A bill to amend the Securities Exchange Act of 1934 to provide uniform margin requirements in transactions involving the acquisition of securities of certain United States corporations by non-United States persons where such acquisition is financed by non-United States lenders, to specify a private right of action for violations of margin requirements, and for other purposes.

Summary

Amends the Securities Exchange Act of 1934 to prohibit certain credit transactions for the acquisition of securities of United States corporations by either United States or non-United States persons where such a transaction is financed by either United States or non-United States lenders if such a transaction is or could be prohibited if made or the transaction had otherwise occurred in a lender's office or other place of business in a State. Permits the Board of Governors of the Federal Reserve System to exempt any class of persons from the application of such regulation. Establishes a private right of action for violations of such margin requirements. Applies the provisions of this Act to any purchase or carrying of securities 30 days after enactment of this Act, if the loan or extension of credit involved originated, or if the loan proceeds used were disbursed, on or after such date.

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Timeline

1. 29 February 1984

   Introduced

   Read twice and referred to the Committee on Banking.

   Source: IntroReferral

2. 29 February 1984

   Introduced

   Introduced in Senate

   Source: IntroReferral

3. 15 March 1984

   Committee

   Committee on Banking requested executive comment from Federal Reserve System, Securities and Exchange Commission.

   Source: Committee

Votes

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Versions

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Documents

1 official file

• Introduced in Senate

  summary · EN · 29 February 1984

  Open at official source

Sponsors

• Sen. Tower, John G. [R-TX] · R · Sponsor
• Sen. Proxmire, William [D-WI] · D · Sponsor
• Sen. Riegle, Donald W., Jr. [D-MI] · D · Cosponsor
• · ssbk00 · Standing

Related records

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