National Securities Market System Act

Summary

National Securities Market System Act - Defines terms used in the Securities Exchange Act, including the terms "members" when used with respect to an exchange or a registered securities association and "securities information processor". Provides that any exchange may be registered as a national securities exchange by filing with the Commission a registration statement setting forth specified information, and accompanied by enumerated documents. States that an exchange shall not be registered as a national securities exchange unless it appears to the Commission that specified criteria are met, including: (1) such exchange is able to comply with and to enforce compliance by its members with the provisions of this title; (2) the rules of the exchange assure a fair representation of its members; (3) the rules of the exchange provide for the equitable allocation of dues and other charges among its members; and (4) the rules of the exchange are designed to prevent fraudulent and manipulative acts and practices. Makes it unlawful for any securities information processor, unless registered, to make use of the mails or any means of interstate commerce to perform the functions of a securities information processor with respect to any security. Prescribes the procedure for registration of securities information processors. Empowers the Commission to place limitations upon the activities, of any registered securities information processor suspend or revoke the registration of any such processor. Directs the Commission to prescribe such rules as it deems in the public interest or for the protection of investors: (1) to assure that accurate quotations in all securities are available to all registered brokers and dealers; (2) to specify the form and content of information with respect to quotations and transactions and the method and manner in which such information is distributed and published; and (3) to provide for the fair and reasonable allocation of the costs, functions, and responsibilities associated with the collection and publication of quotations and transactions, and the development of a national market system. Prescribes the procedures, regulations and requirements governing the registration of an association as a national or affiliated securities association. States that with respect to any person who is a member of more than one self-regulatory organization, the Commission shall allocate among such self-regulatory organizations responsibility to examine such person for compliance with applicable provisions of this title, the rules and regulation thereunder, and the rules of the self-regulatory organizations of which it is a member, and to receive regulatory reports and to carry out other specified regulatory functions with respect to such person. Outlines the powers of the Commission in overseeing self-regulatory organization. Requires the Commission to publish in the Federal Register any proposed rule together with its reasons for proposing to abrogate, alter, or supplement the rules of a self-regulatory organization and an evaluation of the effect of the proposed rule on the procedures and operations of the self-regulatory organization and the securities markets. Sets forth the Commission's powers with respect to any disciplinary action taken by a self-regulatory organization against a member or a person associated with a member. States that the Commission and the board of Governors of the Federal Reserve System shall each have power to make such rules and regulations as may be necessary for the execution of the functions vested in them by this title. Requires the Commission and the Board of Governors of the Federal Reserve System, respectively, shall include in their annual reports to Congress such information, data, and recommendations for further legislation as they deem advisable with regard to matters within their respective jurisdictions under this Act. Provides that any person adversely affected by a rule may obtain a review in the Court of Appeals of the United States, or in the United States Court of Appeals for the District of Columbia. Sets forth the effective date of this Act.

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

Timeline

No timeline events have been ingested for this record yet.

Votes

No vote records are attached yet.

Versions

No version snapshots stored. Document URLs remain at the source.

Documents

2 official files

• Passed Senate amended

  summary · EN · 28 May 1974

  Open at official source

• Introduced in Senate

  summary · EN · 2 October 1973

  Open at official source

Sponsors

No sponsors or actors listed by the source.

Related records

No cross-record relationships stored yet.