Government Securities Act of 1986

Summary

Government Securities Dealers Act of 1985 - Title I: Government Securities Brokers and Dealers - Amends the Securities Exchange Act of 1934 to prohibit any Government securities broker or Government securities dealer from making use of the mails or of any means of interstate commerce to effect any transaction in Government securities unless such dealer or broker is registered in accordance with this Act. Requires brokers or dealers already registered with the Securities and Exchange Commission (Commission), financial institutions, or primary dealers to notify in writing the appropriate regulatory agency that it is a Government securities broker or Government securities dealer. Requires each appropriate regulatory agency to make available to every other appropriate regulatory agency notices which have been filed with it. Provides that such registration shall be accomplished by filing a registration application with the Securities and Exchange Commission (Commission) containing such information and documents concerning the registrant as the Board of Governors of the Federal Reserve System (Board) may require. Makes unlawful any act or practice or course of business forbidden by the Securities and Exchange Act by a registered Government securities broker or dealer regardless of whether the mails or any means of interstate commerce were used. Allows the Board to conditionally or unconditionally exempt any Government securities broker or dealer from any of the requirements of this Act or regulations promulgated under this Act, if the Board finds that such an exemption is consistent with the public interest. Authorizes the Board to propose and adopt rules to effect the purposes of this title with respect to transactions in Government securities effected by Government securities brokers or dealers. Makes it unlawful for any Government securities broker or dealer to use the mails or any means of interstate commerce to effect a transaction in any Government security in contravention of any rule of the Board. Authorizes the Commission to impose restrictions on a registered Government securities dealer or broker or suspend or revoke the registration of such a dealer or broker if after notice and opportunity for hearing the Commission finds that such action would be in the public interest. Authorizes the appropriate regulatory agencies to impose similar sanctions on a Government securities dealer or broker not required to register under this Act. Authorizes the appropriate regulatory agencies to examine all records of Government securities brokers and dealers at any time such an agency deems it necessary or appropriate to conduct such an examination of records. Requires all Government securities brokers and dealers required to register under this Act to join a registered securities association in order to lawfully effect any transaction in any Government security. Title II: Conforming Amendments - Part A: Conforming Definitions - Revises certain definitions for purposes of the Securities and Exchange Act of 1934. Part B: Additional Conforming Amendments - Makes certain conforming amendments with respect to sanctions which may be imposed against brokers or dealers and certain provisions affecting registered securities associations. Title III: Transitional and Savings Provisions - Provides that the provisions of this Act shall not effect any pending administrative or judicial proceedings. Specifies that nothing in this Act shall be construed to limit or impair the authority of the Federal Reserve Bank of New York to establish conditions for the monitoring of, receipt of reports from, or recognition of a Government securities dealer as a primary dealer. Title IV: Report on Transfers of Government Securities - Requires the Secretary of the Treasury, the Chairman of the Board of Governors of the Federal Reserve System, and the Chairman of the Securities and Exchange Commission to submit a joint report, within six months after the date of enactment of this Act, to the Congress regarding existing capabilities and potential improvements for the transfer of, and the creation and perfection of security interests in, Government securities. Sets forth the requirements of such report. Title V: Effective Dates - Provides that this Act shall become effective 180 days after the date of enactment of this Act. Provides that the rulemaking authority of the Board of Governors of the Federal Reserve System shall take effect on the date of enactment of this Act.

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Documents

3 official files

• Indefinitely postponed in Senate

  summary · EN · 16 September 1986

  Open at official source

• Reported to Senate with amendment(s)

  summary · EN · 3 September 1986

  Open at official source

• Introduced in Senate

  summary · EN · 10 July 1985

  Open at official source

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