Page:United States Statutes at Large Volume 108 Part 2.djvu/830

 108 STAT. 1546 PUBLIC LAW 103-297—AUG. 16, 1994 (B) restrictions on the hours of the day and night when unsolicited telephone calls can be made to consumers, and (C) a requirement that any person engaged in telemarketing for the sale of goods or services shall promptly and clearly disclose to the person receiving the call that the purpose of the call is to sell goods or services and make such other disclosures as the Commission deems appropriate, including the nature and price of the goods and services. In prescribing the rules described in this paragraph, the Commission shall also consider recordkeeping requirements. (b) RULEMAKING. — The Commission shall prescribe the rules under subsection (a) within 365 days after the date of enactment of this Act. Such rules shall be prescribed in accordance with section 553 of title 5, United States Code. (c) ENFORCEMENT.— Any violation of any rule prescribed under subsection (a) shall be treated as a violation of a rule under section 18 of the Federal Trade Commission Act (15 U.S.C. 57a) regarding unfair or deceptive acts or practices. (d) SECURITIES AND EXCHANGE COMMISSION RULES.— (1) PROMULGATION. — (A) IN GENERAL.— Except as provided in subparagraph (B), not later than 6 months after the effective date of rules promulgated by the Federal Trade Commission under subsection (a), the Securities and Exchange Commission shall promulgate, or require any national securities exchange or registered securities association to promulgate, rules substantially similar to such rules to prohibit deceptive and other abusive telemarketing acts or practices by persons described in paragraph (2). (B) EXCEPTION.— The Securities and Exchange Commission is not required to promulgate a rule under subparagraph (A) if it determines that— (i) Federal securities laws or rules adopted by the Securities and Exchange Commission thereunder provide protection from deceptive and other abusive telemarketing by persons described in paragraph (2) substantially similar to that provided by rules promulgated by the Federal Trade Commission under sub- , section (a); or (ii) such a rule promulgated by the Securities and Exchange Commission is not necessary or appropriate in the public interest, or for the protection of investors, or would be inconsistent with the maintenance of fair and orderly markets. Federal If the Securities and Exchange Commission determines nnhlfrafinn ^^^^ ^^ exception dcscribed in clause (i) or (ii) applies, the Securities and Exchange Commission shall publish in the Federal Register its determination with the reasons for it. (2) APPLICATION.— (A) IN GENERAL.— The rules promulgated by the Securities and Exchange Commission under paragraph (1)(A) shall apply to a broker, dealer, transfer agent, municipal securities dealer, municipal securities broker, government securities broker, government securities dealer, investment publication.

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