Page:United States Statutes at Large Volume 107 Part 3.djvu/412

 107 STAT. 2350 PUBLIC LAW 103-202—DEC. 17, 1993 ance of the purposes of this section, the appropriate regulatory agency shall, prior to adopting the proposed nile or regulation, find that such rule or regulation is necessary and appropriate in furtherance of the purposes of this section notwithstanding the Secretary's determination. "(B) The appropriate regulatory agency shall consult with and consider the views of the Secretary prior to approving or amending a rule or regulation under this paragraph, except where the appropriate regulatory agency determines that an emergency exists requiring expeditious and summary action and pubhshes its reasons therefor. If the Secretary comments in writing to the appropriate regulatory agency on a proposed rule or regulation that has been published, for comment, the appropriate regulatory agency shall respond in writing to such written comment before approving the proposed rule or regulation. "(C) In promulgating rules under this section, the appropriate regulatory agency shall consider the sufficiency and appropriateness of then existing laws and rules applicable to government securities brokers, government securities dealers, and persons associated with government securities brokers and government securities dealers.". (b) RULES BY REGISTERED SECURITIES ASSOCIATIONS.— (1) REMOVAL OF LIMITATIONS ON AUTHORITY. —(A) Section 15A of the Securities Exchange Act of 1934 (15 U.S.C. 78o- 3) is amended— (i) by striking subsections (f)(1) and (f)(2); and (ii) by redesignating subsection (f)(3) as subsection (f). (B) Section 15A(g) of such Act is amended— \ (i) by striking "exempted securities" in paragraph (3)(D) and inserting "municipal securities"; (ii) by striking paragraph (4); and (iii) by redesignating paragraph (5) as paragraph (4). (2) CONFORMING AMENDMENT.— (A) Section 3(a)(12)(B)(ii) of such Act (15 U.S.C. 78c(a)(12)(B)(ii)) is amended by striking "15, 15A (other than subsection (g)(3)), and 17A" and inserting "15 and 17A". (B) Section 15(b)(7) of such Act (15 U.S.C. 78o(b)(7)) is amended by inserting "or government securities broker or government securities dealer registered (or required to register) under section 15C(a)(l)(A)" after "No registered broker or dealer". (c) OVERSIGHT OF REGISTERED SECURITIES ASSOCIATIONS.—Section 19 of the Securities Exchange Act of 1934 (15 U.S.C. 78s) is amended— (1) in subsection (b), by adding at the end the following new paragraphs: "(5) The Commission shall consult with and consider the views of the Secretary of the Treasury prior to approving a proposed rule filed by a registered securities association that primarily concerns conduct related to transactions in government securities, except where the Commission determines that an emergency exists requiring expeditious or summary action and publishes its reasons therefor. If the Secretary of the Treasury comments in writing to the Commission on a proposed rule that has been published for comment, the Commission shall respond in writing to such written comment before approving the proposed rule. If the Secretary of the Treasury determines, and notifies the Commission,

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