3.0.0 2720 2023-01-11T13:31:43Z 2023-01-11T13:31:43Z Senate S 2016-03-17 114 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Standing Referred to 2016-03-17T18:40:40Z 2016-03-17 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. IntroReferral 2016-03-17 Introduced in Senate IntroReferral 10000 9 Library of Congress B001230 Sen. Baldwin, Tammy [D-WI] Tammy Baldwin D WI N M001176 Sen. Merkley, Jeff [D-OR] Jeff Merkley D OR 2016-03-17 True S000033 Sen. Sanders, Bernard [I-VT] Bernard Sanders I VT 2016-03-17 True W000817 Sen. Warren, Elizabeth [D-MA] Elizabeth Warren D MA A. 2016-03-17 True M000639 Sen. Menendez, Robert [D-NJ] Robert Menendez D NJ 2016-09-08 False Finance and Financial Sector Administrative law and regulatory procedures Insurance industry and regulation Securities Securities and Exchange Commission (SEC) Finance and Financial Sector 00 2016-03-17 Introduced in Senate 2016-05-27T20:07:15Z 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.

]]> Brokaw Act Display Title Brokaw Act Official Title as Introduced A bill to require the Securities and Exchange Commission to amend certain regulations, and for other purposes. Introduced in Senate IS Short Titles as Introduced Brokaw Act Introduced in Senate 2016-03-17T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-114s2720is/xml/BILLS-114s2720is.xml 2016-03-17 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.