Securities Regulatory Equality Act of 1993

Summary

TABLE OF CONTENTS: Title I: Regulation of Securities Activities of Depository Institutions Title II: Administration of Securities Laws With Respect to Securities of Depository Institutions Securities Regulatory Equality Act of 1993 - Title I: Regulation of Securities Activities of Depository Institutions - Part A: Broker-Dealer Provisions - Amends the Securities Exchange Act of 1934 to include within its broker-dealer definitions certain securities activities of banks (thus bringing such activities within the regulatory jurisdiction of the Securities and Exchange Commission (SEC)). Grants the SEC exemption powers. Requires banks falling within SEC jurisdiction to comply with its registration procedures. Makes it unlawful for any bank to act as a broker or dealer, except in the course of an exclusively intrastate business. Part B: Bank-Investment Company Activities - Amends the Investment Company Act of 1940 to preclude banks affiliated with a registered management company from serving as custodian without specific SEC permission. Precludes a registered investment company from acquiring, during the existence of any underwriting or selling syndicate, any security whose proceeds will be used to retire any part of an indebtedness owed to its bank affiliate. Prohibits: (1) an investment adviser to a registered investment company from acquiring a controlling interest in that company except under certain conditions; and (2) a registered investment company from borrowing from any bank affiliate (except as the SEC permits). Expands the definition (and thus the scope) of "interested person." Deems it to be deceptive and misleading for a registered investment company to use the name of an affiliated bank. Amends Federal securities laws to exempt from their regulatory purview common trust funds that are not offered to the general public. Includes within the definition of "investment adviser" any bank or bank holding company which acts as an investment adviser to a registered investment company. Title II: Administration of Securities Laws with Respect to Securities of Depository Institutions - Part A: Amendments to the Securities Act of 1933 - Amends the Securities Act of 1933 to include within its regulatory jurisdiction: (1) securities issued or guaranteed by a bank; and (2) securities issued by savings associations, cooperative banks, or homestead associations supervised and examined by State or Federal agencies. Exempts from the Act's purview: (1) certain securities issued or exchanged to effect reorganization of a corporation into a holding company; and (2) specified bank and savings association instruments. Part B: Securities Exchange Act Administration Transfer - Amends the Securities Exchange Act of 1934 to repeal the regulatory scheme for securities issued by banks. Part C: Miscellaneous Provision - Makes a technical amendment to the Trust Indenture Act of 1939.

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3 official files

• Introduced in House (text)

  Introduced in House · EN · 4 November 1993

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• Introduced in House (PDF)

  Introduced in House · EN · 4 November 1993

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• Introduced in House

  summary · EN · 4 November 1993

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