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HR 5726 102th Congress House Finance and Financial Sector Accounting Administrative fees Administrative procedure Auditing Brokers Confidential communications Conflict of interests Consumer protection Crime and Law Enforcement Embezzlement Federal-state relations Fees Financial statements Fines (Penalties) Fraud Government paperwork Information disclosure (Securities law) Investment advisers Larceny

Securities Investor Protection Amendments of 1992

Introduced: July 30, 1992 See on congress.gov
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 Everywhere this bill has been 14 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Sep 23, 1992
Laid on the table. See S. 2266 for further action.
Sep 22, 1992
Motion to reconsider laid on the table Agreed to without objection.
Sep 22, 1992
On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote.
Sep 22, 1992
The title of the measure was amended. Agreed to without objection.
Sep 22, 1992
Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote.
Sep 22, 1992
DEBATE - The House proceeded with forty minutes of debate.
Sep 22, 1992
Considered under suspension of the rules.
Sep 22, 1992
Mr. Markey moved to suspend the rules and pass the bill, as amended.
Sep 22, 1992
Placed on the Union Calendar, Calendar No. 502.
Sep 22, 1992
Reported (Amended) by the Committee on Energy and Commerce. H. Rept. 102-883.
Aug 4, 1992
Committee Consideration and Mark-up Session Held.
Aug 4, 1992
Ordered to be Reported (Amended) by Voice Vote.
Jul 30, 1992
Referred to the House Committee on Energy and Commerce.
Jul 30, 1992
Introduced in House
 Plain-English summary Congressional Research Service

Investment Adviser Regulatory Enhancement and Disclosure Act of 1992 - Amends the Investment Advisers Act of 1940 to authorize the Securities and Exchange Commission (SEC) to collect fees to cover specified costs of regulating investment advisers and their activities. Sets forth a sliding scale fee schedule based upon assets under adviser management. Authorizes the SEC to suspend the registration of any investment adviser for failure to pay the requisite fees.

Directs the SEC to: (1) establish and periodically revise a schedule for the regular inspection of investment advisers (plus a more frequent schedule for certain advisers based upon enumerated risk factors; and (2) conduct and report to the Congress on surveys to determine the extent of, and reasons for, the failure of persons to register as mandated.

Lists transactions which are prohibited for registered investment advisers with respect to fraudulent, deceptive, or manipulative practices, including the rendering of investment advice unsuitable to the client's financial situation and experience. Directs the SEC to promulgate rules with respect to such proscriptions.

Requires registered investment advisers to disseminate to clients and prospective clients brochures disclosing specified investor protection information, including: (1) conflicts of interests; (2) compensation arrangements; (3) any disciplinary history; and (4) available remedies for disputes arising out of the investment adviser-client relationships. Requires registered investment advisers to provide each client periodically with a written statement of sales commissions and other client-paid fees, and compensation arrangements with a third party regarding recommended transactions.

Directs the SEC to promulgate investor protection rules setting bond requirements against larceny and embezzlement for investment advisers who: (1) are authorized to exercise investment discretion; and (2) have access to their client's assets.

Prohibits: (1) a person convicted of a felony within the last ten years from registering as an investment adviser; or (2) an investment adviser from disclosing confidential client information.

Authorizes the SEC to cooperate with State securities regulatory agencies.

What's happening now September 23, 1992

Laid on the table. See S. 2266 for further action.

 Committees of jurisdiction 1
 Cosponsors 2
All 2 Democratic 2