U.S. Congress - H.R.6513 Securities Act of 2008
H.R.6513 - Securities Act of 2008
To amend the Federal securities laws to enhance the effectiveness of the Securities and Exchange Commission's enforcement, corporation finance, trading and markets, investment management, and examination programs, and for other purposes. view all titles (2)
All Bill Titles
- Official: To amend the Federal securities laws to enhance the effectiveness of the Securities and Exchange Commission's enforcement, corporation finance, trading and markets, investment management, and examination programs, and for other purposes. as introduced.
- Short: Securities Act of 2008 as introduced.
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Official Summary
7/16/2008--Introduced.Securities Act of 2008 - Amends the Securities Act of 1933, the Securities Exchange Act of 1934, the Investment Advisers Act of 1940, and the Investment Company Act of 1940 to authorize the Securities and Exchange Commission (SEC) to assess and impose civil penaltiesOfficial Summary
7/16/2008--Introduced.Securities Act of 2008 - Amends the Securities Act of 1933, the Securities Exchange Act of 1934, the Investment Advisers Act of 1940, and the Investment Company Act of 1940 to authorize the Securities and Exchange Commission (SEC) to assess and impose civil penalties in a cease and desist proceeding. Creates a three tiers of increasing civil penalties for acts or omissions of increasing gravity. Authorizes the SEC to censure, place limitations on the activities or functions of, or investigate any person who at the time of specified alleged misconduct was:
(1) a member or employee of the the Municipal Securities Rulemaking Board;
(2) a person associated or seeking to become associated with a government securities broker or dealer;
(3) a person associated with a member of a national securities exchange or registered securities association;
(4) a participant of a registered clearing agency;
(5) an officer or director of a self-regulatory organization; and
(6) an officer or director of an investment company. Amends the Securities Act of 1933 to exempt from state regulation any warrants or rights to subscribe or purchase securities offerings. Amends the Securities Act of 1934 and the Investment Advisers Act of 1940 to empower the SEC to bar certain persons from being associated with a broker, dealer, investment adviser, municipal securities dealer, or transfer agent who has engaged in alleged misconduct. Amends the Securities Investor Protection Act of 1970 to extend its coverage to customers' claims against a debtor for futures contracts or options on commodities futures contracts received, acquired, or held in a portfolio margining account carried as a securities account pursuant to an approved portfolio margining program. Requires the SEC, the Financial Accounting Standards Board, and the Public Company Accounting Oversight Board to give oral testimony annually to certain congressional committees on efforts to reduce the complexity in financial reporting to provide more accurate and clear financial information to investors. Amends the Securities Act of 1934 to require a registered securities information processor, national securities exchange, and national securities association to submit fingerprints of their staff to the Attorney General. Amends the Securities Act of 1934, the Investment Advisers Act of 1940, and the Investment Company Act of 1940 to revise or prescribe requirements protecting confidentiality of materials submitted to the SEC. Amends the Securities Act of 1934 to set forth requirements governing privileged information provided by the SEC to certain governmental and foreign authorities. Amends the Securities Act of 1933, the Securities Act of 1934, the Investment Advisers Act of 1940, and the Investment Company Act of 1940 to allow nationwide service of subpoenas, without application to the court or a showing of cause, in any action instituted by the SEC.
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