15 U.S.C. 78o-4: Municipal securities

2022

• Pub. L. 117–263 added par. (8). (James M. Inhofe National Defense Authorization Act for Fiscal Year 2023) Law text · (b)

2010

• Pub. L. 111–203, §975(a)(1), designated existing provisions as subpar. (A) and added subpar. (B). (Dodd-Frank Wall Street Reform and Consumer Protection Act) Law text · (a)
• Pub. L. 111–203, §975(a)(2), (3), inserted "or municipal advisor" after "municipal securities dealer" wherever appearing. (Dodd-Frank Wall Street Reform and Consumer Protection Act) Law text · (a), (3)
• Pub. L. 111–203, §975(a)(4), substituted "dealer, municipal securities dealer, or municipal advisor, or class of brokers, dealers, municipal securities dealers, or municipal advisors" for "dealer, or municipal securities dealer or class of brokers, dealers, or municipal securities d… (Dodd-Frank Wall Street Reform and Consumer Protection Act) Law text · (a)
• Pub. L. 111–203, §975(a)(5), added par. (5). (Dodd-Frank Wall Street Reform and Consumer Protection Act) Law text · (a)
• Pub. L. 111–203, §975(b)(1)(C), which directed amendment of third sentence by striking out "initial", was executed in fourth sentence by striking out "initial" after "office of the" and after "such", to reflect the probable intent of Congress. (Dodd-Frank Wall Street Reform and Consumer Protection Act) Law text · (b)
• Pub. L. 111–203, §975(b)(1)(B), added second and third sentences and struck out former second sentence which read as follows: "The initial members of the Board shall serve as members for a term of two years, and shall consist of (A) five individuals who are not associated with any broker, dealer, o… (Dodd-Frank Wall Street Reform and Consumer Protection Act) Law text · (b)
• Pub. L. 111–203, §975(b)(1)(A), in first sentence, substituted "The Municipal Securities Rulemaking Board shall be composed of 15 members, or such other number of members as specified by rules of the Board pursuant to paragraph (2)(B)," for "Not later than one hundred twenty days after June 4, 1975… (Dodd-Frank Wall Street Reform and Consumer Protection Act) Law text · (b)
• Pub. L. 111–203, §975(b)(2)(A), in introductory provisions, inserted "and advice provided to or on behalf of municipal entities or obligated persons by brokers, dealers, municipal securities dealers, and municipal advisors with respect to municipal financial products, the issuance o… (Dodd-Frank Wall Street Reform and Consumer Protection Act) Law text · (b)
• Pub. L. 111–203, §975(b)(2)(B), in introductory provisions, inserted ", and no broker, dealer, municipal securities dealer, or municipal advisor shall provide advice to or on behalf of a municipal entity or obligated person with respect to municipal financial products or the issu… (Dodd-Frank Wall Street Reform and Consumer Protection Act) Law text · (b)
• Pub. L. 111–203, §975(b)(2)(C), amended subpar. (B) generally. Prior to amendment, subpar. (B) read as follows: "establish fair procedures for the nomination and election of members of the Board and assure fair representation in such nominations and elections of municipal securit… (Dodd-Frank Wall Street Reform and Consumer Protection Act) Law text · (b)
• Pub. L. 111–203, §975(b)(2)(D), inserted "and municipal financial products" after "municipal securities" the first two places appearing and ", municipal entities, obligated persons," after "to protect investors" and substituted "among customers, municipal entities, obligated pers… (Dodd-Frank Wall Street Reform and Consumer Protection Act) Law text · (b)
• Pub. L. 111–203, §975(b)(2)(E), inserted "and advice concerning municipal financial products" after "transactions in municipal securities" and "municipal advisor," before "or person associated" and substituted "that no" for "That no" and "a municipal securities broker, municipal … (Dodd-Frank Wall Street Reform and Consumer Protection Act) Law text · (b)
• Pub. L. 111–203, §975(b)(2)(F), substituted "municipal securities brokers, municipal securities dealers, and municipal advisors" for "municipal securities brokers and municipal securities dealers" and "municipal securities broker, municipal securities dealer, or municipal advisor… (Dodd-Frank Wall Street Reform and Consumer Protection Act) Law text · (b)
• Pub. L. 111–203, §975(b)(2)(G), substituted "municipal securities brokers, municipal securities dealers, and municipal advisors" for "municipal securities brokers and municipal securities dealers". (Dodd-Frank Wall Street Reform and Consumer Protection Act) Law text · (b)
• Pub. L. 111–203, §975(b)(2)(H), substituted "each municipal securities broker, municipal securities dealer, and municipal advisor" for "each municipal securities broker and each municipal securities dealer" and inserted ", which may include charges for failure to submit to the Bo… (Dodd-Frank Wall Street Reform and Consumer Protection Act) Law text · (b)
• Pub. L. 111–203, §975(b)(2)(I), substituted "a related account of a broker, dealer, or municipal securities dealer" for "a municipal securities investment portfolio" and substituted "any broker, dealer, or municipal securities dealer" for "any municipal securities dealer" in two … (Dodd-Frank Wall Street Reform and Consumer Protection Act) Law text · (b)
• Pub. L. 111–203, §975(b)(2)(J), added subpar. (L). (Dodd-Frank Wall Street Reform and Consumer Protection Act) Law text · (b)
• Pub. L. 111–203, §975(b)(3), (4), added pars. (3) to (5) and redesignated former par. (3) as (7). (Dodd-Frank Wall Street Reform and Consumer Protection Act) Law text · (b), (7)
• Pub. L. 111–203, §975(c)(1), (2), inserted ", and no broker, dealer, municipal securities dealer, or municipal advisor shall make use of the mails or any means or instrumentality of interstate commerce to provide advice to or on behalf of a municipal entity or obligated person with … (Dodd-Frank Wall Street Reform and Consumer Protection Act) Law text · (c)
• Pub. L. 111–203, §975(c)(3), inserted "or municipal advisor" after "municipal securities dealer" in two places. (Dodd-Frank Wall Street Reform and Consumer Protection Act) Law text · (c)
• Pub. L. 111–203, §975(c)(4), inserted "or municipal entities or obligated person" after "protection of investors" in two places and "or municipal advisor" after "municipal securities dealer" wherever appearing. (Dodd-Frank Wall Street Reform and Consumer Protection Act) Law text · (c)
• Pub. L. 111–203, §975(c)(5), which directed amendment of par. (4) by inserting "or municipal advisor" after "municipal securities dealer or obligated person" each place that term appears, could not be executed because such term does not appear. (Dodd-Frank Wall Street Reform and Consumer Protection Act) Law text · (c)
• Pub. L. 111–203, §925(a)(2), substituted "12 months or bar any such person from being associated with a broker, dealer, investment adviser, municipal securities dealer, municipal advisor, transfer agent, or nationally recognized statistical rating organization," for "twelve months or bar any such p… (Dodd-Frank Wall Street Reform and Consumer Protection Act) Law text · (c)
• Pub. L. 111–203, §975(c)(6), inserted "or municipal entities or obligated person" after "protection of investors". (Dodd-Frank Wall Street Reform and Consumer Protection Act) Law text · (c)
• Pub. L. 111–203, §975(c)(7)(A), added cl. (iii). (Dodd-Frank Wall Street Reform and Consumer Protection Act) Law text · (c)
• Pub. L. 111–203, §975(c)(7)(B), inserted "or municipal entities or obligated person" after "protection of investors". (Dodd-Frank Wall Street Reform and Consumer Protection Act) Law text · (c)
• Pub. L. 111–203, §929F(a), substituted "any person who is, or at the time of the alleged violation or abuse was, a member or employee" for "any member or employee". (Dodd-Frank Wall Street Reform and Consumer Protection Act) Law text · (c)
• Pub. L. 111–203, §975(c)(8), added par. (9). (Dodd-Frank Wall Street Reform and Consumer Protection Act) Law text · (c)
• Pub. L. 111–203, §975(d)(2), which directed amendment of par. (2) by inserting "or municipal advisors" before "to furnish", was executed by making the insertion before "to furnish" the second place appearing, to reflect the probable intent of Congress. (Dodd-Frank Wall Street Reform and Consumer Protection Act) Law text · (d)
• Pub. L. 111–203, §975(d)(1), substituted "through a municipal securities broker, municipal securities dealer, municipal advisor, or otherwise" for "through a municipal securities broker or municipal securities dealer or otherwise". (Dodd-Frank Wall Street Reform and Consumer Protection Act) Law text · (d)
• Pub. L. 111–203, §975(e), added subsec. (e). (Dodd-Frank Wall Street Reform and Consumer Protection Act) Law text · (e)

