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To amend the Securities Exchange Act of 1934 to prohibit trading ahead by market makers, and for other purposes.

USA117th CongressHR-4619| House 
| Updated: 7/29/2021
Al Green

Al Green

Democratic Representative

Texas

Cosponsors (2)
Emanuel Cleaver (Democratic)David Scott (Democratic)

Financial Services Committee

  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
This bill creates specified duties for market makers—individuals and firms that buy and sell securities, such as brokerage houses—and sets forth penalties for violations of those duties. Specifically, the bill establishes for market makers a duty of trust and loyalty to the customer upon receipt of an order and deems the information in the order as material, non-public information. Furthermore, the Chief Executive Officer of a market maker must annually certify compliance with such responsibilities. The bill establishes civil and criminal penalties for violations.
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Timeline
Jul 22, 2021
Introduced in House
Jul 22, 2021
Referred to the House Committee on Financial Services.
Jul 28, 2021
Committee Consideration and Mark-up Session Held.
Jul 29, 2021
Ordered to be Reported in the Nature of a Substitute (Amended) by the Yeas and Nays: 27 - 22.
Jul 29, 2021
Committee Consideration and Mark-up Session Held.
  • July 22, 2021
    Introduced in House


  • July 22, 2021
    Referred to the House Committee on Financial Services.


  • July 28, 2021
    Committee Consideration and Mark-up Session Held.


  • July 29, 2021
    Ordered to be Reported in the Nature of a Substitute (Amended) by the Yeas and Nays: 27 - 22.


  • July 29, 2021
    Committee Consideration and Mark-up Session Held.

Finance and Financial Sector

Civil actions and liabilityCorporate finance and managementFinancial services and investmentsSecurities

To amend the Securities Exchange Act of 1934 to prohibit trading ahead by market makers, and for other purposes.

USA117th CongressHR-4619| House 
| Updated: 7/29/2021
This bill creates specified duties for market makers—individuals and firms that buy and sell securities, such as brokerage houses—and sets forth penalties for violations of those duties. Specifically, the bill establishes for market makers a duty of trust and loyalty to the customer upon receipt of an order and deems the information in the order as material, non-public information. Furthermore, the Chief Executive Officer of a market maker must annually certify compliance with such responsibilities. The bill establishes civil and criminal penalties for violations.
View Full Text

Suggested Questions

Get AI-generated questions to help you understand this bill better

Timeline
Jul 22, 2021
Introduced in House
Jul 22, 2021
Referred to the House Committee on Financial Services.
Jul 28, 2021
Committee Consideration and Mark-up Session Held.
Jul 29, 2021
Ordered to be Reported in the Nature of a Substitute (Amended) by the Yeas and Nays: 27 - 22.
Jul 29, 2021
Committee Consideration and Mark-up Session Held.
  • July 22, 2021
    Introduced in House


  • July 22, 2021
    Referred to the House Committee on Financial Services.


  • July 28, 2021
    Committee Consideration and Mark-up Session Held.


  • July 29, 2021
    Ordered to be Reported in the Nature of a Substitute (Amended) by the Yeas and Nays: 27 - 22.


  • July 29, 2021
    Committee Consideration and Mark-up Session Held.
Al Green

Al Green

Democratic Representative

Texas

Cosponsors (2)
Emanuel Cleaver (Democratic)David Scott (Democratic)

Financial Services Committee

Finance and Financial Sector

  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
Civil actions and liabilityCorporate finance and managementFinancial services and investmentsSecurities