Private Securities Litigation Reform Act of 1995

Summary

TABLE OF CONTENTS: Title I: Private Securities Litigation Title II: Financial Disclosure Private Securities Litigation Reform Act of 1995 - Title I: Private Securities Litigation - Amends the Securities Exchange Act of 1934 (the Act) to prohibit brokers or dealers from soliciting or accepting referral fees from an attorney for obtaining the representation of a customer in any implied private action. Prohibits the use of disgorgement funds resulting from actions brought by the Securities Exchange Commission (the Commission) to pay legal expenses incurred by private parties seeking distribution of such funds. Modifies the guidelines for class action litigation, including: (1) recovery by named plaintiffs in the same manner as all other members of the class; (2) court determination of conflicts of interest on the part of counsel with a beneficial interest in the securities that are the subject of the litigation; (3) restrictions on settlements under seal; (4) restrictions on payment of attorney's fees from settlement funds; (5) disclosure of settlement terms to class members; (6) special verdicts; and (7) the threshold enabling a plaintiff to obtain certification as representative for the class. Prescribes procedural guidelines for alternative dispute resolution. Establishes a limitations period for implied private rights of action. Provides for a court-appointed guardian ad litem or class action steering committee to oversee counsel and settlement offers for the plaintiff class. Delineates the requirements for securities fraud actions. Amends the Racketeer Influenced and Corrupt Organizations statute to exclude from its purview an action involving fraud in the sale of securities. Title II: Financial Disclosure - Directs the Commission to re-examine the regulatory and judicial framework with respect to predictive statements ("forward-looking statements") concerning the future economic performance of an issuer of securities. Amends the Securities Exchange Act of 1934 to prescribe litigation procedures governing safe harbors for forward-looking statements. Modifies requirements for audits conducted by an independent public accountant of an issuer's financial statements to include procedures to: (1) detect illegal acts; (2) identify related party transactions material to financial statements; and (3) evaluate an issuer's ability to continue as a going concern. Sets forth notification and reporting guidelines for a public accountant who detects illegal activities during the course of an audit. Limits such auditor's liability for complying with such guidelines. Establishes civil penalties for an auditor's noncompliance with this Act. Modifies the allocation of damages scheme to distinguish between primary degrees of responsibility and the application of proportionate liability. Directs the Commission to establish a Public Auditing Self-Disciplinary Board (the Board). Prohibits a public accounting firm from furnishing an accountant's report on any document required to be filed with the Commission unless it has registered with the Board. Requires the Board to establish guidelines for: (1) investigations and disciplinary proceedings against public accounting firms; and (2) criteria for certification of public accountant peer review organizations. Grants the Commission responsibility for oversight of the Board. Includes within Board jurisdiction a foreign public accounting firm that furnishes accountant's reports on any document required to be filed with the Commission.

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

Timeline

1. 18 January 1995

   Introduced

   Read twice and referred to the Committee on Banking.

   Source: IntroReferral

2. 18 January 1995

   Introduced

   Sponsor introductory remarks on measure. (CR S1075-1076, S1084-1091)

   Source: IntroReferral

3. 18 January 1995

   Introduced

   Introduced in Senate

   Source: IntroReferral

4. 2 March 1995

   Committee

   Subcommittee on Securities. Hearings held.

   Source: Committee

5. 22 March 1995

   Committee

   Subcommittee on Securities. Hearings held.

   Source: Committee

6. 6 April 1995

   Committee

   Subcommittee on Securities. Hearings concluded. Hearings printed: S.Hrg. 104-157.

   Source: Committee

7. 25 May 1995

   Reported

   Committee on Banking. Ordered to be reported with an amendment in the nature of a substitute favorably.

   Source: Committee

8. 19 June 1995

   Floor

   An errata sheet on written report 104-98 was printed.

   Source: Floor

9. 19 June 1995

   Calendars

   Placed on Senate Legislative Calendar under General Orders. Calendar No. 128.

