Equity in Foreign and Domestic Credit Act

Summary

Equity in Foreign and Domestic Credit Act - Amends the Securities Exchange Act of 1934 to prohibit any person, including any foreign person, from receiving a loan or other extension of credit from any lender for the purpose of carrying or purchasing U.S. securities, or for purchasing or carrying any other securities within the United States, if the loan or other credit transaction would be prohibited if it were made by, or occurred in, a lender's office or other place of business in a State. Provides for a private right of action for any issuer of securities and any other person who is injured or threatened with injury by a violation of margin requirements under such Act involving: (1) the acquisition or carrying of the beneficial ownership of more than five percent of any class of equity security by any person; or (2) any tender offer for, or request for tenders of, any class of equity security that would result in such person becoming the beneficial owner of more than five percent of such class. Specifies the statute of limitations for such actions.

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1 official file

• Introduced in Senate

  summary · EN · 19 December 1985

  Open at official source

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