Regulatory Parity for Single Stock Futures Act of 2000

Summary

Title I: Short Title - Regulatory Parity for Single Stock Futures Act of 2000 - Permits this Act to be cited by this short title. Title II: Securities Acts Amendments - Amends the Securities Exchange Act of 1934 to permit an exchange that lists or trades security future products to register as a national securities exchange solely for the purpose of trading such products if it: (1) is a board of trade designated as a contract market not subject to a suspension order by the Commodity Futures Trading Commission (CFTC); and (2) does not serve as a market place for securities other than security future products, or futures on exempted securities or groups or indexes of securities authorized by CFTC order or options thereon. (Sec. 202) Provides that such registration shall be effective immediately upon filing of the written notice with the SEC. Revises guidelines governing proposed rule changes by self-regulatory organizations to require: (1) the National Futures Association (Association) and certain self-regulatory organizations to file proposed rule changes concurrently with the Securities and Exchange Commission (SEC) and with the CFTC; and (2) the SEC to consult with the CFTC regarding proposed rule changes. (Sec. 203) Prescribes guidelines (including expedited registration procedures) governing the Association as a registered national securities association for the limited purpose of regulating the activities of members who are broker-dealers in security future products. Exempts the Association from compliance with specified requirements under the SEC and the Securities Investor Protection Act of 1970. Prescribes implementation guidelines regarding: (1) interagency cooperation; (2) addition of security future products to option-specific enforcement; (3) listing standards controlling trading of security future products; (4) mandatory enforcement consultation between the SEC and the CFTC; and (5) incorporation of security future products into the national market system, the national system for clearance and settlement, and into market emergency powers and circuit breakers. (Sec. 207) Amends the following Acts to reflect the provisions of this Act: (1) the Securities Act of 1933; (2) the Investment Company Act of 1940; and (3) the Investment Advisers Act of 1940. Title III: Commodity Exchange Act Amendments - Amends the Commodity Exchange Act to require a contract market in a stock index futures to file with the Board of Governors of the Federal Reserve System (Board) any rule regarding the margin levels for such futures (other than a security future product). (Sec. 302) Authorizes the Board to: (1) request a contract market to set the margin for a stock index futures contract at levels it considers appropriate; and (2) delegate its margin determination authority to the SEC. Mandates joint regulatory promulgation by the SEC and the CFTC regarding credit or margin extensions on any security future product. Confers jurisdiction upon: (1) the SEC over security futures transactions (and options thereon); and (2) the CFTC over accounts, agreements and specified transactions. Authorizes the CFTC to designate a board of trade as a contract market in a security future product. Sets forth implementation guidelines. (Sec. 303) Prescribes requirements for an SEC-registered national securities exchange or national securities association to operate as a designated contract market in security futures within the purview of the Commodity Exchange Act. Exempts certain broker-dealers and their associates from specified Commodity Exchange Act provisions. Authorizes the CFTC to issue exemptive orders with respect to securities broker-dealers and their associates. (Sec. 304) Requires the CFTC to notify the SEC regarding investigations and enforcement actions concerning the persons brought within the scope of this Act. Title IV: Effective Date - Sets forth the effective date of this Act.

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3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 22 June 2000

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• Introduced in Senate (PDF)

  Introduced in Senate · EN · 22 June 2000

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• Introduced in Senate

  summary · EN · 22 June 2000

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