   Source: Calendars

10. 19 June 1995

    Reported

    Committee on Banking. Reported to Senate by Senator D'Amato with an amendment in the nature of a substitute. With written report No. 104-98. Additional views filed.

    Source: Committee

11. 19 June 1995

    Reported

    Committee on Banking. Reported to Senate by Senator D'Amato with an amendment in the nature of a substitute. With written report No. 104-98. Additional views filed.

    Source: Committee

12. 22 June 1995

    Floor

    Measure laid before Senate. (consideration: CR S8885-8924, S8935-8943)

    Source: Floor

13. 23 June 1995

    Floor

    Considered by Senate. (consideration: CR S8966-8979, S8989-8990)

    Source: Floor

14. 26 June 1995

    Floor

    Considered by Senate. (consideration: CR S9032-9097)

    Source: Floor

15. 27 June 1995

    Floor

    Considered by Senate. (consideration: CR S9109-9131, S9133-9141, S9143-9145, S9150-9173)

    Source: Floor

16. 28 June 1995

    Floor

    Considered by Senate. (consideration: CR S9199-9209)

    Source: Floor

17. 10 August 1995

    Introduced

    Sponsor introductory remarks on measure. (CR S12201-12204)

    Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Reported to Senate · 19 June 1995 · Download file
• Introduced in Senate · 18 January 1995 · Download file

Documents

6 official files

• Reported to Senate (text)

  Reported to Senate · EN · 19 June 1995

  ViewDownloadOpen at official source

• Reported to Senate (PDF)

  Reported to Senate · EN · 19 June 1995

  ViewDownloadOpen at official source

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  Vertaal document

  Documentvertaling op verzoek met downloadbare PDF (logo + link naar de officiële bron). Het bronbestand blijft leidend.

• Reported to Senate with amendment(s)

  summary · EN · 19 June 1995

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  Vertaal document

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• Introduced in Senate (text)

  Introduced in Senate · EN · 18 January 1995

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  Vertaal document

  Documentvertaling op verzoek met downloadbare PDF (logo + link naar de officiële bron). Het bronbestand blijft leidend.

• Introduced in Senate (PDF)

  Introduced in Senate · EN · 18 January 1995

  ViewDownloadOpen at official source

  Leesvertaling

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  Vertaal naarNL · DutchDE · GermanFR · FrenchES · SpanishIT · ItalianPL · PolishPT · PortugueseSV · SwedishDA · DanishFI · FinnishEL · GreekCS · CzechHU · HungarianRO · RomanianBG · BulgarianHR · CroatianSK · SlovakSL · SlovenianLT · LithuanianLV · LatvianET · EstonianGA · IrishMT · Maltese

  Vertaal document

  Documentvertaling op verzoek met downloadbare PDF (logo + link naar de officiële bron). Het bronbestand blijft leidend.

• Introduced in Senate

  summary · EN · 18 January 1995

  Open at official source

  Leesvertaling

  Vertaal dit document naar jouw taal. PoliticalRepo bewaart geen aparte kopie per EU-taal.

  Vertaal naarNL · DutchDE · GermanFR · FrenchES · SpanishIT · ItalianPL · PolishPT · PortugueseSV · SwedishDA · DanishFI · FinnishEL · GreekCS · CzechHU · HungarianRO · RomanianBG · BulgarianHR · CroatianSK · SlovakSL · SlovenianLT · LithuanianLV · LatvianET · EstonianGA · IrishMT · Maltese

  Vertaal document

  Documentvertaling op verzoek met downloadbare PDF (logo + link naar de officiële bron). Het bronbestand blijft leidend.

