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Derivatives Dealers Act of 1994

Introduced: July 13, 1994 Introduced by: Markey, Edward J. Democratic · Massachusetts See on congress.gov
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 Everywhere this bill has been 4 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Aug 11, 1994
Referred to the Subcommittee on Telecommunications and Finance.
Jul 15, 1994
Sponsor introductory remarks on measure. (CR E1469-1471)
Jul 13, 1994
Referred to the House Committee on Energy and Commerce.
Jul 13, 1994
Introduced in House
 Plain-English summary Congressional Research Service

TABLE OF CONTENTS:

Title I: Derivatives Dealers

Title II: Broker-Dealer Oversight Reforms

Derivatives Dealers Act of 1994 - Amends the Securities Exchange Act of 1934 (the Act) to define "derivatives dealer," "material associated person," and "person associated with a derivatives dealer" so as to include derivatives dealers affiliated with securities and insurance firms.

Title I: Derivatives Dealers - Sets forth: (1) registration and notice requirements for derivatives broker/dealers and material associated persons of such broker/dealers; (2) Securities and Exchange Commission (SEC) rulemaking authority over derivatives dealers; and (3) membership requirements in a registered securities association for derivatives dealers.

Title II: Broker-Dealer Oversight Reforms - Authorizes national securities exchanges and registered securities associations to prescribe internal rules and enforcement guidelines for members engaged in derivatives transactions and for material associated persons.

Requires SEC financial responsibility rules to include maintenance of sufficient capital levels taking into account selected activities of any registered derivatives dealer that is a material associated person of a broker or dealer.

Includes within SEC risk assessment guidelines the derivatives transactions of government and municipal securities broker/dealers, and of registered broker/dealers.

What's happening now August 11, 1994

Referred to the Subcommittee on Telecommunications and Finance.

 Committees of jurisdiction 2