Sec. 356. REPORTING OF SUSPICIOUS ACTIVITIES BY SECURITIES BROKERS AND DEALERS; INVESTMENT COMPANY STUDY
470 words·~2 min read·
/statute-compilations/comps-1507/sec-356A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
## SEC. 356 REPORTING OF SUSPICIOUS ACTIVITIES BY SECURITIES BROKERS AND DEALERS; INVESTMENT COMPANY STUDY ###
(a)Deadline for Suspicious Activity Reporting Requirements for Registered Brokers and Dealers **[**[31 U.S.C. 5318 note](/us/usc/t31/s5318)**]** The Secretary, after consultation with the Securities and Exchange Commission and the Board of Governors of the Federal Reserve System, shall publish proposed regulations in the Federal Register before January 1, 2002, requiring brokers and dealers registered with the Securities and Exchange Commission under the Securities Exchange Act of 1934 to submit suspicious activity reports under section 5318(g) of title 31, United States Code. Such regulations shall be published in final form not later than July 1, 2002. ###
(b)Suspicious Activity Reporting Requirements For Futures Commission Merchants, Commodity Trading Advisors, and Commodity Pool Operators **[**[31 U.S.C. 5318 note](/us/usc/t31/s5318)**]** The Secretary, in consultation with the Commodity Futures Trading Commission, may prescribe regulations requiring futures commission merchants, commodity trading advisors, and commodity pool operators registered under the Commodity Exchange Act to submit suspicious activity reports under section 5318(g) of title 31, United States Code. ###
(c)Report on Investment Companies **[**[31 U.S.C. 5311 note](/us/usc/t31/s5311)**]** ####
(1)In general Not later than 1 year after the date of enactment of this Act, the Secretary, the Board of Governors of the Federal Reserve System, and the Securities and Exchange Commission shall jointly submit a report to the Congress on recommendations for effective regulations to apply the requirements of subchapter II of chapter 53 of title 31, United States Code, to investment companies pursuant to section 5312(a)(2)(I) of title 31, United States Code. ####
(2)Definition For purposes of this subsection, the term “**investment company**”— #####
(A)has the same meaning as in section 3 of the Investment Company Act of 1940 (15 U.S.C. 80a–3); and #####
(B)includes any person that, but for the exceptions provided for in paragraph
(1)or
(7)of section 3(c) of the Investment Company Act of 1940 (15 U.S.C. 80a–3(c)), would be an investment company. ####
(3)Additional recommendations The report required by paragraph
(1)may make different recommendations for different types of entities covered by this subsection. ####
(4)Beneficial ownership of personal holding companies The report described in paragraph
(1)shall also include recommendations as to whether the Secretary should promulgate regulations to treat any corporation, business trust, or other grantor trust whose assets are predominantly securities, bank certificates of deposit, or other securities or investment instruments (other than such as relate to operating subsidiaries of such corporation or trust) and that has 5 or fewer common shareholders or holders of beneficial or other equity interest, as a financial institution within the meaning of that phrase in section 5312(a)(2)(I) and whether to require such corporations or trusts to disclose their beneficial owners when opening accounts or initiating funds transfers at any domestic financial institution.
Connectionstraces to 2
Traces to 2 documents
2 references not yet in our index
- 15 USC 80a–3
- 15 USC 80a–3(c)
Citation graph
cites case law
Sec. 356
REPORTING OF SUSPICIOUS ACTIVITIES BY SECURITIES BROKERS AND DEALERS; INVESTMENT COMPANY STUDY
Cite15 USC 80a–3
Cite15 USC 80a–3(c)
Cites 4Cited by 0 across 0 sources