H.R. 3005 (104 th ): National Securities Markets Improvement Act of 1996

This bill has 6 versions. Select a version to view:

Compare to a previous version to see how the bill has changed:

Compare this bill to another bill:

React to this bill with an emoji

Save your opinion on this bill on a six-point scale from strongly oppose to strongly support

Add Note All Positions » (Shared on panel .)

Primary Source

Widget for your website

Follow GovTrack on social media for more updates:

Add a Note

Add a note about this bill. Your note is for you and will not be shared with anyone.

Because you are a member of panel , your positions on legislation and notes below will be shared with the panel administrators. (More Info)

The text of the bill below is as of Oct 1, 1996 (Passed Congress).

You are reading a bill enacted 10,202 days ago. In the intervening time subsequent legislation may have amended or repealed the provisions below.

One Hundred Fourth Congress

United States of America

AT THE SECOND SESSION

Begun and held at the City of Washington on Wednesday,

the third day of January, one thousand nine hundred and ninety-six

To amend the Federal securities laws in order to promote efficiency and capital formation in the financial markets, and to amend the Investment Company Act of 1940 to promote more efficient management of mutual funds, protect investors, and provide more effective and less burdensome regulation.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. SHORT TITLE; TABLE OF CONTENTS.

(a) SHORT TITLE- This Act may be cited as the ‘National Securities Markets Improvement Act of 1996’.

(b) TABLE OF CONTENTS- The table of contents of this Act is as follows:

Sec. 1. Short title; table of contents.

Sec. 2. Definitions.

Sec. 3. Severability.

TITLE I--CAPITAL MARKETS

Sec. 101. Short title.

Sec. 102. Creation of national securities markets.

Sec. 103. Broker-dealer exemptions from State law.

Sec. 104. Broker-dealer funding.

Sec. 105. Exemptive authority.

Sec. 106. Promotion of efficiency, competition, and capital formation.

Sec. 107. Privatization of EDGAR.

Sec. 108. Improving coordination of supervision.

Sec. 109. Increased access to foreign business information.

TITLE II--INVESTMENT COMPANY ACT AMENDMENTS

Sec. 201. Short title.

Sec. 202. Funds of funds.

Sec. 203. Flexible registration of securities.

Sec. 204. Facilitating use of current information in advertising.

Sec. 205. Variable insurance contracts.

Sec. 206. Reports to the Commission and shareholders.

Sec. 207. Books, records, and inspections.

Sec. 208. Prohibition on deceptive investment company names.

Sec. 209. Amendments to definitions.

Sec. 210. Performance fees exemptions.

TITLE III--INVESTMENT ADVISERS SUPERVISION COORDINATION ACT

Sec. 301. Short title.

Sec. 302. Funding for enhanced enforcement priority.

Sec. 303. Improved supervision through State and Federal cooperation.

Sec. 304. Interstate cooperation.

Sec. 305. Disqualification of convicted felons.

Sec. 306. Investor access to information.

Sec. 307. Continued State authority.

Sec. 308. Effective date.

TITLE IV--SECURITIES AND EXCHANGE COMMISSION AUTHORIZATION

Sec. 401. Short title.

Sec. 402. Purposes.

Sec. 403. Authorization of appropriations.

Sec. 404. Registration fees.

Sec. 405. Transaction fees.

Sec. 406. Time for payment.

Sec. 407. Sense of the Congress concerning fees.

TITLE V--REDUCING THE COST OF SAVING AND INVESTMENT

Sec. 501. Exemption for economic, business, and industrial development companies.

Sec. 502. Intrastate closed-end investment company exemption.

Sec. 503. Definition of eligible portfolio company.

Sec. 504. Definition of business development company.

Sec. 505. Acquisition of assets by business development companies.

Sec. 506. Capital structure amendments.

Sec. 507. Filing of written statements.

Sec. 508. Church employee pension plans.

Sec. 509. Promoting global preeminence of American securities markets.

Sec. 510. Studies and reports.

SEC. 2. DEFINITIONS.

For purposes of this Act--

(1) the term ‘Commission’ means the Securities and Exchange Commission; and

(2) the term ‘State’ has the same meaning as in section 3 of the Securities Exchange Act of 1934.

SEC. 3. SEVERABILITY.

If any provision of this Act, an amendment made by this Act, or the application of such provision or amendment to any person or circumstance is held to be unconstitutional, the remainder of this Act, the amendments made by this Act, and the application of the provisions of such to any person or circumstance shall not be affected thereby.

TITLE I--CAPITAL MARKETS

SEC. 101. SHORT TITLE.

This title may be cited as the ‘Capital Markets Efficiency Act of 1996’.

SEC. 102. CREATION OF NATIONAL SECURITIES MARKETS.

(a) IN GENERAL- Section 18 of the Securities Act of 1933 (15 U.S.C. 77r) is amended to read as follows:

‘SEC. 18. EXEMPTION FROM STATE REGULATION OF SECURITIES OFFERINGS.