A bill to amend the Securities Exchange Act of 1934.

Summary

Amends the Securities Exchange Act of 1934 to prohibit an issuer of securities from purchasing any of its securities at a price above the market from any person who holds more than three percent of the class of securities to be purchased and has held them for less than two years, unless: (1) such purchase is approved by a majority of the issuer's aggregate voting securities; or (2) the issuer makes an offer to acquire, of at least equal value, to all holders of securities of such class and to all holders of any class into which such securities may be converted. Requires any person whose acquisition results in ownership of more than five percent of an issuer's equity securities to file specified information with the issuer, appropriate exchanges, and the Securities and Exchange Commission within two (currently, ten) days. Prohibits such person from acquiring additional shares of such securities for two business days after filing. Authorizes the Commission to exempt any person from such restrictions in the public interest.

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Timeline

1. 6 January 1987

   Introduced

   Read twice and referred to the Committee on Banking.

   Source: IntroReferral

2. 6 January 1987

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

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Versions

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Documents

1 official file

• Introduced in Senate

  summary · EN · 6 January 1987

  Open at official source

Sponsors

• Sen. Metzenbaum, Howard M. [D-OH] · D · Sponsor
• Sen. Glenn, John H., Jr. [D-OH] · D · Sponsor
• Sen. Mikulski, Barbara A. [D-MD] · D · Sponsor
• Sen. Sarbanes, Paul S. [D-MD] · D · Sponsor
• Sen. Danforth, John C. [R-MO] · R · Cosponsor
• · ssbk00 · Standing

Related records

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