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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

6 October 1994 · Floor

Status

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

Sponsors

Sen. Dodd, Christopher J. [D-CT], Sen. Riegle, Donald W., Jr. [D-MI], Sen. D'Amato, Alfonse [R-NY], Sen. Shelby, Richard C. [R-AL], Sen. Kerry, John F. [D-MA], Sen. Bryan, Richard H. [D-NV], Sen. Murray, Patty [D-WA]

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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Timeline

  1. 24 February 1993

    Introduced

    Sponsor introductory remarks on measure. (CR S2011-2013, S2015)

    Source: IntroReferral

  2. 24 February 1993

    Introduced

    Introduced in Senate

    Source: IntroReferral

  3. 24 February 1993

    Introduced

    Read twice and referred to the Committee on Banking.

    Source: IntroReferral

  4. 19 October 1993

    Reported

    Committee on Banking. Ordered to be reported with amendments favorably.

    Source: Committee

  5. 10 November 1993

    Calendars

    Placed on Senate Legislative Calendar under General Orders. Calendar No. 277.

    Source: Calendars

  6. 10 November 1993

    Reported

    Committee on Banking. Reported to Senate by Senator Riegle with amendments. With written report No. 103-177.

    Source: Committee

  7. 10 November 1993

    Reported

    Committee on Banking. Reported to Senate by Senator Riegle with amendments. With written report No. 103-177.

    Source: Committee

  8. 20 November 1993

    Passed

    Passed Senate with amendments by Voice Vote. (consideration: CR S16861-16862)

    Source: Floor

  9. 20 November 1993

    Passed

    Passed/agreed to in Senate: Passed Senate with amendments by Voice Vote.(consideration: CR S16861-16862)

    Source: Floor

  10. 21 November 1993

    Introduced

    Referred to the House Committee on Energy and Commerce.

    Source: IntroReferral

  11. 21 November 1993

    Floor

    Received in the House.

    Source: Floor

  12. 21 November 1993

    Floor

    Message on Senate action sent to the House.

    Source: Floor

  13. 20 December 1993

    Referred

    Referred to the Subcommittee on Telecommunications and Finance.

    Source: Committee

  14. 5 October 1994

    Passed

    Motion to reconsider laid on the table Agreed to without objection.

    Source: Floor

  15. 5 October 1994

    Passed

    On passage Passed without objection.

    Source: Floor

  16. 5 October 1994

    Passed

    Passed/agreed to in House: On passage Passed without objection.

    Source: Floor

  17. 5 October 1994

    Floor

    Considered by unanimous consent. (consideration: CR H10951-10957)

    Source: Floor

  18. 5 October 1994

    Floor

    Mr. Markey asked unanimous consent to discharge from committee and consider.

    Source: Floor

  19. 5 October 1994

    Discharge

    Committee on Energy and Commerce discharged.

    Source: Discharge

  20. 5 October 1994

    Committee

    Committee on Energy and Commerce discharged.

    Source: Committee

  21. 6 October 1994

    Floor

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

    Source: Floor

Votes

No vote records are attached yet.

Versions

Documents

14 official files

Engrossed Amendment House (text)

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Leesvertaling

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  • Engrossed Amendment House (text)

    Engrossed Amendment House · EN · 5 October 1994

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  • Engrossed Amendment House (PDF)

    Engrossed Amendment House · EN · 5 October 1994

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  • Passed House amended

    summary · EN · 5 October 1994

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  • Referred in House (text)

    Referred in House · EN · 21 November 1993

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  • Referred in House (PDF)

    Referred in House · EN · 21 November 1993

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  • Engrossed in Senate (text)

    Engrossed in Senate · EN · 20 November 1993

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  • Engrossed in Senate (PDF)

    Engrossed in Senate · EN · 20 November 1993

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  • Passed Senate amended

    summary · EN · 20 November 1993

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  • Reported to Senate (text)

    Reported to Senate · EN · 10 November 1993

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  • Reported to Senate (PDF)

    Reported to Senate · EN · 10 November 1993

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  • Reported to Senate with amendment(s)

    summary · EN · 10 November 1993

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  • Introduced in Senate (text)

    Introduced in Senate · EN · 24 February 1993

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  • Introduced in Senate (PDF)

    Introduced in Senate · EN · 24 February 1993

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  • Introduced in Senate

    summary · EN · 24 February 1993

    Open at official source

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Sponsors

Related records

Sources

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