H.R. 4619: To amend the Securities Exchange Act of 1934 to prohibit trading ahead by market makers, and for other purposes.
Legislation Details
117th Congress
To amend the Securities Exchange Act of 1934 to prohibit trading ahead by market makers, and for other purposes.
Sponsor: Rep. Al Green — D — TX
Creates specified duties for market makers—individuals and firms that buy and sell securities, such as brokerage houses—and sets forth penalties for violations of those duties. Specifically, the bill establishes for market makers a duty of trust and loyalty to the customer upon receipt of an order and deems the information in the order as material, non-public information. Furthermore, the Chief Executive Officer of a market maker must annually certify compliance with such responsibi...
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