Municipal Securities Act

Summary

Municipal Securities Act - Defines, under the Securities Exchange Act, specified terms relating to municipal securities. Provides that no municipal securities dealer (other than one registered as a broker or dealer under this Act) shall make use of the mails or of interstate commerce to effect any transaction in any municipal security unless such dealer is registered in accordance with this Act. Prescribes the procedure for such registration and circumstances under which registration shall be denied, revoked, or suspended. Provides that any association of municipal securities dealers may be registered with the Commission as a national association of municipal securities dealers by filing with the Commission a registration statement. Sets forth the information reguired in such statement and the conditions under which registration will be permitted. States that if any national association of municipal securities dealers takes final disciplinary action against any member thereof or denies admission to any person the association shall promptly file a notice with the Commission. Specifies the form of such notice. Outlines the proceedings for review by the Commission of any such disciplinary action taken by a national association of municipal securities dealers. Permit the rules of a national association of municipal securities dealers to provide that no member thereof shall deal in municipal securities with any nonmember except as the same prices, for the same commission or fees, and on the same terms and conditions as are by such member accorded to the general public. Empowers the Commission to abrogate, alter, or supplement the rules of any national association of municipal securities dealers in specified manners, in order to achieve the purposes of this Act. Requires the Commission to consult and cooperate with the bank regulatory agencies, and with state banking authorities having supervision over municipal securities dealers, so that the records and other data required of municipal securities dealers which are banks or divisions of banks, may be in accord with sound banking practices.

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Documents

2 official files

• Passed Senate amended

  summary · EN · 16 September 1974

  Open at official source

• Introduced in Senate

  summary · EN · 24 September 1973

  Open at official source

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