Realtime Investor Protection Act

Bill: 109-hr-1077
Sponsor: Rep. Shadegg, John B. [R-AZ-3]
Introduced: 2005-03-03 in the House
Policy area: Finance and Financial Sector
Subjects: Brokers
Civil actions and liability
Commerce
Consumer education
Data banks
Electronic data interchange
Fines (Penalties)
Government Operations and Politics
Government paperwork
Grievance procedures
Information disclosure (Securities law)
Investment advisers
Investors
Labor and Employment
Law
Liability (Law)
Professional ethics
Science, Technology, Communications
Securities regulation
Stock exchanges
Telephone
User charges

Summary:
action_date: 2005-03-03
text: 
Realtime Investor Protection Act - Amends the Securities Exchange Act of 1934 to require a registered securities association to: (1) establish and maintain a registration information system on its members and their associated persons; and (2) establish and maintain a toll-free telephone listing, and a readily accessible electronic or other process, to receive and promptly respond to inquiries regarding that information. (Currently such an association is required to maintain a toll-free telephone listing to receive inquiries regarding disciplinary actions involving its members and their associated persons.)
 
Amends the Investment Advisers Act of 1940 to authorize the Securities and Exchange Commission (SEC) to require an investment adviser to: (1) file with the SEC any fee, application, report, or notice required to be filed through any entity designated by the SEC for that purpose; and (2) pay the reasonable costs associated with such filing and the establishment and maintenance of the telephone and electronic systems required by this Act.
 
Directs the SEC to require the designated entity to establish and maintain a toll-free telephone listing, and a readily accessible electronic or other process, to receive and promptly respond to inquiries regarding registration information (including disciplinary actions, regulatory, judicial, and arbitration proceedings, involving investment advisers and persons associated with investment advisers).

action_date: 2005-04-06
text: 
Realtime Investor Protection Act - Amends the Securities Exchange Act of 1934 to require a registered securities association to: (1) establish and maintain a registration information system on its members and their associated persons; and (2) establish and maintain a toll-free telephone listing, and a readily accessible electronic or other process, to receive and promptly respond to inquiries regarding that information. (Currently such an association is required to maintain a toll-free telephone listing to receive inquiries regarding disciplinary actions involving its members and their associated persons.)
 
Amends the Investment Advisers Act of 1940 to authorize the Securities and Exchange Commission (SEC) to require an investment adviser to: (1) file with the SEC any fee, application, report, or notice required to be filed through any entity designated by the SEC for that purpose; and (2) pay the reasonable costs associated with such filing and the establishment and maintenance of the telephone and electronic systems required by this Act.
 
Directs the SEC to require the designated entity to establish and maintain a toll-free telephone listing, and a readily accessible electronic or other process, to receive and promptly respond to inquiries regarding registration information (including disciplinary actions, regulatory, judicial, and arbitration proceedings, involving investment advisers and persons associated with investment advisers).
 
 Requires that such information to include information on an investment adviser (and the persons associated with that adviser) whether the investment adviser is registered with the Commission or regulated solely by a State. 


Legislative actions:
action_date: 2005-04-07
text: Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
action_date: 2005-04-06
text: Motion to reconsider laid on the table Agreed to without objection.
action_date: 2005-04-06
text: On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text as amended: CR H1788-1789)
action_date: 2005-04-06
text: Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote.(text as amended: CR H1788-1789)
action_date: 2005-04-06
text: DEBATE - The House proceeded with forty minutes of debate on H.R. 1077.
action_date: 2005-04-06
text: Considered under suspension of the rules. (consideration: CR H1788-1790)
action_date: 2005-04-06
text: Mrs. Kelly moved to suspend the rules and pass the bill, as amended.
action_date: 2005-03-03
text: Referred to the House Committee on Financial Services.
action_date: 2005-03-03
text: Introduced in House
action_date: 2005-03-03
text: Introduced in House