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HR 4497 101th Congress House Finance and Financial Sector Brokers Consumer education Consumer protection Data banks Information disclosure (Securities law) Penny stocks Securities Securities fraud Securities regulation Stocks Telephone

Penny Stock Reform Act of 1990

Introduced: April 4, 1990 Introduced by: Markey, Edward J. Democratic · Massachusetts See on congress.gov
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 Everywhere this bill has been 11 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Jul 23, 1990
For Further Action See H.R.5325.
Jul 23, 1990
Placed on the Union Calendar, Calendar No. 385.
Jul 23, 1990
Reported (Amended) by the Committee on Energy and Commerce. H. Rept. 101-617.
Jun 27, 1990
Committee Consideration and Mark-up Session Held.
Jun 27, 1990
Ordered to be Reported (Amended).
Jun 20, 1990
Subcommittee Consideration and Mark-up Session Held.
Jun 20, 1990
Forwarded by Subcommittee to Full Committee (Amended).
Apr 25, 1990
Subcommittee Hearings Held.
Apr 23, 1990
Referred to the Subcommittee on Telecommunications and Finance.
Apr 4, 1990
Referred to the House Committee on Energy and Commerce.
Apr 4, 1990
Introduced in House
 Plain-English summary Congressional Research Service

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.

Prescribes requirements for brokers and dealers in penny stock transactions.

States that any contract violating certain rules prohibiting fraudulent, deceptive, or manipulative practices shall be deemed automatically void. Authorizes the Securities and Exchange Commission to designate rules whose violation shall not automatically render a contract void.

Amends the Securities Act of 1933 and the Securities Exchange Act of 1934 to require specified disclosures regarding business plans and purposes and the identity of merger or acquisition prospects (thereby prohibiting blank check and blind pool securities activities in penny stock transactions).

Amends the Securities Exchange Act of 1934 to require registered securities associations to: (1) review penny stock transactions for compliance with this Act; and (2) establish a toll-free consumer hotline regarding broker-dealer disciplinary history.

What's happening now July 23, 1990

For Further Action See H.R.5325.

 Committees of jurisdiction 2
 Cosponsors 1
All 1 Democratic 1