Page:United States Statutes at Large Volume 104 Part 4.djvu/401

 PUBLIC LAW 101-550 —NOV. 15, 1990 104 STAT. 2717 (b) EXTENSION OF DEFINITION OF STATUTORY DISQUAUFICATION TO INCLUDE FOREIGN VIOLATIONS.— Section 3(a)(39) of such Act (15 U.S.C. 78c(a)(39)) is amended— (1) in subparagraph (A)— (A) by inserting after "self-regulatory organization," the following: "foreign equivalent of a self-regulatory organization, foreign or international securities exchange,"; (B) by inserting after both "(7 U.S.C. 7)," and "(7 U.S.C. 21),", the following: "or any substantially equivalent foreign statute or regulation,"; and (C) by inserting after "contract market", the following: "or foreign equivalent"; (2) by striking subparagraph (B) and inserting the following: "(B) is subject to— "(i) an order to the Commission, other appropriate regulatory agency, or foreign financial regulatory authority— "(I) denying, suspending for a period not exceeding 12 months, or revoking his registration as a broker, dealer, municipal securities dealer, government securities broker, or government securities dealer or limiting his activities as a foreign person performing a function substantially equivalent to any of the above; or "(II) barring or suspending for a period not exceeding 12 months his being associated with a broker, dealer, municipal securities dealer, government securities broker, government securities dealer, or foreign person performing a function substantially equivalent to any of the above; "(ii) an order of the Commodity Futures Trading Commission denying, suspending, or revoking his registration under the Commodity Exchange Act (7 U.S.C. 1 et seq.); or "(iii) an order by a foreign financial regulatory authority denying, suspending, or revoking the person's authority to engage in transactions in contracts of sale of a commodity for future delivery or other instruments traded on or subject to the rules of a contract market, board of trade, or foreign equivalent thereof;"; (3) by redesignating subparagraphs (D) and (E) as subparagraphs (E) and (F), respectively; (4) by inserting after subparagraph (C) the following: "(D) by his conduct while associated with any broker, dealer, municipal securities dealer, government securities broker, government securities dealer, or any other entity engaged in transactions in securities, or while associated with an entity engaged in transactions in contracts of sale of a commodity for future delivery or other instruments traded on or subject to the rules of a contract market, board of trade, or foreign equivalent thereof, has been found to be a cause of any effective suspension, expulsion, or order by a foreign or international securities exchange or foreign financial regulatory authority empowered by a foreign government to administer or enforce its laws relating to financial transactions as described in subparagraph (A) or (B) of this paragraph;"; (5) in subparagraph (E) (as redesignated by paragraph (3) of this subsection) by striking "(A), (B), or (C)" and inserting "(A), (B),(C),or(D)";and

