[Congressional Bills 104th Congress]
[From the U.S. Government Publishing Office]
[H.R. 14 Introduced in House (IH)]







104th CONGRESS
  1st Session
                                 H. R. 14

  To repeal the exemption from disclosure requirements for municipal 
 securities, and to require the Securities and Exchange Commission to 
   publish model disclosure forms to facilitate compliance with the 
                        disclosure requirements.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                            January 4, 1995

  Mr. Leach introduced the following bill; which was referred to the 
                         Committee on Commerce

_______________________________________________________________________

                                 A BILL


 
  To repeal the exemption from disclosure requirements for municipal 
 securities, and to require the Securities and Exchange Commission to 
   publish model disclosure forms to facilitate compliance with the 
                        disclosure requirements.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Municipal Securities Reform and 
Simplified Disclosure Act of 1995''.

SEC. 2. GENERAL DISCLOSURE REQUIREMENTS FOR MUNICIPAL SECURITIES.

    Subsection 15B(d) of the Securities Exchange Act of 1934 (15 U.S.C. 
78o4(d)) is amended to read as follows:
    ``(d) In General.--(1) Notwithstanding any other provision of this 
Act and in addition to any other disclosure requirements, the 
Commission shall, by rule or regulation, publish model disclosure forms 
and clauses for common transactions to facilitate compliance with the 
disclosure requirements set forth in this Act to aid issuers and 
investors in municipal securities by utilizing readily understandable 
language to simplify the technical nature of the disclosures. Such 
model disclosure forms and clauses shall also be published for any 
application, report or document in connection with the issuance, sale, 
or distribution of such securities. No provision of this Act may be 
construed to require municipal securities issuers to use any such model 
form or clause prescribed by the Commission under this section. A 
municipal securities issuer shall be deemed to be in compliance with 
the disclosure provisions of this Act with respect to other than 
numerical disclosures if the municipal securities issuer (A) uses any 
appropriate model form or clause as published by the Commission, or (B) 
uses any such model form or clause and changes it by (i) deleting any 
information which is not required by this section, or (ii) rearranging 
the format, if in making such deletion or rearranging the format, the 
municipal securities issuer does not affect the substance, clarity, or 
meaningful sequence of the disclosure.''.

SEC. 3. EFFECTIVE DATE.

    The amendments made by this Act and any rules or regulations 
required under such amendments, shall become effective not later than 
180 days after the date of enactment.
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