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Titles Actions Overview All Actions Cosponsors Committees Related Bills Subjects Latest Summary All Summaries

Titles (8)

Short Titles

Short Titles as Enacted

Securities Enforcement Remedies and Penny Stock Reform Act of 1990

Short Titles as Enacted for portions of this bill
  • Penny Stock Reform Act of 1990

Short Titles - House of Representatives

Short Titles as Passed House

Securities Enforcement and Penny Stock Reform Act of 1990

Short Titles as Passed House for portions of this bill
  • Penny Stock Reform Act of 1990

Short Titles - Senate

Short Titles as Passed Senate

Securities Law Enforcement Remedies Act of 1990

Short Titles as Reported to Senate

Securities Law Enforcement Remedies Act of 1990

Short Titles as Introduced

Securities Law Enforcement Remedies Act of 1989

Official Titles

Official Titles - Senate

Official Titles as Introduced

A bill to amend the Federal securities laws in order to provide additional enforcement remedies for violations of those laws.


Actions Overview (9)

Date
10/15/1990Became Public Law No: 101-429.
10/15/1990Signed by President.
10/04/1990Presented to President.
10/01/1990Resolving differences -- House actions: On motion that the House agree to the Senate amendment to the House amendments Agreed to by voice vote.
09/27/1990Resolving differences -- Senate actions: Senate concurred in the House amendments with an amendment and agree to the House title amendment by Voice Vote.
07/23/1990Passed/agreed to in House: On passage Passed without objection.
07/18/1990Passed/agreed to in Senate: Passed Senate with an amendment by Voice Vote.
06/26/1990Committee on Banking. Reported to Senate by Senator Riegle with an amendment in the nature of a substitute. With written report No. 101-337.
03/17/1989Introduced in Senate

All Actions (31)

Date Chamber
10/15/1990Became Public Law No: 101-429.
10/15/1990Signed by President.
10/04/1990SenatePresented to President.
10/04/1990SenateMeasure Signed in Senate.
10/01/1990-5:31pmHouseMotion to reconsider laid on the table Agreed to without objection.
10/01/1990-5:31pmHouseOn motion that the House agree to the Senate amendment to the House amendments Agreed to by voice vote.
10/01/1990-5:16pmHouseDEBATE - The House proceeded with forty minutes of debate.
10/01/1990-5:16pmHouseMr. Rinaldo demanded a second on the motion to suspend the rules. Without objection a second was ordered.
10/01/1990-5:16pmHouseMr. Markey moved that the House suspend the rules and agree to the Senate amendment to the House amendments.
10/01/1990SenateMessage on Senate action sent to the House.
09/27/1990SenateSenate concurred in the House amendments with an amendment and agree to the House title amendment by Voice Vote.
09/27/1990SenateS.Amdt.2915 Amendment SP 2915 agreed to in Senate by Voice Vote.
09/27/1990SenateS.Amdt.2915 Proposed by Senator Dodd. The "Securities Enforcement Remedies and Penny Stock Reform Act".
09/27/1990SenateMeasure laid before Senate.
07/26/1990SenateMessage on House action received in Senate and held at desk: House amendments to Senate bill.
07/23/1990SenateMessage on Senate action sent to the House.
07/23/1990-1:49pmHouseMotion to reconsider laid on the table Agreed to without objection.
07/23/1990-1:49pmHouseA similar measure H.R. 5325 was laid on the table without objection.
07/23/1990-1:49pmHouseThe title of the measure was amended to that of similar measure H.R. 5325. Agreed to without objection.
07/23/1990-1:49pmHouseOn passage Passed without objection.
07/23/1990-1:49pmHouseThe House struck all after the enacting clause and inserted in lieu thereof the provisions of a similar measure H.R. 5325. Agreed to without objection.
07/23/1990-1:49pmHouseConsidered by unanimous consent.
07/23/1990-12:02pmHouseReceived in the House.
07/18/1990SenatePassed Senate with an amendment by Voice Vote.
06/26/1990SenatePlaced on Senate Legislative Calendar under General Orders. Calendar No. 645.
06/26/1990SenateCommittee on Banking. Reported to Senate by Senator Riegle with an amendment in the nature of a substitute. With written report No. 101-337.
05/24/1990SenateCommittee on Banking. Ordered to be reported with an amendment in the nature of a substitute favorably.
02/08/1990SenateSubcommittee on Securities. Hearings concluded. Hearings printed: S.Hrg. 101-935.
Action By: Senate Banking, Housing, and Urban Affairs Subcommittee on Securities
02/01/1990SenateSubcommittee on Securities. Hearings held.
Action By: Senate Banking, Housing, and Urban Affairs Subcommittee on Securities
04/18/1989SenateSubcommittee on Securities. Hearings held. Hearings printed: S.Hrg. 101-131.
Action By: Senate Banking, Housing, and Urban Affairs Subcommittee on Securities
03/17/1989SenateRead twice and referred to the Committee on Banking.

