« iepriekšējāTurpināt »
SECTION 8 OF THE MARKET REFORM ACT OF 1990
(References in brackets ( ) are to title 15, United States Code) SEC. 8. REPORTS TO CONGRESS.
(a) (78b note) INTERMARKET COORDINATION.—The Secretary of the Treasury, the Chairman of the Board of Governors of the Federal Reserve System, the Chairman of the Securities and Exchange Commission, and the Chairman of the Commodity Futures Trading Commission, shall report to the Congress not later than May 31, 1991, and annually thereafter until May 31, 1995, on the following:
(1) the efforts their respective agencies have made relating to the coordination of regulatory activities to ensure the integrity and competitiveness of United States financial markets;
(2) the efforts their respective agencies have made to formulate coordinated mechanisms across marketplaces to protect the payments and market systems during market emergencies;
(3) the views of their respective agencies with respect to the adequacy of margin levels and use of leverage by market participants; and
(4) such other issues and concerns relating to the soundness, stability, and integrity of domestic and international
capital markets as may be appropriate. The agencies shall cooperate in the development of their reports, and prior to submitting its report to Congress, each agency shall provide copies to the other agencies.
(b) [789–1 note] CLEARANCE AND SETTLEMENT.—The Securities and Exchange Commission, in consultation with the Commodity Futures Trading Commission, the Board of Governors of the Federal Reserve System, and other relevant regulatory authorities, shall examine progress toward establishing linked or coordinated facilities for clearance and settlement of transactions in securities, securities options, contracts of sale for future delivery and options thereon, and commodity options, and shall submit to the Committees on Energy and Commerce and Agriculture of the House of Representatives and the Committees on Banking, Housing, and Urban Affairs and Agriculture, Nutrition, and Forestry of the Senate, not later than 2 years from the date of enactment of this section, a report detailing and evaluating such progress.
PENNY STOCK REFORM ACT OF 1990
(Title V of the Securities Enforcement Remedies and Penny Stock Reform Act of 1990 (P.L. 101–429), October 15, 1990, 104 Stat. 951)
(References in brackets ( ) are to title 15, United States Code)
TITLE V-PENNY STOCK REFORM
SEC. 504. [780 note) EXPANSION OF SECTION 15(b) SANCTION AUTHOR
ITY WITH RESPECT TO PENNY STOCKS.
(a)* * *
(b) RECOMMENDATIONS.—Within 6 months after the date of enactment of this Act, the Securities and Exchange Commission shall submit to each House of the Congress such recommendations as the Commission considers appropriate with respect to further revision of section 15(b)(6) of the Securities Exchange Act of 1934 (15 U.S.C. 780(b)(6)). In preparing such recommendations, the Commission shall consider the desirability and effect of expanding the applicability of such section to any promoter, finder, consultant, agent or other person who engages in activities with a broker, dealer, or issuer for purposes of the issuance of or trading in, or inducing or attempting to induce the purchase or sale of, any security (and not just penny stock).
SEC. 510. [788 note) REVIEW OF REGULATORY STRUCTURES AND PRO
CEDURES. (a) REVIEW REQUIRED.-The Comptroller General, in consultation with the Securities and Exchange Commission, shall conduct a review of the rules, procedures, facilities, and oversight and enforcement activities of self-regulatory organizations under the Securities Exchange Act of 1934 with respect to penny stocks (within the meaning of section 3(a)(51) of such Act). Such review shall include an analysis of,
(1) the resources devoted by self-regulatory organizations to the detection, investigation, prosecution, and correction of fraud and abuse in the trading of such penny stocks;
(2) the methods and techniques used, and alternative methods which may be used, in those oversight and enforcement activities, including methods and techniques involving coordinated oversight and enforcement activities with other Federal and State authorities;
(3) the adequacy of the rules, procedures, and facilities of such self-regulatory organizations for the prevention of excessive spreads and markups, unscrupulous sales practices, and other conduct inconsistent with high standards of commercial honor and just and equitable principles of trade;
(4) any obstacles to or limitations on the authority of selfregulatory organizations that impair the conduct of those oversight and enforcement activities;
(5) the adequacy of current listing and maintenance requirements and procedures and the potential for erosion of such requirements and procedures due to issuer avoidance of penny stock designation and regulation; and
(6) such other matters as the Comptroller General considers necessary or appropriate.
(b) REPORT.-Within one year after the date of enactment of this Act, the Comptroller General shall submit a report on the review required by subsection (a). Such report shall include, in addition to a statement of findings with respect to each matter described in paragraphs (1) through (6) of such subsection, such recommendations as the Comptroller General considers appropriate with respect to legislative or administrative changes.