Page:United States Statutes at Large Volume 104 Part 1.djvu/998

 104 STAT. 964 PUBLIC LAW 101-432—OCT. 16, 1990 under paragraph (I)(B) or paragraph (2) of this subsection shall not continue in effect. " (4) CoMPUANCE WITH ORDERS.— No member of a national securities exchange, broker, or dealer shall make use of the mails or any means or instrumentality of interstate commerce to effect any transaction in, or to induce the purchase or sale of, any security in contravention of an order of the Commission under this subsection unless such order has been stayed, modified, or set aside as provided in paragraph (5) of this subsection or has ceased to be effective upon direction of the President as provided in paragraph (3). "(5) LIMITATIONS ON REVIEW OF ORDERS.— An order of the Commission pursuant to this subsection shall be subject to review only as provided in section 25(a) of this title. Review shall be based on an examination of all the information before the Commission at the time such order was issued. The reviewing court shall not enter a stay, writ of mandamus, or similar relief unless the court finds, after notice and hearing before a panel of the court, that the Commission's action is arbitrary, capricious, an abuse of discretion, or otherwise not in accordauice with law. "(6) DEFINITION OF EMERGENCY.— For purposes of this subsection, the term 'emergency' means a major market disturbance characterized by or constituting— "(A) sudden and excessive fluctuations of securities prices generally, or a substantial threat thereof, that threaten fair and orderly markets, or "(B) a substantial disruption of the safe or efficient operation of the national system for clearance and settlement of securities, or a substantial threat thereof.". SEC. 3. LARGE TRADER REPORTING. Section 13 of the Securities Exchange Act of 1934 (15 U.S.C. 78m) is amended by adding at the end the following: "(h) LARGE TRADER REPORTING.— "(1) IDENTIFICATION REQUIREMENTS FOR LARGE TRADERS. — For the purpose of monitoring the impact on the securities markets of securities transactions involving a substantial volume or a large fair market value or exercise value and for the purpose of otherwise assisting the Commission in the enforcement of this title, each large trader shall— "(A) provide such information to the (Commission as the Commission may by rule or regulation prescribe as necessary or appropriate, identifying such large trader and all accounts in or through which such large trader effects such trsmsactions; and "(B) identify, in accordance with such rules or regulations as the Commission may prescribe as necessary or appropriate, to any registered broker or dealer by or through whom such large trader directly or indirectly effects securities transactions, such large trader and all accounts directly or indirectly maintained with such broker or dealer by such large trader in or through which such transactions are effected. Regulations. "(2) RECORDKEEPING AND REPORTING REQUIREMENTS FOR BRO- KERS AND DEALERS. — Every registered broker or dealer shall make and keep for prescribed periods such records as the

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