Sponsors

• Sen. Domenici, Pete V. [R-NM] · R · Sponsor
• Sen. Dodd, Christopher J. [D-CT] · D · Sponsor
• Sen. Hatch, Orrin G. [R-UT] · R · Sponsor
• Sen. Mikulski, Barbara A. [D-MD] · D · Sponsor
• Sen. Bennett, Robert F. [R-UT] · R · Sponsor
• Sen. Moseley-Braun, Carol [D-IL] · D · Sponsor
• Sen. Lott, Trent [R-MS] · R · Sponsor
• Sen. Murray, Patty [D-WA] · D · Sponsor
• Sen. Mack, Connie, III [R-FL] · R · Sponsor
• Sen. Johnston, J. Bennett [D-LA] · D · Sponsor
• Sen. Faircloth, Lauch [R-NC] · R · Sponsor
• Sen. Conrad, Kent [D-ND] · D · Sponsor
• Sen. Burns, Conrad R. [R-MT] · R · Sponsor
• Sen. Chafee, John H. [R-RI] · R · Sponsor
• Sen. Gorton, Slade [R-WA] · R · Sponsor
• Sen. Helms, Jesse [R-NC] · R · Sponsor
• Sen. Kyl, Jon [R-AZ] · R · Sponsor
• Sen. Thomas, Craig [R-WY] · R · Sponsor
• Sen. Hutchison, Kay Bailey [R-TX] · R · Sponsor
• Sen. Santorum, Rick [R-PA] · R · Sponsor
• Sen. Pell, Claiborne [D-RI] · D · Sponsor
• Sen. McConnell, Mitch [R-KY] · R · Cosponsor
• Sen. DeWine, Mike [R-OH] · R · Cosponsor
• Sen. Brown, Hank [R-CO] · R · Cosponsor
• Sen. Rockefeller, John D., IV [D-WV] · D · Cosponsor
• Sen. Kassebaum, Nancy Landon [R-KS] · R · Cosponsor
• Sen. Inhofe, James M. [R-OK] · R · Cosponsor
• Sen. Cochran, Thad [R-MS] · R · Cosponsor
• Sen. Lugar, Richard G. [R-IN] · R · Cosponsor
• Sen. Coats, Daniel [R-IN] · R · Cosponsor
• Sen. Simpson, Alan K. [R-WY] · R · Cosponsor
• Sen. Nickles, Don [R-OK] · R · Cosponsor
• Sen. Thurmond, Strom [R-SC] · R · Cosponsor
• Sen. Hatfield, Mark O. [R-OR] · R · Cosponsor
• Sen. Kempthorne, Dirk [R-ID] · R · Cosponsor
• Sen. Smith, Bob [R-NH] · R · Cosponsor
• Sen. Frist, William H. [R-TN] · R · Cosponsor
• Sen. Grams, Rod [R-MN] · R · Cosponsor
• Sen. Gregg, Judd [R-NH] · R · Cosponsor
• Sen. Warner, John [R-VA] · R · Cosponsor
• Sen. Craig, Larry E. [R-ID] · R · Cosponsor
• Sen. Harkin, Tom [D-IA] · D · Cosponsor
• Sen. Grassley, Chuck [R-IA] · R · Cosponsor
• Sen. Murkowski, Frank H. [R-AK] · R · Cosponsor
• Sen. Abraham, Spencer [R-MI] · R · Cosponsor
• Sen. Bingaman, Jeff [D-NM] · D · Cosponsor
• Sen. Cohen, William S. [R-ME] · R · Cosponsor
• Sen. Baucus, Max [D-MT] · D · Cosponsor

Showing 48 of 53 sponsors and actors.

Related records

• related to → Private Securities Litigation Reform Act of 1995
• amends ← SAMDT 1470
• amends ← SAMDT 1471
• amends ← To amend the Securities Exchange Act of 1934 to provide for a limitations period for implied private rights of action.
• amends ← To make applicable the criminal RICO statutes if any participant in fruad is criminally convicted.
• amends ← To clarify the standard plaintiffs must meet in specifying the defendant's state of mind in private securities litigation.
• amends ← To amend the proportionate liability provisions of the bill.
• amends ← In the nature of a perfecting amendment.
• amends ← To amend provisions relating liability for aiding or abetting violations.

Showing 9 of 20 related records.