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Sarbanes Oxley
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SEC. 604.
QUALIFICATIONS OF ASSOCIATED PERSONS
OF
BROKERS AND DEALERS.
(a) BROKERS AND
DEALERS.Section 15(b)(4) of the
Securities
Exchange Act
of 1934 (15 U.S.C. 78o) is amended
(1) by
striking subparagraph (F) and inserting the
following:
(F) is
subject to any order of the Commission barring
or suspending
the right of the person to be associated with
a broker or
dealer;; and
(2) in
subparagraph (G), by striking the period at
the
end and
inserting the following: ; or
(H) is
subject to any final order of a State
securities
commission
(or any agency or officer performing like
functions),
State
authority that supervises or examines banks,
savings
associations,
or credit unions, State insurance commission
(or
any agency or
office performing like functions), an
appropriate
Federal
banking agency (as defined in section 3 of the
Federal
Deposit
Insurance Act (12 U.S.C. 1813(q))), or the
National
Credit Union
Administration, that
(i) bars
such person from association with an entity
regulated by
such commission, authority, agency, or
officer,
or from
engaging in the business of securities,
insurance,
banking,
savings association activities, or credit
union
activities;
or
(ii)
constitutes a final order based on violations
of
any laws or
regulations that prohibit fraudulent,
manipulative,
or deceptive
conduct..
(b) INVESTMENT
ADVISERS.Section 203(e) of the
Investment
Advisers Act
of 1940 (15 U.S.C. 80b3(e)) is amended
(1) by
striking paragraph (7) and inserting the
following:
(7) is
subject to any order of the Commission barring
or suspending
the right of the person to be associated with
an investment
adviser;;
(2) in
paragraph (8), by striking the period at the
end
and inserting
; or; and
(3) by adding
at the end the following:
(9) is
subject to any final order of a State
securities
commission
(or any agency or officer performing like
functions),
State
authority that supervises or examines banks,
savings
associations,
or credit unions, State insurance commission
(or
any agency or
office performing like functions), an
appropriate
Federal
banking agency (as defined in section 3 of the
Federal
Deposit
Insurance Act (12 U.S.C. 1813(q))), or the
National
Credit Union
Administration, that
(A) bars
such person from association with an entity
regulated by
such commission, authority, agency, or
officer,
or from
engaging in the business of securities,
insurance,
banking,
savings association activities, or credit
union
activities;
or
(B)
constitutes a final order based on violations
of
any laws or
regulations that prohibit fraudulent,
manipulative,
or deceptive
conduct..
(c) CONFORMING AMENDMENTS.
(1) SECURITIES
EXCHANGE ACT OF 1934.The
Securities
Exchange Act
of 1934 (15 U.S.C. 78a et seq.) is amended
(A) in
section 3(a)(39)(F) (15 U.S.C. 78c(a)(39)(F))
(i) by
striking or (G) and inserting (H), or
(G);
and
(ii) by
inserting , or is subject to an order or
finding,
before enumerated;
(B) in each
of section 15(b)(6)(A)(i) (15 U.S.C.
78o(b)(6)(A)(i)),
paragraphs (2) and (4) of section 15B(c)
(15 U.S.C.
78o4(c)), and subparagraphs (A) and (C) of
section
15C(c)(1) (15 U.S.C. 78o5(c)(1))
(i) by
striking or (G) each place that term
appears
and inserting
(H), or (G); and
(ii) by
striking or omission each place that term
appears, and
inserting , or is subject to an order
or
finding,; and
(C) in each
of paragraphs (3)(A) and (4)(C) of section
17A(c) (15
U.S.C. 78q1(c))
(i) by
striking or (G) each place that term
appears
and inserting
(H), or (G); and
(ii) by
inserting , or is subject to an order or
finding,
before enumerated each place that term
appears.
(2) INVESTMENT
ADVISERS ACT OF 1940.Section
203(f) of
the
Investment Advisers Act of 1940 (15 U.S.C.
80b3(f)) is
amended
(A) by
striking or (8) and inserting (8), or
(9); and
(B) by
inserting or (3) after paragraph (2).
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