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Week Ending April 8, 2005

HR 1077 to improve the access by investors to regulatory records with respect to securities brokers, dealers and investment advisers.

BRIEF

   The bill would establish that registered securities organizations must establish a system of registering its’ members and member associates and maintain a toll-free phone number, accessible electronic process or other process to receive and respond to inquiries regarding the members and associates.

   The bill would also require investment advisors to file with the Security and Exchange Commission (SEC) any fee, application, report or notice required to be filed as per SEC directions. The advisors must also pay a reasonable cost of the filling and the establishment and maintenance of the telephone and electronic contact system noted above.

  According to the Congressional Research service the systems created would “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.”

Sponsor: Representative John B Shadegg (R-AZ-3^rd)

Vote: Passed House by voice cote (April 6, 2005)

Cost to the taxpayers: No discernible cost.

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