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Solari Report - Notes on
Wall Street Reform and Consumer Protection Act
of 2009 (HR 4173)
7221 Enhanced anti-fraud coverage
Expands anti-fraud coverage for price manipulation (section 9), violation of stoploss
and short sale rules (section 10(a)(1)) and broker-dealer execution of trade in a
deceptive or manipulative manner (section 15(c)(1)(A)) to include all securities that
are not government securities instead of just securities registered on a national
securities exchange and deletes requirement that the violation must involve use of a
national securities exchange. It also subjects all broker dealers to liability under 15
(c)(1)(A) liability, not just those that are members of a national securities exchange.
7222 SEC authority to issue rules on proxy access
SEC has rulemaking authority to prescribe rules regarding nominees by shareholders
Part 3 – Commission Funding and Organization
7301 Authorization of appropriations
Increases SEC appropriations annually from 2010 to 2015, up to $1.15B for 2010
and $2.25B in 2015.
7302 Investment adviser regulation funding
Authorizes SEC to make annual assessment of fees by SEC-registered investment
advisers to help recover cost of examinations and inspections.
7304 Commission organizational study and reform
7305 Capital Markets Safety Board
Established within the SEC to conduct investigations of failed institutions registered
with the SEC.
7306 Report on implementation of “post-Madoff reforms”
Report to Congress, to be published on the internet, within 6 months of enactment.
Part 4 – Additional Commission Reforms
7401 Regulation of securities lending
© 2010 Solari, Inc. Page 24