Page:United States Statutes at Large Volume 99 Part 2.djvu/627

 PUBLIC LAW 99-222—DEC. 28, 1985

99 STAT. 1737

Public Law 99-222 99th Congress An Act To amend the Securities Exchange Act of 1934 to authorize the Securities and Exchange Commission to subject banks, associations, and other entities that exercise fiduciary powers, to the same r^ulations as broker-dealers, pursuant to section 14(b) of the Securities Exchange Act of 1934.

Dec. 28, 1985 [H.R. 1603]

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled. Shareholder Communications Act

SECTION 1. SHORT TITLE.

This Act may be cited as the "Shareholder Communications Act 15 USC 78a of 1985".

note.

SEC. 2. AMENDMENT TO SECURITIES EXCHANGE ACT OF 1934. (a) APPLICABILTTY OF PROXY RULES TO BANKS, ASSOCIATIONS, AND

OTHER FIDUCIARIES.—Section 14(b) of the Securities Exchange Act of

1934 is amended by inserting "or any bank, association, or other 15 USC 78n entity that exercises fiduciary powers," after "under this title,". and note. (b) IMPLEMENTING REGULATIONS,—Such section

is

further

amended by inserting "(1)" after "(b)" and by adding at the end thereof the following new paragraph: "(2) With respect to banks, the rules and regulations prescribed by the Commission under paragraph (1) shall not require the disclosure of the names of beneficial owners of securities in an account held by the bank on the date of enactment of this paragraph unless the beneficial owner consents to the disclosure. The provisions of this paragraph shall not apply in the case of a bank which the Commission finds has not made a good faith effort to obtain such consent from such beneficial owners.". SEC. 3. EFFECTIVE DATE. The amendments made by this Act shall become effective one 15 USC 78n year after the date of enactment of this Act. ^°Approved December 28, 1985.

LEGISLATIVE HISTORY—H.R. 1603 (S. 918): HOUSE REPORT No. 99-181 (Comm. on Energy and Commerce). CONGRESSIONAL RECORD, Vol. 131 (1985): July 22, considered and passed House. Dec. 18, consideried and passed Senate.

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