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United States · Bill · S

S. 423 (103rd)

Investment Adviser Oversight Act of 1993

openUnited States· United States Congress· EN

Introduced

24 February 1993

Last action

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Status

Message on House action received in Senate and at the desk: House amendment to Senate bill.

Sponsors

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Subjects

Discovery layer

Source updated

14 January 2025

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Summary

Investment Adviser Oversight Act of 1993 - Amends the Investment Advisers Act of 1940 to authorize the Securities and Exchange Commission to establish fees to recover the costs of: (1) enhanced efforts to register all persons required to be registered under the Act; and (2) enhanced supervision and regulation of investment advisers and their activities. Requires advisers to pay such fees at the time of filing an application for registration. Authorizes the Commission to: (1) suspend the registration of an investment adviser who has failed to make timely fee payments; (2) reinstate such registration upon payment of the fee if the suspension was based solely on failure to pay it; and (3) require, by rule, an adviser to file any required fee, application, report, or notice through any person the Commission designates and to pay reasonable filing costs. Authorizes the Commission to require by rule that registered advisers be bonded against larceny and embezzlement. Directs the Commission to study: (1) the availability of fidelity bonds for large and small-scale investment advisers and advisers located in non-urban areas; and (2) the impact of this Act's bonding requirements upon the competitive position of small-scale investment advisers. Amends the Securities Exchange Act of 1934 to specify authorization, compensation disclosure, and Commission rule compliance requirements under which a member of a national securities exchange may avoid certain managed account restrictions and effect any transaction for an account with respect to which the member or an associated person exercises investment discretion. (Thus enabling exchange members to execute on the floor of an exchange any trades for accounts they manage, without the involvement of an independent floor broker.)

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Documents

14 official files

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