Cosponsors (1)

* = Original cosponsor
CosponsorDate Cosponsored
Sen. Heinz, John [R-PA]* 03/17/1989

Committees (1)

Committees, subcommittees and links to reports associated with this bill are listed here, as well as the nature and date of committee activity and Congressional report number.

Committee / Subcommittee Date Activity Reports
Senate Banking, Housing, and Urban Affairs03/17/1989 Referred to
05/24/1990 Markup by
06/26/1990 Reported by S.Rept 101-337
Senate Banking, Housing, and Urban Affairs Subcommittee on Securities02/08/1990 Hearings by

A related bill may be a companion measure, an identical bill, a procedurally-related measure, or one with text similarities. Bill relationships are identified by the House, the Senate, or CRS, and refer only to same-congress measures.


Latest Summary (5)

There are 5 summaries for S.647. View summaries

Shown Here:
Senate agreed to House amendment with amendment (09/27/1990)

Securities Enforcement Remedies and Penny Stock Reform Act of 1990 - Title I: Amendments to the Securities Act of 1933 - Amends the Securities Act of 1933 to establish tiered civil money penalties for violations. Permits a court to prohibit violators from serving as officers and directors of securities-issuing entities.

Authorizes the Securities and Exchange Commission (SEC) to issue: (1) cease and desist orders; (2) temporary restraining orders; and (3) orders for accounting and disgorgement.

Title II: Amendments to the Securities Exchange Act of 1934 - Amends the Securities Exchange Act of 1934 to: (1) authorize a court to prohibit individuals from acting as officers or directors of securities-issuing entities if they have demonstrated a substantial unfitness to serve in that capacity; and (2) impose tiered civil money penalties for violations of such Act. Sets forth circumstances under which the SEC (or the appropriate regulatory agency) may: (1) impose tiered civil money penalties pursuant to administrative findings of violations of the Act; (2) enter an order requiring an accounting and disgorgement; (3) issue cease and desist orders; and (4) issue temporary restraining orders. Requires the SEC to establish regulations providing for the expeditious conduct of hearings and rendering of decisions in cease and desist order proceedings.

Prohibits a registered transfer agent from engaging in any activity in connection with the guarantee of a signature of an endorser of a security, including the acceptance or rejection of such guarantee, in contravention of SEC rules and regulations.

Title III: Amendments to the Investment Company Act of 1940 - Amends the Investment Company Act of 1940 to authorize the SEC to impose civil remedies pursuant to civil and administrative proceedings, including: (1) tiered money penalties; (2) orders requiring an accounting and disgorgement; (3) cease and desist orders; and (4) temporary restraining orders.

Title IV: Amendments to the Investment Advisers Act of 1940 - Amends the Investment Advisers Act of 1940 to authorize the SEC to impose civil remedies pursuant to administrative and civil proceedings, including: (1) tiered money penalties; (2) orders requiring an accounting and disgorgement; (3) cease and desist orders; and (4) temporary restraining orders.

Title V: Penny Stock Reform - Penny Stock Reform Act of 1990 - Amends the Securities Exchange Act of 1934 to define "penny stock" securities and to extend regulatory authority over persons engaged in penny stock activities. Requires the SEC to prescribe rules implementing such authority by a specified deadline.

Empowers the SEC to exclude persons from participating in penny stock distributions if they have violated certain registration regulations. Requires the SEC to make recommendations to each House of Congress on further revision of such Act, including the possibility of expanding its applicability.

Prescribes requirements for brokers and dealers in penny stock transactions, including guidelines for mandatory risk disclosure statements.

Requires the SEC to: (1) facilitate the establishment of automated penny stock quotation systems according to specified guidelines; and (2) submit annual status reports to the Congress.

Authorizes the SEC to designate rules whose violation shall not automatically render a contract void.

Amends the Securities Act of 1933 to require the SEC to prescribe special rules for registration statements filed by any issuer that is a blank check company (one with no specific business plan or purpose, or whose intent is to merge with an unidentified company). Authorizes such rules to include the right of shareholder rescission.

Amends the Securities Exchange Act of 1934 to require registered securities associations to establish a toll-free consumer hotline regarding broker-dealer disciplinary history.

Requires the Comptroller General to report to the Congress on the results of a review of the oversight and enforcement activities of self-regulatory organizations under the Securities Exchange Act of 1934 with respect to penny stocks.