House - Financial Services | Senate - Banking, Housing, and Urban Affairs
Latest Action:
Senate - 07/30/2009 Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (All Actions)
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This bill has the status Passed House
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Introduced
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(
[actionDate] => 2009-05-21
[displayText] => Introduced in House
[externalActionCode] => 1000
[description] => Introduced
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Passed House
Array
(
[actionDate] => 2009-07-29
[displayText] => Passed/agreed to in House: On motion to suspend the rules and pass the bill Agreed to by voice vote.(text: CR H8975-8976)
[externalActionCode] => 8000
[description] => Passed House
[chamberOfAction] => House
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Shown Here: Referred in Senate (07/30/2009)
111th CONGRESS 1st Session
H. R. 2623
IN THE SENATE OF THE UNITED
STATES
July 30, 2009
Received; read twice and referred to the
Committee on Banking, Housing, and Urban
Affairs
AN ACT
To amend the Federal securities laws to
clarify and expand the definition of certain persons under those
laws.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1.Formerly associated persons.
(a) Member or employee of the municipal
securities rulemaking board.—Section 15B(c)(8) of the Securities
Exchange Act of 1934 (15 U.S.C. 78o–4(c)(8)) is amended
by striking “any member or employee” and inserting “any
person who is, or at the time of the alleged misconduct was, a member or
employee”.
(b) Person associated with a government
securities broker or dealer.—Section 15C of the Securities Exchange Act
of 1934 (15 U.S.C.
78o–5) is amended—
(1) in subsection (c)(1)(C), by striking
“or seeking to become associated,” and inserting “seeking to
become associated, or, at the time of the alleged misconduct, associated or
seeking to become associated”;
(2) in subsection (c)(2)(A), by inserting
“, seeking to become associated, or, at the time of the alleged
misconduct, associated or seeking to become associated” after “any
person associated”; and
(3) in subsection (c)(2)(B), by inserting
“, seeking to become associated, or, at the time of the alleged
misconduct, associated or seeking to become associated” after “any
person associated”.
(c) Person associated with a member of a
national securities exchange or registered securities association.—Section 21(a)(1) of the Securities Exchange
Act of 1934 (15
U.S.C. 78u(a)(1)) is amended by inserting “, or, as to
any act or practice, or omission to act, while associated with a member,
formerly associated” after “member or a person
associated”.
(d) Participant of a registered clearing
agency.—Section 21(a)(1) of
the Securities Exchange Act of 1934 (15 U.S.C. 78u(a)(1)) is amended by
inserting “or, as to any act or practice, or omission to act, while a
participant, was a participant,” after “in which such person is a
participant,”.
(e) Officer or director of a self-regulatory
organization.—Section 19(h)(4)
of the Securities Exchange Act of 1934 (15 U.S.C. 78s(h)(4)) is
amended—
(1) by striking “any officer or
director” and inserting “any person who is, or at the time of the
alleged misconduct was, an officer or director”; and
(2) by striking “such officer or
director” and inserting “such person”.
(f) Officer or director of an investment
company.—Section 36(a) of the
Investment Company Act of 1940 (15 U.S.C. 80a–35(a)) is
amended—
(1) by striking “a person serving or
acting” and inserting “a person who is, or at the time of the
alleged misconduct was, serving or acting”; and
(2) by striking “such person so serves or
acts” and inserting “such person so serves or acts, or at the time
of the alleged misconduct, so served or acted”.
Passed the House of
Representatives July 29, 2009.