Securities Act Amendments of 1990

enactedUnited States· United States Congress· EN

Introduced

14 March 1989

Last action

15 November 1990 · President

Status

Became Public Law No: 101-550.

Summary

International Securities Enforcement Cooperation Act of 1989 - Amends the Securities Exchange Act of 1934 to authorize the Securities and Exchange Commission (Commission), upon a showing that certain information is needed, to provide all records and other information in its possession to such persons, both domestic and foreign, as the Commission by rule deems appropriate. Requires that the person receiving such records or information provide such assurances of confidentiality as the Commission deems appropriate. Specifies that such authority shall not affect the Commission's responsibilities under the Right to Financial Privacy Act. Provides that, notwithstanding the provisions of the Freedom of Information Act, the Commission shall not be compelled to disclose records obtained from a foreign securities authority if the foreign securities authority has in good faith represented to the Commission that public disclosure of such records would be contrary to the laws applicable to such authority. Specifies that this Act shall not authorize the Commission to withhold information from the Congress or prevent the Commission from complying with a court order in an action brought by the United States or the Commission. Authorizes the Commission to impose sanctions on brokers or dealers, associated persons, and individuals seeking to become associated persons of brokers or dealers on the basis of misconduct in a foreign country. Allows the Commission to base such sanctions on whether a person has been convicted of crimes substantially equivalent to those enumerated by the Securities Exchange Act or the Commodity Exchange Act or has engaged in activities substantially equivalent to those enumerated by such Acts however denominated by the laws of the relevant foreign government. Authorizes the Commission to base sanctions on findings by a foreign financial regulatory authority of: (1) false or misleading statements in registration or reporting materials filed with such authority; (2) violations of statutory provisions concerning securities or commodities transactions; or (3) aiding, abetting, or otherwise causing another person's violation of such foreign securities or commodities provisions, or failing to supervise a person who has committed such a violation. Includes expulsion or suspension from membership or partnership in the foreign equivalent of a self-regulatory organization, contract market, board of trade, futures association or a foreign or international securities exchange as grounds for disqualification for membership in such organizations in the United States. Includes findings of certain types of improper conduct by a foreign financial regulatory authority as grounds for such disqualification. Defines a "foreign financial regulatory authority" as any: (1) foreign securities authority; (2) governmental body or foreign equivalent of a self regulatory organization empowered by a foreign government to administer or enforce its laws relating to the regulation of fiduciaries, trusts, commercial lending, insurance, trading in futures contracts, or other instruments traded on or subject to the rules of a contract market, board of trade, or foreign equivalent, or other financial activities; or (3) membership organization a function of which is to regulate participation of its members in such activities. Defines "foreign securities authority" as any foreign government, or any governmental body or regulatory organization empowered by a foreign government to administer or enforce its laws as they relate to securities matters. Amends the Investment Company Act of 1940 and the Investment Advisers Act of 1940 to authorize the Commission to impose similar sanctions on similar grounds of misconduct in a foreign country on investment advisors or persons associated or seeking association with a registered investment advisory or investment company. Amends the Securities Exchange Act of 1934 to authorize the Commission to accept payment and reimbursement from a foreign securities authority for expenses incurred in carrying out investigations of violations of such Act or in providing other assistance to such authority.

