S.2814 - Capital Markets Competition, Stability, and Fairness Act of 1990101st Congress (1989-1990)
|Sponsor:||Sen. Leahy, Patrick J. [D-VT] (Introduced 06/28/1990)(by request)|
|Committees:||Senate - Agriculture, Nutrition, and Forestry|
|Latest Action:||Senate - 06/28/1990 Read twice and referred to the Committee on Agriculture. (All Actions)|
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Summary: S.2814 — 101st Congress (1989-1990)All Information (Except Text)
Introduced in Senate (06/28/1990)
Capital Markets Competition, Stability, and Fairness Act of 1990 - Amends the Securities Exchange Act of 1934 to transfer to the Securities and Exchange Commission (SEC) the powers and responsibilities of the Commodity Futures Trading Commission (CFTC) with respect to activities involving stock index products. Declares that for purposes of executing such responsibilities the provisions of the Commodity Exchange Act are deemed to be part of Federal securities laws. Amends the Commodity Exchange Act to reflect the provisions of this Act. Restricts CFTC regulatory jurisdiction over certain financial products to transactions conducted on a designated contract market involving sales of commodities futures. Grants the CFTC exemptive authority over certain hybrid financial products which have characteristics of both futures and securities.
Grants the SEC review and approval authority over the margin requirements set by contract markets for stock index products. Modifies the guidelines under which certain contract market rules may be altered by the CFTC.
Declares that since the market in trading futures is directly interrelated to the securities market, coordinated regulation of such markets is necessary. Requires the SEC to consider whether a contract of sale for stock index futures is consistent with the fair efficient operation of stock index future markets and the maintenance of fair and orderly markets in securities composing the index underlying such contract. Sets forth continuation provisions for the status of registered and designated persons coming under SEC jurisdiction as a result of this Act. Requires the SEC to report to the Congress regarding appropriate regulation of stock index futures contracts.