Microcap Fraud Prevention Act of 1999

Summary

Microcap Fraud Prevention Act of 1999 - Amends the Securities Exchange Act of 1934, the Investment Advisers Act of 1940, and the Investment Company Act of 1940 to direct the Securities and Exchange Commission (SEC) to enjoin the activities of any broker, dealer, or investment adviser who: (1) is subject to an SEC order barring or suspending such person's right to be associated with a broker or dealer; (2) has been found by a foreign financial regulatory authority to have violated foreign statutes or regulations governing transactions in securities, banking, and insurance; (3) failed reasonably to supervise with a view to preventing securities, banking, or insurance violations; or (4) is subject to any order of a State regulatory authority that bars such person from engaging in the business of securities, insurance, or banking, or from association with an entity engaged in such business. Encompasses municipal and government securities dealers and brokers within the ambit of such enforcement. (Sec. 6) Amends the Securities Exchange Act of 1934 to: (1) extend the penny stock bar to any noncovered security; and (2) declare it unlawful for any person against whom certain enforcement sanctions are in effect to serve as officer, director, or participant in any offering involving a noncovered security. (Sec. 7) Authorizes a court to prohibit violators of SEC rules governing the use of manipulative or deceptive devices from participating in an offering of a noncovered security. (Sec. 9) Bars persons subject to specified court orders from serving as officers, directors, or participants in any offering involving a noncovered security.

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3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 9 June 1999

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• Introduced in Senate (PDF)

  Introduced in Senate · EN · 9 June 1999

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• Introduced in Senate

  summary · EN · 9 June 1999

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