S. 2720 · 114th Congress
Brokaw Act
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Never voted on. It didn't reach a floor vote before the 114th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
D
BaldwinSponsor4 cosponsors · 3 D, 1 I
3 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
This bill directs the Securities and Exchange Commission (SEC) to amend specified regulations to reflect a revision the bill makes to the Securities Exchange Act of 1934 reducing from 10 to 2 business days the deadline for disclosing to the SEC any acquisition of a direct or indirect short interest in an equity security of a certain kind of voting class…
What it does: CRS summary · Introduced in Senate · Mar 17, 2016
Brokaw Act
This bill directs the Securities and Exchange Commission (SEC) to amend specified regulations to reflect a revision the bill makes to the Securities Exchange Act of 1934 reducing from 10 to 2 business days the deadline for disclosing to the SEC any acquisition of a direct or indirect short interest in an equity security of a certain kind of voting class that results in a direct or indirect short interest representing more than 5% of that class.
The mandatory disclosures of short interests shall apply to:
- any class of equity security which must be registered,
- certain equity securities of an insurance company, and
- any equity security issued by a closed-end investment company registered under the Investment Company Act of 1940.
The bill deems a person as having a "short interest in a security" if the person has the opportunity, either directly or indirectly, to profit from, or share in any profit derived from any decrease in the value of the security (including a derivative instrument, or a performance-related fee).
The bill deems a person to have a short interest in a security if the person creates or uses certain instruments, including a trust, proxy, power of attorney, pooling arrangement, or any other contract, arrangement, or device, to divest the person of a short interest in a security or to prevent the vesting of a short interest as part of a plan to evade the reporting requirements of the Act.
The bill declares that, with specified exceptions, in calculating the number of shares in which a person has a short interest, regardless of the form of the short interest, all securities of the same class shall be aggregated.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Brokaw Act
Latest action (Mar 17, 2016): Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Policy area: Finance and Financial Sector · Origin: Senate · Introduced: Mar 17, 2016
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.