IIB
111th CONGRESS
1st Session
H. R. 2947
IN THE SENATE OF THE UNITED STATES
September 16, 2009
Received; read twice and referred to the Committee on Banking, Housing, and Urban Affairs
AN ACT
To amend the Federal securities laws to make technical corrections and to make conforming amendments related to the repeal of the Public Utility Holding Company Act of 1935.
Short title
This Act may be cited as the
Securities Law Technical Corrections
Act of 2009
.
Technical corrections
Securities Act of 1933
The Securities Act of 1933 (15 U.S.C. 77a et seq.) is amended—
in section 3(a)(4) (15 U.S.C.
77c(a)(4)), by striking individual;
and
inserting individual,
;
in section 18(b)(1)(C) (15 U.S.C.
77r(b)(1)(C)), by striking is a security
and
inserting a security
;
in section 18(c)(2)(B)(i) (15 U.S.C.
77r(c)(2)(B)(i)), by striking State, or
and
inserting State or
;
in section 19(d)(6)(A) (15 U.S.C.
77s(d)(6)(A)), by striking in paragraph (1) of
(3)
and inserting in paragraph (1) or (3)
; and
in section 27A(c)(1)(B)(ii) (15 U.S.C.
77z–2(c)(1)(B)(ii)), by striking business
entity;
and inserting business entity,
.
Securities Exchange Act of 1934
The Securities Exchange Act of 1934 (15 U.S.C. 78 et seq.) is amended—
in section 2(1)(a) (15 U.S.C. 78b(1)(a)),
by striking affected
and inserting
effected
;
in section 3(a)(55)(A) (15 U.S.C.
78c(a)(55)(A)), by striking section 3(a)(12) of the
Securities Exchange Act of 1934
and inserting section 3(a)(12)
of this Act
;
in section 3(g) (15 U.S.C. 78c(g)),
by striking company, account person, or entity
and inserting
company, account, person, or entity
;
in section 10A(i)(1)(B)(i) (15 U.S.C.
78j–1(i)(1)(B)(i)), by striking nonaudit
and
inserting non-audit
;
in section 13(b)(1) (15 U.S.C.
78m(b)(1)), by striking earning statement
and
inserting earnings statement
;
in section 15(b)(1) (15 U.S.C. 78o(b)(1))—
by striking the sentence beginning
The order granting
and ending from such
membership.
in subparagraph (B); and
by inserting such sentence in the matter
following such subparagraph after are satisfied.
;
in section 15 (15 U.S.C. 78o), by redesignating subsection (i), as added by section 303(f) of the Commodity Futures Modernization Act of 2000 (114 Stat. 2763A–455), as subsection (j);
in section 15C(a)(2) (15 U.S.C. 78o–5(a)(2))—
by redesignating clauses (i) and (ii) as subparagraphs (A) and (B), respectively;
by striking the sentence beginning
The order granting
and ending from such
membership.
in such subparagraph (B), as redesignated; and
by inserting such sentence in the matter
following such redesignated subparagraph after are
satisfied.
;
in section 16(a)(2)(C) (15 U.S.C.
78p(a)(2)(C)), by striking section 206(b)
and
inserting section 206B
;
in section 17(b)(1)(B) (15 U.S.C.
78q(b)(1)(B)), by striking 15A(k) gives
and
inserting 15A(k), give
; and
in section 21C(c)(2) (15 U.S.C.
78u–3(c)(2)), by striking paragraph (1)
subsection
and inserting Paragraph (1)
.
Trust Indenture Act of 1939
The Trust Indenture Act of 1939 (15 U.S.C. 77aaa et seq.) is amended—
in
section 304(b) (15
U.S.C. 77ddd(b)), by striking section 2 of such
Act
and inserting section 2(a) of such Act
;
in section 313(a)(4) (15 U.S.C.
77mmm(a)(4)) by striking subsection 311
and
inserting section 311(b)
; and
in section 317(a)(1) (15 U.S.C.
77qqq(a)(1)), by striking (1),
and inserting
(1)
.
Investment Company Act of 1940
The Investment Company Act of 1940 (15 U.S.C. 80a–1 et seq.) is amended—
in section 2(a)(19) (15 U.S.C.
80a–2(a)(19)) by striking clause (vi)
both
places it appears in the last two sentences and inserting clause
(vii)
;
in section 9(b)(4)(B) (15 U.S.C.
80a–9(b)(4)(B)), by inserting or
after the
semicolon at the end;
in section 12(d)(1)(J) (15 U.S.C.
80a–12(d)(1)(J)), by striking any provision of this
subsection
and inserting any provision of this
paragraph
;
in section 13(a)(3) (15 U.S.C.
80a–13(a)(3)), by inserting or
after the
semicolon at the end;
in section 17(f)(4) (15 U.S.C.