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Timeline

14 March 1989
Introduced
Referred to the House Committee on Energy and Commerce.
Source: IntroReferral
14 March 1989
Introduced
Introduced in House
Source: IntroReferral
14 March 1989
Introduced
Introduced in House
Source: IntroReferral
27 March 1989
Referred
Referred to the Subcommittee on Telecommunications and Finance.
Source: Committee
27 March 1989
Committee
Hearings Held by the Subcommittee on Telecommunications and Finance Prior to Referral (Mar 21, 89)
Source: Committee
25 May 1989
Committee
Subcommittee Consideration and Mark-up Session Held.
Source: Committee
25 May 1989
Committee
Forwarded by Subcommittee to Full Committee (Amended).
Source: Committee
20 June 1989
Committee
Committee Consideration and Mark-up Session Held.
Source: Committee
20 June 1989
Reported
Ordered to be Reported (Amended).
Source: Committee
12 September 1989
Calendars
Placed on the Union Calendar, Calendar No. 151.
Source: Calendars
12 September 1989
Reported
Reported (Amended) by the Committee on Energy and Commerce. H. Rept. 101-240.
Source: Committee
12 September 1989
Reported
Reported (Amended) by the Committee on Energy and Commerce. H. Rept. 101-240.
Source: Committee
25 September 1989
Passed
Motion to reconsider laid on the table Agreed to without objection.
Source: Floor
25 September 1989
Passed
On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote.
Source: Floor
25 September 1989
Passed
Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote.
Source: Floor
25 September 1989
Floor
DEBATE - The House proceeded with forty minutes of debate.
Source: Floor
25 September 1989
Calendars
The chair announced that a second on the motion to suspend the rules is not required.
Source: Calendars
25 September 1989
Floor
Considered under suspension of the rules.
Source: Floor
25 September 1989
Floor
Mr. Markey moved to suspend the rules and pass the bill, as amended.
Source: Floor
26 September 1989
Introduced
Received in the Senate. Read twice. Placed on Senate Legislative Calendar under General Orders. Calendar No. 263. By unanimous consent.
Source: Calendars
16 November 1989
Floor
Measure laid before Senate by unanimous consent.
Source: Floor
16 November 1989
Passed
Passed/agreed to in Senate: Passed Senate with an amendment by Voice Vote.
Source: Floor
17 November 1989
Floor
Message on Senate action sent to the House.
Source: Floor
1 October 1990
Floor
By unanimous consent, the Speaker reserved the authority to appoint conferees.
Source: Floor
1 October 1990
Passed
Motion to reconsider laid on the table Agreed to without objection.
Source: ResolvingDifferences
1 October 1990
Passed
On motion that the House insist upon its amendment to the Senate amendment, and request a conference Agreed to without objection.
Source: ResolvingDifferences
1 October 1990
ResolvingDifferences
Mr. Markey asked unanimous consent that the House insist upon its amendment to the Senate amendment, and request a conference.
Source: ResolvingDifferences
1 October 1990
Passed
House agreed to Senate amendment with an amendment, pursuant to H.Res. 483.
Source: Floor
1 October 1990
Passed
Resolving differences -- House actions: House agreed to Senate amendment with an amendment, pursuant to H.Res. 483.
Source: NotUsed
3 October 1990
ResolvingDifferences
The chair appointed conferees - from the Committee on Energy and Commerce for consideration of the House bill, the Senate amendment (except sections 103, 104 and 502), and the House amendment, and modifications committed to conference: Dingell, Markey, McMillen (MD), Lent, and Rinaldo.
Source: ResolvingDifferences
4 October 1990
Floor
Message on House action received in Senate and held at desk: House amendment to Senate amendment and House requests a conference.
Source: Floor
4 October 1990
Passed
Resolving differences -- Senate actions: Senate disagreed to the House amendment to the Senate amendment and agreed to request for conference by Voice Vote.
Source: NotUsed
10 October 1990
ResolvingDifferences
Senate appointed conferees Riegle; Dodd; Heinz by unanimous consent.
Source: ResolvingDifferences
23 October 1990
ResolvingDifferences
Conference report H. Rept. 101-924 filed.
Source: ResolvingDifferences
23 October 1990
ResolvingDifferences
Conference report filed: Conference report H. Rept. 101-924 filed.
Source: ResolvingDifferences
24 October 1990
ResolvingDifferences
Conference papers: Senate report and managers' statement held at the desk in Senate.
Source: ResolvingDifferences
25 October 1990
Passed
Conference report agreed to in Senate: Senate agreed to conference report by Voice Vote.
Source: ResolvingDifferences
25 October 1990
ResolvingDifferences
Conference papers: official papers held at the desk in Senate.
Source: ResolvingDifferences
26 October 1990
Passed
On agreeing to the conference report Agreed to by voice vote.
Source: ResolvingDifferences
26 October 1990
Passed
Motions to reconsider laid on the table Agreed to without objection.
Source: ResolvingDifferences
26 October 1990
Passed
Conference report agreed to in House: On agreeing to the conference report Agreed to by voice vote.
Source: ResolvingDifferences
26 October 1990
Floor
DEBATE - The House proceeded with forty minutes of debate.
Source: Floor
26 October 1990
ResolvingDifferences
Mr. Rinaldo demanded a second on the motion to suspend the rules and agree to the conference report.
Source: ResolvingDifferences
26 October 1990
ResolvingDifferences
Mr. Markey moved to suspend the rules and agree to the conference report, H. Rept. 101-924.
Source: ResolvingDifferences
26 October 1990
Floor
Message on Senate action sent to the House.
Source: Floor
5 November 1990
Floor
Measure Signed in Senate.
Source: Floor
6 November 1990
Floor
Presented to President.
Source: Floor
6 November 1990
President
Presented to President.
Source: President
15 November 1990
Became law
Became Public Law No: 101-550.
Source: President
15 November 1990
Became law
Signed by President.
Source: BecameLaw
15 November 1990
President
Signed by President.
Source: President

Votes

No vote records are attached yet.

Versions

Engrossed Amendment House · — · Download file
Engrossed Amendment Senate · — · Download file
Engrossed in House · — · Download file
Enrolled Bill · — · Download file
Introduced in House · — · Download file
Placed on Calendar Senate · — · Download file
Reported in House · — · Download file

Documents

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Reported in House (text)

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Reported in House (text)
Reported in House · EN
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Placed on Calendar Senate (text)
Placed on Calendar Senate · EN
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Introduced in House (text)
Introduced in House · EN
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Enrolled Bill (text)
Enrolled Bill · EN
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Engrossed in House (text)
Engrossed in House · EN
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Engrossed Amendment Senate (text)
Engrossed Amendment Senate · EN
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Engrossed Amendment House (text)
Engrossed Amendment House · EN
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Public Law (PDF)
Public Law · EN · 16 November 1990
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Conference report filed in House
summary · EN · 23 October 1990
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Passed Senate amended
summary · EN · 16 November 1989
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Passed House amended
summary · EN · 25 September 1989
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Reported to House with amendment(s)
summary · EN · 12 September 1989
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Introduced in House
summary · EN · 14 March 1989
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Related records

related to → To provide for the concurrence of the House to the amendment of the Senate to the bill (H.R. 1396) with an amendment.
related to ← Trust Indenture Reform Act of 1989
related to ← Shareholder Communications Improvement Act of 1989
related to ← A concurrent resolution to correct the enrollment of H.R. 1396.
related to ← Securities Acts Amendments of 1989

Related across the Repo ecosystem

Direct relationships are identifier-backed. Topic context means shared TopicMembership — not a citation and not causation.

Direct relationships

Legal framework · Securities Act Amendments of 1990 · H.R. 1396 (101st) · US

Identifier matchPROJECTS_FROM
Same us record 101-hr-1396 projected from PoliticalRepo US row.
Securities Act Amendments of 1990

Sources

PoliticalRepo is an index and interpretation layer, not the authoritative legal source.

Official source: https://www.congress.gov/bill/101st-congress/house-bill/1396
Open data entity: https://api.congress.gov/v3/bill/101/hr/1396
us · 101-hr-1396 · source updated 5 February 2024