2002

• Pub. L. 107–204 substituted ", or is subject to an order or finding," for "or omission" and "(H), or (G)" for "or (G)". (Sarbanes-Oxley Act of 2002) Law text · (c), (4)

1998

• Pub. L. 105–353 substituted "convicted of any offense" for "convicted by any offense" in first sentence. (Securities Litigation Uniform Standards Act of 1998) Law text · (c)

1990

• Pub. L. 101–550 substituted "(A), (D), (E), or (G)" for "(A), (D), or (E)". · (c), (4)
• Pub. L. 101–429 substituted ", the nature" for "and the nature" and "proposed action, and whether the Commission is seeking a monetary penalty against such municipal securities dealer or such associated person pursuant to section 78u–2 of this title; and" for "proposed action and… · (c)

1987

• Pub. L. 100–181, §318, substituted "municipal securities dealers, to regulate" for "municipal security dealers, to regulate" "purposes of this chapter" for "purposes of this chapter or the securities", and "burden on competition" for "burden or competition". · (b)
• Pub. L. 100–181, §319, substituted new first sentence for former first sentence which read as follows: "The Commission, by order, shall censure any person associated, or seeking to become associated with, a municipal securities dealer or suspend for a period not exceeding twelve mon… · (c)
• Pub. L. 100–181, §320, substituted "Board" for "board". · (c)

1983

• Pub. L. 98–38, §4(a), inserted "(other than by reason of being under common control with, or indirectly controlling, any broker or dealer which is not a municipal securities broker or municipal securities dealer)" after "securities dealer". · (b)
• Pub. L. 98–38, §4(b), inserted "(other than by reason of being under common control with, or indirectly controlling, any broker or dealer which is not a municipal securities broker or municipal securities dealer)" after "broker, dealer, or municipal securities dealer". · (b)