Foreign Portfolio Sales Corporation Act

Summary

Foreign Portfolio Sales Corporation Act - Prohibits foreign investment companies, depositors or trustees from using the mails or any means of interstate commerce to sell any security of which the company is the issuer. Authorizes the Security and Exchange Commission to issue an order permitting such companies to register under the Investment Company Act and to make a public offering of its securities, if the issuance of such order is consistent with the public interest and the protection of investors. Prohibits any investment company organized under the laws of any State which limits the offer and sale of its securities to persons who are not citizens or residents of the United States from using the mails or any means of interstate commerce in connection with its business. Prohibits any investment company organized under the laws of any State and having any officer, director or trustee not a resident of the United States, and any depositor or trustee or underwriter for such company, from using the mails or any means of interstate commerce in connection with its business. Authorizes the Commission to prescribe rules and regulations or orders appropriate in the public interest, or necessary for the protection of investors, to enforce the provisions of the this Act.

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1 official file

• Introduced in House

  summary · EN · 30 May 1973

  Open at official source

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