Investment Adviser Self-Regulation Act

Summary

Title I: Short Title - Investment Adviser Self-Regulation Act - Sets forth certain findings of Congress. Title II: Registration of Investment Advisers - Amends the Investment Advisers Act of 1940 to declare it is unlawful for any registered investment adviser (with specified exceptions) to use the mails or any instrumentality of interstate commerce in connection with the adviser's investment business unless such adviser is a member of a self-regulating national investment adviser association registered with the Securities and Exchange Commission (SEC). Title III: Establishment and Commission Oversight of Investment Adviser Self-Regulatory Organizations - Prescribes procedural guidelines for SEC review and approval of a national investment adviser association's application to register as a self-regulatory organization. Includes among the pre-requisites for such approval that: (1) the association can enforce compliance with its rules; (2) the association's rules are designed to prevent fraud and manipulative business practices; and (3) the association's rules provide for appropriate disciplinary measures including expulsion, suspension, and limitation of activities. Outlines the SEC's oversight powers over such self-regulatory organizations, including the power to impose sanctions upon an association found to be in violation of SEC rules. Title IV: Records and Reports - Authorizes the SEC to impose recordkeeping requirements upon such self-regulatory associations. Title V: Exemptions - Authorizes the SEC to exempt anyone from any rule of an investment adviser (self-regulatory) association. Title VI: Enforcement of Title - Authorizes the SEC to investigate infractions of self-regulatory association rules. Confers jurisdiction upon Federal district courts to issue orders commanding: (1) compliance with this Act; or (2) any investment adviser self-regulatory association to enforce compliance by its members with this Act or its rules. Title VII: Rules, Regulations, and Orders - Requires the SEC to keep public records of all communications pertaining to either registration applications by an investment adviser self-regulatory association, or to proposed rule changes by such association. Title VIII: Court Review of Orders and Rules - Provides guidelines for judicial review of SEC rules. Title IX: Validity of Contracts - Invalidates any contract term that would require a person to waive compliance with any rule of a national investment adviser association. Title X: Annual Reports of Commission - Requires the SEC to include in its annual report to the Congress: (1) a summary of its oversight activities with respect to any investment adviser self-regulatory association; and (2) an expense and operations analysis of each investment adviser self-regulatory association regarding its responsibilities under this Act. Title XI: Definitions - Defines terms used in this Act. Title XII: Conforming Amendments - Makes conforming amendments to the Securities and Exchange Act of 1934. Title XIII: Effective Dates - Sets forth the effective dates of the titles of this Act.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

No timeline events have been ingested for this record yet.

Votes

No vote records are attached yet.

Versions

No version snapshots stored. Document URLs remain at the source.

Documents

2 official files

• Introduced in Senate (text)

  Introduced in Senate · EN

  ViewDownloadOpen at official source

• Introduced in Senate

  summary · EN · 26 July 1989

  Open at official source

Sponsors

No sponsors or actors listed by the source.

Related records

No cross-record relationships stored yet.