Securities Exchange Act Amendments

Securities Exchange Act Amendments - Title I: Selection and Administration of the Commission - Provides that any Commissioner of the Securities and Exchange Commission may be removed by the President for neglect of duty or malfeasance in office, but for no other cause. Sets forth procedures for the appointment of a Commission chairman. Requires the Commission to submit any budget request to the Congress concurrently with transmittal to the Office of Management and Budget. Provide that when the Commission transmits any legislative recommendations, testimony, or comment on legislation to the Executive, it shall concurrently transmit a copy to the Congress, the President, and the Office of Management and Budget. Title II: Regulation of Exchanges and Associations - Includes within the term "member," for purposes of the Act, any person who agrees to be regulated by an exchange and with respect to whom the exchange undertakes to enforce the Federal securities laws and the exchange rules. Authorizes any exchange to register with the Commission as a national securities exchange by filing with the Commission a registration statement. Requires the rules of every exchange to provide for a fair representation of the members, issuers of securities listed on the exchange, and the investing public on the governing body of the exchange. Requires the rules of every exchange to provide a fair and orderly procedure with respect to the disciplining of its members. States that a registered national securities exchange may, upon such terms and conditions as the Commission may deem necessary to impose in the public interest or for the protection of investors, withdraw from registration by filing a written notice of withdrawal with the Commission. Provides that if the Commission finds that any such registrant or any applicant for registration is no longer in existence or has ceased to do business as an exchange, the Commission shall by order, cancel or deny the registration. Permits members disciplined by an exchange to appeal such action to the Securities and Exchange Commission. Provides that any proposed change in exchange rules must be filed with the SEC; which must publish such proposed change and allow interested persons a reasonable opportunity for comment thereon. States that the proposed change shall take effect fourty five days after publication by the SEC unless the SEC disapproves it. Requires a registered national securities exchange to furnish copies of any reports of inspections or examinations of its members to any other national securities exchange or national securities association of which such member is a member upon the request of such member, exhchange, or national securities association of which such member is a member upon the request of such member, exchange, or association, or upon the request of the Commission. Provides for a ban on transactions with "affiliated persons," as defined by this Act, to be effective on February 1, 1974. States that an association of brokers or dealers may register with the Commission as a national securities association under the terms and conditions provided in this section, by filing with the Commission a registration statement in such forms as the Commission may prescribe, setting forth the information and accompanied by the documents specified in this Act. States that registered securities association may, upon such terms and conditions as the Commission may deem necessary to impose in the public interest or for the protection of investors, withdraw with the Commission. Provides that if the Commission finds that any such registrant or any applicant for registration is no longer in existence or has ceased to do business as an association, the Commission shall by order, cancel or deny the registration. Sets forth procedures for registered securities associations to amend the rules of such association. Title III: Financial Responsibility; Regulation of Brokers, Dealers and Members; Reports and Examinations - Broadens existing prohibitions on improper hypothecation of securities by brokers, dealers and members to embrace improper lending of such securities. Requires all members of a registered national securities exchange to register with the SEC. Requires persons registering as broker-dealers to file certified financial statements with their application, (rather than verified statements). Requires the Commission to order effective an application for registration as a broker-dealer. Provides that within six months of the granting of an application for registration the Commission, or such registered national securities association or registered national securities exchange of which such broker or dealer is a member as the Commission may, by rule, designate, shall conduct an inspection of the broker or dealer so registered, to determine whether such broker or dealer is operating in conformity with the provisions of this title, and the rules and regulations adopted thereunder. Title IV: Securities Processing - Provides for the development of an integrated national system for the settlement of securities transactions. States that one hundred and eighty days after the effective date of this Act it shall be unlawful for any person, directly or indirectly, to make use of the mails or any means or instrumentality of interstate commerce to perform the function of a clearing agency, securities information processor, securities depository, or transfer agent with respect to any security unless such person is registered under this section. Authorizes any clearing agency, securities information processor, or securities depository to be registered for the purposes of this Act by filing with the Commission a registration statement in such form as the Commission may prescribe. Allows clearing agency's, securities information processors, securities depository's, or transfer agents, registered under this Act to withdraw from registration by filing a written notice of withdrawal from the Commission. Provides that if the Commission finds that any such registrant or such other person for whom an application of registration is pending is no longer in existence or has ceased to do business in the capacity specified in the registration statement, the Commission shall by order cancel or deny the registration. Authorizes the Commission to censure, bar, suspend for a period not exceeding twelve months, or place limitations upon any transfer agent, or revoke the registration of any transfer agent, if the Commission finds that such censure, barring, suspension, placing of limitations, or revocation is in the public interest or necessary for the protection of investors and that such transfer agent or any partner, officer, director, or employee thereof has willfully violated or is unable to comply with any provision of this Act or any rule or regulation promulgated thereunder. Provides that no State or political subdivision thereof shall impose any tax on any change in beneficial or record ownership of securities effected through the facilities of a registered clearing agency or securities depository or any nominee thereof or custodian therefor or upon the delivery or transfer of securities to or through or receipt from such agency or depository or any nominee thereof or custodian therefor, unless such transfer or delivery or receipt would otherwise be taxable by such State or political subdivision if the facilities of such registered clearing agency or securities depository or any nominee thereof or custodian therefor were not physically located in the taxing State or political subdivision. Requires every national securities exchange to pay to the Commission on or before March 15 of each calendar year a registration fee for the privilege of doing business as a national securities exchange during the preceding calendar year or any part thereof. Title V: Miscellaneous - Requires the Commission and the Board of Governors of the Federal Reserve System, respectively, to include in their annual reports to Congress such information, data, and recommendations for further legislation as they may deem advisable with regard to matters within their respective jurisdictions under this Act.

Written by analysts at the Congressional Research Service and published on Congress.gov, not by Civibrief. Summarized at the "Introduced in House" stage on October 16, 1973. It describes the bill, it is not the legal text.

Every answer above is assembled from this measure's own record on Congress.gov and from published counts of what Congress has passed before. Civibrief does not predict outcomes and takes no position on any measure.