Bill113th Congress

H.R. 1952

Spread Pricing Liquidity Act of 2013

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Introduced
May 13, 2013
Origin Chamber
House
Policy Area
Finance and Financial Sector
Latest Action
May 13, 2013

Sponsor

Rep. Schweikert, David [R-AZ-6]

Republican·AZ-6
Bioguide ID: S001183
First Name: David
Last Name: Schweikert
By Request: N
2
Cosponsors
1
Committees
3
Actions
0
Amendments
0
Related Bills
4
Subjects
1
Summaries
3
Titles
1
Text Versions

Bill Details

Update Date
Nov 15, 2022
Origin Chamber
House
Bill Type
HR
Bill Number
1,952
Congress
113
Introduced Date
May 13, 2013
Policy Area
Finance and Financial Sector
Is Law
No
May 13, 2013IntroReferralH11100

Referred to the House Committee on Financial Services.

Source: House floor actions

May 13, 2013IntroReferralIntro-H

Introduced in House

Source: Library of Congress

May 13, 2013IntroReferral1000

Introduced in House

Source: Library of Congress

Introduced in House· May 13, 20130

Spread Pricing Liquidity Act of 2013 - Amends the Securities Exchange Act of 1934 concerning the national market system for securities to authorize the board of directors of an issuer with a public float of $500 million or less to select to have the issuer's securities quoted and traded using an increment (tick) of either $0.05 or $0.10.

Prohibits selection of the $0.05 tick unless the average trading price in the most recent 1-month period for the securities of an issuer is between $1 and $2. Limits the tick selection to $0.05 for the issuer of any such security.

Prescribes trading requirements. Permits a issuer that has made the selection under this Act to choose to opt out at any time after the six-month period beginning on the date the selection was made.

States that, if the public float of an issuer that has made such a tick selection rises above $500 million (based on a rolling average over the course of a 3-month period), or its average daily trading volume rises above $500 million, then after the end of the 3-month period beginning on the date of such occurrence the issuer: (1) shall no longer be considered to have made the tick selection; and (2) shall be ineligible to make such a tick selection for 2 years after such 3-month period.

Directs the Securities and Exchange Commission (SEC) to study the quoting and trading of securities in increments of $0.05 and $0.10, and the extent to which such system increases liquidity by incentivizing capital commitment, research coverage, and brokerage support.

Financial Services Committee

House· Standing
Corporate finance and managementFinancial services and investmentsGovernment studies and investigationsSecurities

Introduced in House

May 13, 2013

Spread Pricing Liquidity Act of 2013 — Informed