Tender Offer Improvements and Investor Protection Act of 1980
Latest action. Referred to Senate Committee on Banking, Housing and Urban Affairs.
Tender Offer Improvements and Investor Protection Act of 1980 - Amends the Securities Exchange Act of 1934 to revise the requirements for the disclosure of beneficial interests to make such requirements applicable to issuers of a class, held by more than 300 persons, of securities registered pursuant to the Securities Act of 1933. Sets forth a schedule for beneficial owners to make a public announcement of an acquisition, file a statement with the Securities and Exchange Commission, temporarily suspend additional acquisitions, and disclose any material changes in filed information. Continues the effectiveness of statements filed prior to the effective date of this Act. Authorizes the Commission to take necessary steps towards centralized reporting of such information, minimizing the compliance burden, and making available such information promptly. Requires persons making a statutory offer to acquire a class of securities which would make such person the beneficial owner of more than ten percent of such class, to comply with specified requirements concerning filing, acceptance of offers, consideration, expiration date of the offer, security deposits, and purchases (currently persons using the mails to make an offer for a class of securities, which would make such person the beneficial owner of more than five percent of such class, are required to file specified information). Requires the issuer to file specified information concerning acceptance, rejection, or no position on such statutory offer. Prohibits lenders of consideration to persons making such statutory offers from disclosing any material, nonpublic information concerning the issuer to such persons. Revises the prohibition against misrepresentations of material facts with regard to offers to require use of the mails, interstate commerce, or a national securities exchange facility. Sets forth regulations which may be authorized by the Commission to implement provisions applicable to such offers. Makes it unlawful to engage in fraudulent or manipulative practices in connection with participation in or rendering advice about statutory offers. Sets forth provisions regarding the liability of persons violating these amendments. Makes these amendments plenary and exclusive with regard to State law, with specified exceptions, regulating tender offers or acquisitions of beneficial ownership.
Written by analysts at the Congressional Research Service and published on Congress.gov, not by Civibrief. Summarized at the "Introduced in Senate" stage on October 1, 1980. It describes the bill, it is not the legal text.
Where is it in the process, and what happens next?
4 steps remain before this bill could become law.
The record's latest action, on October 1, 1980: Referred to Senate Committee on Banking, Housing and Urban Affairs.
- Clearing the committees it was referred to, and being scheduled for a floor vote
- Passage by the Senate
- Passage by the House
- The President's signature. If the President vetoes it, two-thirds of both chambers must vote to override.
How likely is it to become law?
Civibrief does not forecast outcomes and this page has no opinion about this one. What the record supports is a base rate, which is a fact about the whole pile, not a prediction about this measure.
In the 96th Congress (1979-80), 613 of the 12,581 bills and joint resolutions introduced became law, about 4.9 percent. That count covers every measure at every stage, including the many that never left committee.
This one is not there yet: 4 steps are still outstanding, listed above.
Has anyone actually voted on it?
No. No roll call in this Congress cites this measure. That is the ordinary outcome: most measures never reach a recorded floor vote, and a committee ends most of them simply by not acting.
A vote is not the only thing that happens to a measure. Hearings, markups, and referrals are all recorded actions, and none of them is a vote of the full chamber.
Who is behind it?
HARRISON WILLIAMS (D-NJ) introduced it on October 1, 1980, and 1 member has since signed on as a cosponsor.
They are 1 Democrat.
Cosponsoring is a formal signature on the text. It is not a commitment to vote for the measure, it does not bind anyone's party, and a long list of cosponsors is a measure of attention rather than of prospects.
How long has it been in play?
It was introduced on October 1, 1980, 16780 days ago. The most recent recorded action was 16780 days ago, on October 1, 1980.
Measures do not carry over. Anything the 96th Congress has not finished by January 3, 1981 dies when the term ends, and has to be introduced again from the start in the next Congress.
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.
Vote history
- SenateIn committee, no floor vote yet
- HouseAwaits Senate passage
- PresidentAwaits both chambers