To amend the Securities Exchange Act of 1934 to require fines collected for violations of the rules of the Municipal Rulemaking Board to be deposited into the Treasury and to amend the Sarbanes-Oxley Act of 2002 to remove a requirement on the use of certain funds.

Summary

This bill amends the Securities Exchange Act of 1934 to declare that fines collected for violations of the rules of the Municipal Securities Rulemaking Board shall be deposited and credited as general revenue of the Treasury. Currently such fines must be be equally divided between the board and the Securities and Exchange Commission. The bill repeals the requirement that any such fines collected by a registered securities association be accounted for by the association separately from certain other fines collected and be allocated two-thirds to the association and one-third to the board. The Sarbanes-Oxley Act of 2002 is amended to repeal the requirement for the Public Company Accounting Oversight Board to use funds generated from the collection of monetary penalties for a merit scholarship program for undergraduate and graduate students enrolled in accredited accounting degree programs.

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Timeline

1. 21 June 2016

   Introduced

   Referred to the House Committee on Financial Services.

   Source: IntroReferral

2. 21 June 2016

   Introduced

   Introduced in House

   Source: IntroReferral

3. 21 June 2016

   Introduced

   Introduced in House

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in House · 21 June 2016 · Official file

Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 21 June 2016

  ViewDownloadOpen at official source

• Introduced in House (PDF)

  Introduced in House · EN · 21 June 2016

  ViewDownloadOpen at official source

• Introduced in House

  summary · EN · 21 June 2016

  Open at official source

Sponsors

• Ann Wagner · R · Sponsor
• · hsba00 · Standing

Related records

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