TITLE VI - COMMISSION RESOURCES AND AUTHORITY
SEC. 604. QUALIFICATIONS OF ASSOCIATED PERSONS OF BROKERS AND DEALERS.
(a) BROKERS AND DEALERS. - Section 15(b)(4) of the Securities Exchange Act
of 1934 (15 U.S.C. 78o) is amended -
(1) by striking subparagraph (F) and inserting the following:
"(F) is subject to any order of the Commission barring
or suspending the right of the person to be associated with a broker or dealer;";
and
(2) in subparagraph (G), by striking the period at the end
and inserting the following: "; or
"(H) is subject to any final order of a State securities
commission (or any agency or officer performing like functions), State authority
that supervises or examines banks, savings associations, or credit unions, State
insurance commission (or any agency or office performing like functions), an
appropriate Federal banking agency (as defined in section 3 of the Federal Deposit
Insurance Act (12 U.S.C. 1813(q))), or the National Credit Union Administration,
that -
"(i) bars such person from association with an entity
regulated by such commission, authority, agency, or officer, or from engaging
in the business of securities, insurance, banking, savings association activities,
or credit union activities; or
"(ii) constitutes a final order based on violations of
any laws or regulations that prohibit fraudulent, manipulative, or deceptive
conduct.".
(b) INVESTMENT ADVISERS. - Section 203(e) of the Investment Advisers Act of
1940 (15 U.S.C. 80b–3(e)) is amended -
(1) by striking paragraph (7) and inserting the following:
"(7) is subject to any order of the Commission barring
or suspending the right of the person to be associated with an investment adviser;";
(2) in paragraph (8), by striking the period at the end and
inserting "; or"; and
(3) by adding at the end the following:
"(9) is subject to any final order of a State securities
commission (or any agency or officer performing like functions), State authority
that supervises or examines banks, savings associations, or credit unions, State
insurance commission (or any agency or office performing like functions), an
appropriate Federal banking agency (as defined in section 3 of the Federal Deposit
Insurance Act (12 U.S.C. 1813(q))), or the National Credit Union Administration,
that -
"(A) bars such person from association with an entity
regulated by such commission, authority, agency, or officer, or from engaging
in the business of securities, insurance, banking, savings association activities,
or credit union activities; or
"(B) constitutes a final order based on violations of
any laws or regulations that prohibit fraudulent, manipulative, or deceptive
conduct.".
(c) CONFORMING AMENDMENTS. -
(1) SECURITIES EXCHANGE ACT OF 1934. - The Securities Exchange
Act of 1934 (15 U.S.C. 78a et seq.) is amended -
(A) in section 3(a)(39)(F) (15 U.S.C. 78c(a)(39)(F)) -
(i) by striking "or (G)" and inserting "(H),
or (G)"; and
(ii) by inserting ", or is subject to an order or finding,"
before "enumerated";
(B) in each of section 15(b)(6)(A)(i) (15 U.S.C. 78o(b)(6)(A)(i)),
paragraphs (2) and (4) of section 15B(c) (15 U.S.C. 78o–4(c)), and subparagraphs
(A) and (C) of section 15C(c)(1) (15 U.S.C. 78o–5(c)(1)) -
(i) by striking "or (G)" each place that term appears
and inserting "(H), or (G)"; and
(ii) by striking "or omission" each place that term
appears, and inserting ", or is subject to an order or finding,";
and
(C) in each of paragraphs (3)(A) and (4)(C) of section 17A(c)
(15 U.S.C. 78q–1(c)) -
(i) by striking "or (G)" each place that term appears
and inserting "(H), or (G)"; and
(ii) by inserting ", or is subject to an order or finding,"
before "enumerated" each place that term appears.
(2) INVESTMENT ADVISERS ACT OF 1940. - Section 203(f) of the
Investment Advisers Act of 1940 (15 U.S.C. 80b–3(f)) is amended -
(A) by striking "or (8)" and inserting "(8),
or (9)"; and
(B) by inserting "or (3)" after "paragraph
(2)".
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