Page:United States Statutes at Large Volume 112 Part 5.djvu/475

 PUBLIC LAW 105-353—NOV. 3, 1998 112 STAT. 3233 should be joined, consolidated, or otherwise allowed to proceed as a single action.". (2) CIRCUMVENTION OF STAY OF DISCOVERY.— Section 21D(b)(3) of the Securities Exchange Act of 1934 (15 U.S.C. 78u-4(b)(3)) is amended by adding at the end the following new subparagraph: "(D) CIRCUMVENTION OF STAY OF DISCOVERY. — Upon a proper showing, a court may stay discovery proceedings in any private action in a State court, as necessary in aid of its jurisdiction, or to protect or effectuate its judgments, in an action subject to a stay of discovery pursuant to this paragraph.". (c) APPLICABILITY.—The amendments made by this section shall 15 USC 77p note. not affect or apply to any action commenced before and pending on the date of enactment of this Act. SEC. 102. PROMOTION OF RECIPROCAL SUBPOENA ENFORCEMENT. 15 USC 78u note. (a) COMMISSION ACTION.— The Securities and Exchange Commission, in consultation with State securities commissions (or any agencies or offices performing like functions), shall seek to encourage the adoption of State laws providing for reciprocal enforcement by State securities commissions of subpoenas issued by smother State securities commission seeking to compel persons to attend, testify in, or produce documents or records in connection with an action or investigation by a State securities commission of an alleged violation of State securities laws. (b) REPORT.— Not later than 24 months after the date of enact- Deadline, ment of this Act, the Securities and Exchange Commission (hereafter in this section referred to as the "Commission") shall submit a report to the Congress— (1) identifying the States that have adopted laws described in subsection (a); (2) describing the actions undertaken by the Commission and State securities commissions to promote the adoption of such laws; and (3) identifying any further actions that the Commission recommends for such purposes. TITLE II—REAUTHORIZATION OF THE SECURITIES AND EXCHANGE COMMIS- SION SEC. 201. AUTHORIZATION OF APPROPRIATIONS. Section 35 of the Securities Exchange Act of 1934 (15 U.S.C. 78kk) is amended to read as follows: "SEC. 35. AUTHORIZATION OF APPROPRIATIONS. "(a) IN GENERAL.— In addition to any other funds authorized to be appropriated to the Commission, there are authorized to be appropriated to carry out the functions, powers, and duties of the Commission, $351,280,000 for fiscal year 1999. "(b) MISCELLANEOUS EXPENSES.— Funds appropriated pursuant to this section are authorized to be expended— "(1) not to exceed $3,000 per fiscal year, for official reception and representation expenses;

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