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H.R. 4619

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

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.

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

Rep. Green, Al [D-TX-9](D-TX)Sponsor
2 cosponsors2 D
2cosponsors1committees6actions4subjects
  1. Committee

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

    Financial Services Committee
  2. Committee

    Committee Consideration and Mark-up Session Held.

    Financial Services Committee
  3. Committee

    Committee Consideration and Mark-up Session Held.

    Financial Services Committee
  4. IntroReferralH11100

    Referred to the House Committee on Financial Services.

    Financial Services Committee
  5. IntroReferralIntro-H

    Introduced in House

  6. IntroReferral1000

    Introduced in House

To amend the Securities Exchange Act of 1934 to prohibit trading ahead by market makers, a… — Informed