To amend the Securities Exchange Act of 1934 to prohibit trading ahead by market makers, and for other purposes.
Bill journey · stage 1 of 5
Just introduced
What it doesSummary introduced in house (Jul 22, 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.
What just happenedJul 29, 2021
Ordered to be Reported in the Nature of a Substitute (Amended) by the Yeas and Nays: 27 - 22.
Who’s behind it
- Introduced in HouseJul 22, 2021
- Jul 29, 2021Committee
Ordered to be Reported in the Nature of a Substitute (Amended) by the Yeas and Nays: 27 - 22.
Financial Services Committee - Jul 29, 2021Committee
Committee Consideration and Mark-up Session Held.
Financial Services Committee - Jul 28, 2021Committee
Committee Consideration and Mark-up Session Held.
Financial Services Committee - Jul 22, 2021IntroReferralH11100
Referred to the House Committee on Financial Services.
Financial Services Committee - Jul 22, 2021IntroReferralIntro-H
Introduced in House
- Jul 22, 2021IntroReferral1000
Introduced in House