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HR 578 103th Congress House Finance and Financial Sector Accounting Administrative fees Administrative procedure Auditing Brokers Confidential communications Conflict of interests Congressional reporting requirements Consumer protection Crime and Law Enforcement Embezzlement Ex-offenders Federal-state relations Fees Financial statements Fines (Penalties) Fraud Government paperwork Information disclosure (Securities law)

Investment Adviser Regulatory Enhancement and Disclosure Act of 1993

Introduced: January 26, 1993 See on congress.gov
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 Everywhere this bill has been 19 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
May 7, 1993
Read twice and referred to the Committee on Banking.
May 5, 1993
Received in the Senate.
May 4, 1993
Motion to reconsider laid on the table Agreed to without objection.
May 4, 1993
On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote.
May 4, 1993
Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote.
May 4, 1993
DEBATE - The House proceeded with forty minutes of debate.
May 4, 1993
Considered under suspension of the rules. (consideration: CR H2212-2220)
May 4, 1993
Mr. Markey moved to suspend the rules and pass the bill, as amended.
Apr 29, 1993
Placed on the Union Calendar, Calendar No. 33.
Apr 29, 1993
Reported (Amended) by the Committee on Energy and Commerce. H. Rept. 103-75.
Apr 20, 1993
Ordered to be Reported (Amended) by Voice Vote.
Apr 20, 1993
Committee Consideration and Mark-up Session Held.
Apr 1, 1993
Forwarded by Subcommittee to Full Committee (Amended) by Voice Vote.
Apr 1, 1993
Subcommittee Consideration and Mark-up Session Held.
Mar 4, 1993
Subcommittee Hearings Held.
Feb 16, 1993
Referred to the Subcommittee on Telecommunications and Finance.
Jan 26, 1993
Referred to the House Committee on Energy and Commerce.
Jan 26, 1993
Sponsor introductory remarks on measure. (CR E166-167)
Jan 26, 1993
Introduced in House
 Plain-English summary Congressional Research Service

Investment Adviser Regulatory Enhancement and Disclosure Act of 1993 - 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. 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; and (2) report to the Congress on surveys regarding the failure of persons to register as mandated.

Authorizes the SEC to designate registered self-regulatory organizations to: (1) conduct periodic compliance examinations of members and their affiliates; (2) discipline them for non-compliance; and (3) collect examination fees.

Places limitations upon such designation authority with respect to affiliates of members (especially those whose primary business is investment advisory activities), and savings association affiliates of members.

Prohibits certain transactions by registered investment advisers, including the rendering of investment advice unsuitable to the client's financial situation and experience.

Requires registered investment advisers to disseminate to clients and prospective clients brochures disclosing specified investor protection information. Requires such advisers to provide each client periodically with a written statement of client-paid fees, and compensation arrangements with a third party regarding recommended transactions.

Directs the Commission to require the entity designated to administer certain fee collection and recordkeeping requirements to establish a toll-free telephone listing for inquiries about disciplinary and other information involving investment advisers.

Directs the SEC to promulgate investor protection rules setting bond requirements for certain investment advisers against larceny and embezzlement.

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.

Requires the Commission to report to the Congress an analysis of the risks to investors when an investment adviser is the sole recipient of communications from the investor's custodian, or when an investment adviser or its affiliate serves as the custodian.

What's happening now May 7, 1993

Read twice and referred to the Committee on Banking.

 Committees of jurisdiction 3
 Cosponsors 2
All 2 Democratic 2