80a–17(f)(4)), by striking No such member
and
inserting No member of a national securities exchange
;
in section 17(f)(6) (15 U.S.C.
80a–17(f)(6)), by striking company may serve
and
inserting company, may serve
; and
in section 61(a)(3)(B)(iii) (15 U.S.C. 80a–60(a)(3)(B)(iii))—
by striking paragraph (1) of section
205
and inserting section 205(a)(1)
; and
by striking clause (A) or (B) of
that section
and inserting section 205(b)(1) or
(2)
.
Investment Advisers Act of 1940
The Investment Advisers Act of 1940 (15 U.S.C. 80b–1 et seq.) is amended—
in each of the following sections, by
striking principal business office
or principal place of
business
(whichever and wherever it appears) and inserting
principal office and place of business
: sections 203(c)(1)(A),
203(k)(4)(B), 213(a), 222(b), and 222(c) (15 U.S.C. 80b–3(c)(1)(A),
80b–3(k)(4)(B), 80b–13(a), 80b–18a(b), and 80b–18a(c)); and
in
section 206(3) (15
U.S.C. 80b–6(3)), by inserting or
after the
semicolon at the end.
Conforming amendments for the repeal of the Public Utility Holding Company Act of 1935
Securities Exchange Act of 1934
The Securities Exchange Act of 1934 (15 U.S.C. 78 et seq.) is amended—
in section 3(a)(47) (15 U.S.C.
78c(a)(47)), by striking the Public Utility Holding
Company Act of 1935 (15 U.S.C. 79a et seq.),
;
and
in section 12(k) (15 U.S.C. 78l(k)), by amending paragraph (7) to read as follows:
Definition
For purposes of this subsection, the term emergency means—
a major market disturbance characterized by or constituting—
sudden and excessive fluctuations of securities prices generally, or a substantial threat thereof, that threaten fair and orderly markets; or
a substantial disruption of the safe or efficient operation of the national system for clearance and settlement of transactions in securities, or a substantial threat thereof; or
a major disturbance that substantially disrupts, or threatens to substantially disrupt—
the functioning of securities markets, investment companies, or any other significant portion or segment of the securities markets; or
the transmission or processing of securities transactions.
.
in section 21(h)(2) (15 U.S.C.
78u(h)(2)), by striking section 18(c) of the Public
Utility Holding Company Act of 1935,
.
Trust Indenture Act of 1939
The Trust Indenture Act of 1939 (15 U.S.C. 77aaa et seq.) is amended—
in section 303 (15 U.S.C. 77ccc), by amending paragraph (17) to read as follows:
The terms Securities Act of 1933 and Securities Exchange Act of 1934 shall be deemed to refer, respectively, to such Acts, as amended, whether amended prior to or after the enactment of this title.
;
in section 308 (15 U.S.C. 77hhh),
by striking Securities Act of 1933, the Securities Exchange Act of 1934,
or the Public Utility Holding Company Act of 1935
each place it appears
and inserting Securities Act of 1933 or the Securities Exchange Act of
1934
;
in section 310 (15 U.S.C. 77jjj), by striking subsection (c) (including the preceding heading);
in section 311 (15 U.S.C. 77kkk) by striking subsection (c);
in
section 323(b) (15
U.S.C. 77www(b)), by striking Securities Act of 1933, or
the Securities Exchange Act of 1934, or the Public Utility Holding Company Act
of 1935
and inserting Securities Act of 1933 or the Securities
Exchange Act of 1934
; and
in section 326 (15 U.S.C. 77zzz),
by striking Securities Act of 1933, or the Securities Exchange Act of
1934, or the Public Utility Holding Company Act of 1935,
and inserting
Securities Act of 1933 or the Securities Exchange Act of
1934
.
Investment Company Act of 1940
The Investment Company Act of 1940 (15 U.S.C. 80a–1 et seq.) is amended—
in section 2(a)(44) (15 U.S.C.
80a–2(a)(44)), by striking Public Utility Holding
Company Act of 1935,
;
in section 3(c) (15 U.S.C. 80a–3(c)), by amending paragraph (8) to read as follows:
[Repealed]
;
in section 38(b) (15 U.S.C.
80a–37(b)), by striking the Public Utility Holding
Company Act of 1935,
; and
in section 50 (15 U.S.C.
80a–49), by striking the Public Utility Holding Company
Act of 1935,
.
Investment Advisers Act of 1940
Section 202(a)(21) of
the Investment Advisers Act of 1940 (15 U.S.C. 80b–2(a)(21)) is amended
by striking Public Utility Holding Company Act of 1935,
.
Passed the House of Representatives September 15, 2009.
Lorraine C. Miller,
Clerk.