Public Utility Holding Company Modernization Act of 1988

Summary

Public Utility Holding Company Modernization Act of 1988 - Amends the Public Utility Holding Company Act of 1935 regarding unlawful transactions by registered public utility holding companies to permit a subsidiary company which is neither a holding company or a public utility company to issue and sell securities solely for the purpose of financing its business. Directs the Securities and Exchange Commission to exempt a subsidiary of a registered holding company from the proscription against the issuance or selling of its own securities (including the alteration of stockholder rights to such securities) if such transactions are solely for its business and have been expressly authorized by the pertinent State regulatory authority. Permits a registered holding company to acquire: (1) business interests of a non-public utility nature whose book value aggregates 15 percent of its total consolidated assets; and (2) additional business interests which the Commission finds consistent with the public interest or the protection of investors or consumers.

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1 official file

• Introduced in House

  summary · EN · 12 July 1988

  Open at official source

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