A bill to amend the Securities Exchange Act of 1934 to prohibit certain transactions with respect to managed accounts.

Summary

Amends the Securities Exchange Act of 1934 to cite conditions under which it shall not be unlawful for members of exchanges and associated persons to effect a transaction for an account with respect to which they exercise investment discretion. Permits transactions for such a managed account (without the involvement of an independent floor broker) if the member or associated person: (1) has obtained express authorization from the person or persons authorized to transact business for the account before engaging in the practice of effecting such transactions; (2) furnishes the persons authorized to transact business for the account with a statement at least annually disclosing the aggregate compensation received by the exchange member in effecting such transactions; and (3) complies with any rules the Securities and Exchange Commission has prescribed with respect to such requirements.

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Documents

4 official files

• Referred in House (text)

  Referred in House · EN

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• Engrossed in Senate (text)

  Engrossed in Senate · EN

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• Considered and Passed Senate (text)

  Considered and Passed Senate · EN

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• Introduced in Senate

  summary · EN · 8 October 1992

  Open at official source

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