Managed Accounts/section 11(a): Hearing Before the Subcommittee on Telecommunications and Finance of the Committee on Energy and Commerce, House of Representatives, One Hundred Second Congress, First Session, May 14, 1991, 4. sējums
United States. Congress. House. Committee on Energy and Commerce. Subcommittee on Telecommunications and Finance
U.S. Government Printing Office, 1991 - 76 lappuses
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1975 Amendments addition adopted affiliated brokers allow annual appears applies arising authorization avoid believe broker-dealers brokerage Chairman changes charged clients combination committee compensation competitive compliance concerns conflicts of interest Congress continued costs Counsel created determine direct disclosure effect elimination ERISA exchange floor exchange members exchange membership execution exemption extent Fidelity fiduciary firms fixed commission rates flow handle HARRIS House increase independent floor brokers institutional institutional investors investment companies investment managers issues legislative limited managed account provision million money managers negotiated Nelson Nutter obtain orders particular potential Pozen practices problems prohibition proposal provision of Section receive reduced registered Regulation repeal Report response restrictions result ROBERTS Rule savings Section 11(a Securities and Exchange Securities Exchange Act securities industry Senate statement Stock Exchange structure subcommittee testimony Thank tions trades transactions York
43. lappuse - Many forms of conduct permissible in a workaday world for those acting at arm's length, are forbidden to those bound by fiduciary ties. A trustee is held to something stricter than the morals of the market place. Not honesty alone, but the punctilio of an honor the most sensitive, is then the standard of behavior.
43. lappuse - ... behavior. As to this there has developed a tradition that is unbending and inveterate. Uncompromising rigidity has been the attitude of courts of equity when petitioned to undermine the rule of undivided loyalty by the "disintegrating erosion" of particular exceptions. Only thus has the level of conduct for fiduciaries been kept at a level higher than that trodden by the crowd. It will not consciously be lowered by any judgment of this court.
28. lappuse - Commission, by rule, determines is consistent with the purposes of this paragraph, the protection of investors, and the maintenance of fair and orderly markets.
27. lappuse - It shall be unlawful for any member of a national securities exchange to effect any transaction on such exchange for its own account, the account of an associated person, or an account with respect to which it or an associated person thereof exercises investment discretion...
28. lappuse - ... qualifying shares) are, or after such acquisition will be, owned by one or more registered investment companies; and (B) such person is primarily engaged in the business of underwriting and distributing securities issued by other persons, selling securities to customers, or any one or more of such or related activities, and the gross income of such person normally is derived principally from such business or related activities.
65. lappuse - Rule 19(b) (2), implementing that standard, 13/ imposed an 80-20 test that required each exchange member "to have as the principal purpose of its membership the conduct of a public securities business.
25. lappuse - BEFORE THE SUBCOMMITTEE ON TELECOMMUNICATIONS AND FINANCE OF THE HOUSE COMMITTEE ON ENERGY AND COMMERCE...
8. lappuse - It is in the public interest and appropriate for the protection of investors and the maintenance of fair and orderly markets...
28. lappuse - ... (2) Any person primarily engaged in the business of underwriting and distributing securities issued by other persons, selling securities to customers, and acting as broker, or any one or more of such activities, whose gross income normally is derived principally from such business and related activities.