U.S.C. 78o), redesignate subsection (i), as added by section 303(f) of the Commodity Futures Modernization Act of 2000 (114 Stat. 2763A-455), as subsection (j);

(8) in section 15C(a)(2) (15 U.S.C. 78o-5(a)(2))--

(A) by redesignating clauses (i) and (ii) as subparagraphs (A) and (B), respectively;

(B) by striking the sentence beginning `The order granting' and ending `from such membership.' in such redesignated subparagraph (B); and

(C) inserting such sentence in the matter following such redesignated subparagraph after `are satisfied.';

(9) in section 16(a)(2)(C) (15 U.S.C. 78p(a)(2)(C)), by striking `section 206(b)' and inserting `section 206B';

(10) in section 17(b)(1)(B) (15 U.S.C. 78q(b)(1)(B)), by striking `15A(k) gives' and inserting `15A(k), give'; and

(11) in section 21C(c)(2) (15 U.S.C. 78u-3(c)(2)), by striking `paragraph (1) subsection' and inserting `Paragraph (1)'.

(c) Trust Indenture Act of 1939- The Trust Indenture Act of 1939 (15 U.S.C. 77aaa et seq.) is amended--

(1) in section 304(b) (15 U.S.C. 77ddd(b)), by striking `section 2 of such Act' and inserting `section 2(a) of such Act';

(2) in section 313(a)(4) (15 U.S.C. 77mmm(a)(4)) by striking `subsection 311' and inserting `section 311(b)'; and

(3) in section 317(a)(1) (15 U.S.C. 77qqq(a)(1)), by striking `(1),' and inserting `(1)'.

(d) Investment Company Act of 1940- The Investment Company Act of 1940 (15 U.S.C. 80a-1 et seq.) is amended--

(1) in section 2(a)(19) (15 U.S.C. 80a-2(a)(19)) by striking `clause (vi)' both places it appears in the last two sentences and inserting `clause (vii)';

(2) in section 9(b)(4)(B) (15 U.S.C. 80a-9(b)(4)(B)), by inserting `or' after the semicolon at the end;

(3) in section 12(d)(1)(J) (15 U.S.C. 80a-12(d)(1)(J)), by striking `any provision of this subsection' and inserting `any provision of this paragraph';

(4) in section 13(a)(3) (15 U.S.C. 80a-13(a)(3)), by inserting `or' after the semicolon at the end;

(5) in section 17(f)(4) (15 U.S.C. 80a-17(f)(4)), by striking `No such member' and inserting `No member of a national securities exchange';

(6) in section 17(f)(6) (15 U.S.C. 80a-17(f)(6)), by striking `company may serve' and inserting `company, may serve'; and

(7) in section 61(a)(3)(B)(iii) (15 U.S.C. 80a-60(a)(3)(B)(iii))--

(A) by striking `paragraph (1) of section 205' and inserting `section 205(a)(1)'; and

(B) by striking `clause (A) or (B) of that section' and inserting `section 205(b)(1) or (2)'.

(e) Investment Advisers Act of 1940- The Investment Advisers Act of 1940 (15 U.S.C. 80b-1 et seq.) is amended--

(1) in each of the following sections, by striking `principal business office' or `principal place of business' (whichever and wherever it appears) and inserting `principal office and place of business': sections 203(c)(1)(A), 203(k)(4)(B), 213(a), 222(b), and 222(c) (15 U.S.C. 80b-3(c)(1)(A), 80b-3(k)(4)(B), 80b-13(a), 80b-18a(b), and 80b-18a(c)); and

(2) in section 206(3) (15 U.S.C. 80b-6(3)), by inserting `or' after the semicolon at the end.

SEC. 3. CONFORMING AMENDMENTS FOR THE REPEAL OF THE PUBLIC UTILITIES HOLDING COMPANY ACT OF 1935.

(a) Securities Exchange Act of 1934- The Securities Exchange Act of 1934 (15 U.S.C. 78 et seq.) is amended--

(1) in section 3(a)(47) (15 U.S.C. 78c(a)(47)), by striking `the Public Utility Holding Company Act of 1935 (15 U.S.C. 79a et seq.),'; and

(2) in section 12(k) (15 U.S.C. 78l(k)), by amending paragraph (7) to read as follows:

`(7) DEFINITION- For purposes of this subsection, the term `emergency' means--

`(A) a major market disturbance characterized by or constituting--

`(i) sudden and excessive fluctuations of securities prices generally, or a substantial threat thereof, that threaten fair and orderly markets; or

`(ii) a substantial disruption of the safe or efficient operation of the national system for clearance and settlement of transactions in securities, or a substantial threat thereof; or

`(B) a major disturbance that substantially disrupts, or threatens to substantially disrupt--

`(i) the functioning of securities markets, investment companies, or any other significant portion or segment of the securities markets; or

`(ii) the transmission or processing of securities transactions.'.

(3) in section 21(h)(2) (15 U.S.C. 78u(h)(2)), by striking `section 18(c) of the Public Utility Holding Company Act of 1935,'.

(b) Trust Indenture Act of 1939- The Trust Indenture Act of 1939 (15 U.S.C. 77aaa et seq.) is amended--

(1) in section 303 (15 U.S.C. 77ccc), by amending paragraph (17) to read as follows:

`(17) The terms `Securities Act of 1933' and `Securities Exchange Act of 1934' shall be deemed to refer, respectively, to such Acts, as amended, whether amended prior to or after the enactment of this title.';

(2) in section 308 (15 U.S.C. 77hhh), by striking `Securities Act of 1933, the Securities Exchange Act of 1934, or the Public Utility Holding Company Act of 1935' each place it appears and inserting `Securities Act of 1933 or the Securities Exchange Act of 1934';

(3) in section 310 (15 U.S.C. 77jjj), by striking subsection (c) (including the preceding heading);

(4) in section 311 (15 U.S.C. 77kkk) by striking subsection (c);

(5) in section 323(b) (15 U.S.C. 77www(b)), by striking `Securities Act of 1933, or the Securities Exchange Act of 1934, or the Public Utility Holding Company Act of 1935' and inserting `Securities Act of 1933 or the Securities Exchange Act of 1934'; and

(6) in section 326 (15 U.S.C. 77zzz), by striking `Securities Act of 1933, or the Securities Exchange Act of 1934, or the Public Utility Holding Company Act of 1935,' and inserting `Securities Act of 1933 or the Securities Exchange Act of 1934'.

(c) Investment Company Act of 1940- The Investment Company Act of 1940 (15 U.S.C. 80a-1 et seq.) is amended--

(1) in section 2(a)(44) (15 U.S.C. 80a-2(a)(44)), by striking `Public Utility Holding Company Act of 1935',';

(2) in section 3(c) (15 U.S.C. 80a-3(c)), by amending paragraph (8) to read as follows:

`(8) [Repealed]';

(3) in section 38(b) (15 U.S.C. 80a-37(b)), by striking `the Public Utility Holding Company Act of 1935,'; and

(4) in section 50 (15 U.S.C. 80a-49), by striking `the Public Utility Holding Company Act of 1935,'.

(d) Investment Advisers Act of 1940- Section 202(a)(21) of the Investment Advisers Act of 1940 (15 U.S.C. 80b-2(a)(21)) is amended by striking `Public Utility Holding Company Act of 1935','.

Passed the House of Representatives December 6, 2007.

Attest:

Clerk. LORRAINE C. MILLER,

110th CONGRESSClerk1st SessionH. R. 3505AN ACTTo make various technical and clerical amendments to the Federal securities laws.