Securities Investor Protection Act Amendments of 1978

Summary

Securities Investor Protection Act Amendments - Amends the Securities Investor Protection Act of 1970 to exclude from membership in the Securities Investor Protection Corporation (SIPC) those persons whose head office is located, and whose principal business is conducted, outside the United States. Grants additional power to adopt, amend, or repeal rules and bylaws of the Corporation to its Board of Directors. Revises the procedure for the promulgation of rules by the Securities Exchange Commission as filed by the Corporation. Authorizes the Securities Investor Protection Corporation to maintain confirmed lines of credit outside of the balance of its Fund, but allows disbursement of amounts received from such lines of credit as though they were a part of the Fund. Makes changes in the borrowing authority of the Corporation and in the definition of "gross revenues. Authorizes self-regulatory organizations to take such actions in liquidation proceedings instituted by brokers or dealers in securities as they deem appropriate to protect the interests of customers of such broker or dealer. Authorizes a court of competent jurisdiction to issue a protective decree if it finds the debtor to be bankrupt within the meaning of the Bankruptcy Act or not able to comply with financial responsibility rules or regulations. Makes provisions for the appointment and compensation of disinterested third parties as attorneys and trustees for the parties to such actions. Defines the term "disinterested" for the purposes of this Act. Revises the provisions relating to the purposes of liquidation proceedings, and enumerates the powers and duties of the trustee in such proceedings. Makes special provision with respect to customer-related property and the purchase of securities by the trustee. States that, in order to provide for prompt payment and satisfaction of net equities of customers of the debtor, SIPC shall advance to the trustee such moneys as may be required to pay or otherwise satisfy claims for the amount by which the net equity of each customer exceeds his ratable share of customer property but only to the extent that the amount of such excess does not exceed $100,000 for such customer, except in specified circumstances. Provides for a direct payment procedure in lieu of a liquidation proceeding where the SIPC determines that any member has failed or may fail to meet its obligations to its customers and that the aggregate of such obligations to its customers is less than $250,000. Designates each self-regulatory organization (national securities exchange or registered securities organization) as collection agent for SIPC. Makes it unlawful for any member of SPIC who fails to pay an assessment to engage in business as a dealer or broken and for any person to defraud or attempt to defraud the SIPC.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

1. 14 July 1977

   Introduced

   Introduced in House

   Source: IntroReferral

2. 14 July 1977

   Introduced

   Referred to House Committee on Interstate and Foreign Commerce.

   Source: IntroReferral

3. 14 July 1977

   Introduced

   Introduced in House

   Source: IntroReferral

4. 26 October 1977

   Reported

   Reported to House from the Committee on Interstate and Foreign Commerce with amendment, H. Rept. 95-746.

   Source: Committee

5. 26 October 1977

   Reported

   Reported to House from the Committee on Interstate and Foreign Commerce with amendment, H. Rept. 95-746.

   Source: Committee

6. 1 November 1977

   Passed

   Measure passed House, amended.

   Source: Floor

7. 1 November 1977

   Passed

   Passed/agreed to in House: Measure passed House, amended.

   Source: Floor

8. 1 November 1977

   Floor

   Measure called up under motion to suspend rules and pass in House.

   Source: Floor

9. 3 November 1977

   Introduced

   Referred to Senate Committee on Banking, Housing and Urban Affairs.

   Source: IntroReferral

10. 25 April 1978

    Reported

    Reported to Senate from the Committee on Banking, Housing and Urban Affairs with amendment, S. Rept. 95-763.

    Source: Committee

11. 25 April 1978

    Reported

    Reported to Senate from the Committee on Banking, Housing and Urban Affairs with amendment, S. Rept. 95-763.

    Source: Committee

12. 26 April 1978

    Floor

    Call of calendar in Senate.

    Source: Floor

13. 26 April 1978

    Passed

    Passed/agreed to in Senate: Measure passed Senate, amended.

    Source: Floor

14. 2 May 1978

    ResolvingDifferences

    Conference scheduled in House (Pursuant to H.Res. 1158).

    Source: ResolvingDifferences

15. 2 May 1978

    Passed

    House agreed to Senate amendments with an amendment (See H.Res. 1158).

    Source: ResolvingDifferences

16. 2 May 1978

    Passed

    Resolving differences -- House actions: House agreed to Senate amendments with an amendment (See H.Res. 1158).

    Source: NotUsed

17. 4 May 1978

    Passed

    Senate agreed to House amendmendment to certain Senate amendment with an amendment.

    Source: ResolvingDifferences

18. 4 May 1978

    Passed

    Resolving differences -- Senate actions: Senate agreed to House amendmendment to certain Senate amendment with an amendment.

    Source: NotUsed

19. 9 May 1978

    Passed

    House agreed to Senate amendment to House amendment to certain Senate amendment.

    Source: ResolvingDifferences

20. 9 May 1978

    Passed

    Resolving differences -- House actions: House agreed to Senate amendment to House amendment to certain Senate amendment.

    Source: NotUsed

21. 10 May 1978

    Passed

    Senate agreed to House amendment to certain Senate amendment.

    Source: ResolvingDifferences

22. 10 May 1978

    Passed

    Resolving differences -- Senate actions: Senate agreed to House amendment to certain Senate amendment.

    Source: NotUsed

23. 12 May 1978

    President

    Measure enrolled in House.

    Source: President

24. 15 May 1978

    Floor

    Measure presented to President.

    Source: Floor

25. 15 May 1978

    President

    Measure enrolled in Senate.

    Source: President

26. 15 May 1978

    President

    Measure presented to President.

    Source: President

27. 21 May 1978

    Became law

    Signed by President.

    Source: BecameLaw

28. 21 May 1978

    President

    Signed by President.

    Source: President

29. 21 May 1978

    President

    Public Law 95-283.

    Source: President

Votes

No vote records are attached yet.

Versions

No version snapshots stored. Document URLs remain at the source.

Documents

3 official files

• Public Law (PDF)

  Public Law · EN · 22 May 1978

  ViewDownloadOpen at official source

• House receded and concurred with amendment

  summary · EN · 9 May 1978

  Open at official source

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• Introduced in House

  summary · EN · 14 July 1977

  Open at official source

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  Vertaal naarNL · DutchDE · GermanFR · FrenchES · SpanishIT · ItalianPL · PolishPT · PortugueseSV · SwedishDA · DanishFI · FinnishEL · GreekCS · CzechHU · HungarianRO · RomanianBG · BulgarianHR · CroatianSK · SlovakSL · SlovenianLT · LithuanianLV · LatvianET · EstonianGA · IrishMT · Maltese

  Vertaal document

  Documentvertaling op verzoek met downloadbare PDF (logo + link naar de officiële bron). Het bronbestand blijft leidend.

Sponsors

• Rep. Eckhardt, Bob [D-TX-8] · D · Sponsor
• · ssbk00 · Standing
• · hsif00 · Standing

Related records

• related to → A resolution to provide that the bill H.R. 8331 to amend the Securities Investor Protection Act of 1970, with the Senate amendments thereto, be taken from the Speaker's table, and that the Senate amendments be agreed to with an amendment.

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