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United States · Law · S

S. 422 (103rd)

Government Securities Act Amendments of 1993

enactedUnited States· United States Congress· EN

Introduced

24 February 1993

Last action

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Status

Became Public Law No: 103-202.

Sponsors

—

Subjects

Discovery layer

Source updated

14 January 2025

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Summary

Government Securities Act Amendments of 1993 - Amends the Securities Exchange Act of 1934 to repeal the termination date for the Secretary of the Treasury's authority to regulate government securities transactions by brokers and dealers (thereby permanently extending it). Authorizes the appropriate regulatory agency to issue sales practice rules and regulations for any broker or dealer to prevent fraudulent or manipulative practices and to promote equitable principles of trade if the Secretary determines that such rulemaking would not adversely affect the liquidity or efficiency of the Government securities market or impose unnecessary burdens upon competition. Authorizes registered securities associations to adopt and implement sales practice rules regarding government securities for the same purposes. Directs the Securities and Exchange Commission to consult with the Secretary before approving a proposed rule filed by a registered securities association. Prohibits Government securities dealers or brokers who are not members of the Securities Investor Protection Corporation (SIPC) from executing any securities transactions in contravention of SEC rules regarding disclosure to customers of the non-insured status of their accounts with respect to SIPC. Expands the definition of "appropriate regulatory agency" to designate as the appropriate agency: (1) the Board of Governors of the Federal Reserve System in the case of an uninsured State branch or State agency of a foreign bank, or a corporation organized or having a specified kind of agreement with the Board; and (2) the Federal Deposit Insurance Corporation in the case of an insured State branch of a foreign bank. Requires the Secretary of the Treasury, the SEC, and the Board of Governors of the Federal Reserve System to monitor and report to the Congress on the effectiveness of private sector efforts to disseminate Government securities price and volume information. Prohibits a government securities dealer, broker, bidder, or purchaser from knowingly or willingly making false or misleading written statements with respect to any bid or purchase of such securities (including the omission of necessary facts which results in such a statement).

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Documents

15 official files

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