Market Reform Act of 1990

Summary

Securities Markets Stabilization Act of 1989 - Amends the Securities Exchange Act to provide that any action of the Securities and Exchange Commission (SEC) to summarily suspend all trading on any national securities exchange shall not take effect unless the SEC has notified the President of its decision and the President notified it that he does not disapprove. Grants the Commission emergency powers to limit actions under its jurisdiction (or that of a comparable self-regulatory securities organization) in order to stabilize the securities markets for a maximum period of ten business days. Subjects such action to judicial review. Mandates that each large trader furnish to the SEC whatever information it may prescribe as necessary to monitor the impact on the securities markets of transactions involving a substantial volume or a large fair market value. Requires every registered broker or dealer to keep such records as the SEC may prescribe, including policies, procedures, and monitoring systems for controlling such broker or dealer's financial and operational risks resulting from its activities. Authorizes the SEC to require dealers under its jurisdiction to report on the financial and securities activities of their associates if the SEC has reasonable concerns regarding the stability of such dealers. Sets forth conditions under which the SEC may grant exemptions under this Act. Authorizes the Commission to prohibit or constrain abusive or manipulative practices reasonably likely to result in volatility levels which adversely affect the stability of securities markets. Sets forth civil penalties for violations of SEC regulations. Sets forth the SEC's enforcement powers.

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Documents

10 official files

• 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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• Public Law (PDF)

  Public Law · EN · 17 October 1990

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• Passed Senate amended

  summary · EN · 25 September 1990

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• Passed House amended

  summary · EN · 5 June 1990

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• Introduced in House

  summary · EN · 14 November 1989

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