Skip to main content
HR 3483 106th Congress House Finance and Financial Sector Administrative procedure Administrative remedies Brokers Business records Commerce Derivative securities Economics and Public Finance Federal Reserve System Financial statements Futures trading Government Operations and Politics Government paperwork Government publicity Government securities Holding companies Independent regulatory commissions Information disclosure (Securities law) Law Licenses

Derivatives Market Reform Act of 1999

Introduced: November 18, 1999 Introduced by: Markey, Edward J. Democratic · Massachusetts See on congress.gov
Sign in to write a letter Sign in to watch
 Everywhere this bill has been 4 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Dec 14, 1999
Referred to the Subcommittee on Finance and Hazardous Materials.
Nov 19, 1999
Sponsor introductory remarks on measure. (CR E2510-2511)
Nov 18, 1999
Referred to the House Committee on Commerce.
Nov 18, 1999
Introduced in House
 Plain-English summary Congressional Research Service
Derivatives Market Reform Act of 1999 - Title I: Derivatives Dealers - Amends the Securities Exchange Act of 1934 to prescribe procedural guidelines for the mandatory registration of derivatives dealers. Grants the Securities and Exchange Commission (SEC) enforcement powers, including examination of such dealers' records.

Title II: Broker-Dealer Oversight Reforms - Authorizes a national securities exchange and a registered securities association to adopt and implement rules governing members engaged in derivatives transactions.

(Sec. 203) Requires SEC financial responsibility rules to include the mandatory maintenance of sufficient capital levels by any derivatives dealer that is a material person associated with a registered broker or dealer (after taking into account the financial activities, customary sources of capital, and the credit risk and aggregate leverage of such derivatives dealer).

(Sec. 205) Sets forth recordkeeping and reporting requirements, for risk assessment purposes, with respect to persons associated with brokers and dealers of government or municipal securities, including disclosure of such persons': (1) monitoring of financial and operational risks to associated brokers and dealers; and (2) financial and securities activities, and customary sources of capital and funding.

(Sec. 207) Requires the SEC to take all actions necessary to establish regulations pertaining to large trader reporting requirements.

(Sec. 208) Grants rulemaking powers under this Act to: (1) the SEC; (2) the Board of Governors of the Federal Reserve System; and (3) other designated agencies.

Amends the Market Reform Act of 1990 to reinstate certain annual reporting requirements.

Title III: Hedge Fund Reporting - Amends the Investment Company Act of 1940 to require unregistered hedge funds to submit quarterly status reports to the SEC.

(Sec. 301) Instructs the SEC to transmit copies of such reports to specified regulatory agencies and to the public.

What's happening now December 14, 1999

Referred to the Subcommittee on Finance and Hazardous Materials.

 Committees of jurisdiction 2