S.2114 - Bond Transparency Act of 2014113th Congress (2013-2014)
|Sponsor:||Sen. Warner, Mark R. [D-VA] (Introduced 03/12/2014)|
|Committees:||Senate - Banking, Housing, and Urban Affairs|
|Latest Action:||03/12/2014 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (All Actions)|
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- Finance and Financial Sector
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Summary: S.2114 — 113th Congress (2013-2014)All Bill Information (Except Text)
Introduced in Senate (03/12/2014)
Bond Transparency Act of 2014 - Amends the Securities Exchange Act of 1934 to define a "riskless principal transaction" as any transaction the Securities and Exchange Commission (SEC) identifies as one, but primarily one in which a broker, dealer, or municipal securities dealer acts on a customer order to buy or sell either municipal securities or corporate debt securities while also acting as principal for its own account in order to complete the transaction.
Requires a broker or dealer, at or before completion of the transaction, to make a markup disclosure in writing to the customer of the difference between either: (1) the customer's purchase price and the broker or dealer's purchase price; or (2) the customer's sale price and the broker or dealer's sale price.
Subjects riskless principal transactions in corporate debt securities to the same markup disclosure requirements as those for riskless principal transactions in municipal securities.