[Congressional Bills 104th Congress]
[From the U.S. Government Publishing Office]
[S. 865 Introduced in Senate (IS)]







104th CONGRESS
  1st Session
                                 S. 865

           Entitled the ``Securities Act Amendment of 1995''.


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                   IN THE SENATE OF THE UNITED STATES

                 May 25 (legislative day, May 15), 1995

  Mr. Bennett introduced the following bill; which was read twice and 
    referred to the Committee on Banking, Housing, and Urban Affairs

_______________________________________________________________________

                                 A BILL


 
           Entitled the ``Securities Act Amendment of 1995''.
    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. LOSS CAUSATION.

    Section 12(2) of the Securities Act of 1933 (15 U.S.C. 771) is 
amended by inserting before the period at the end the following: 
``Provided, That such remedy of rescission shall not be available if 
the defendant proves that any depreciation in value of such security 
represents other than depreciation in value of such security resulting 
from such part of the prospectus, with respect to which his liability 
is asserted, not being true or omitting to state a material fact 
required to be stated therein or necessary to make the statements 
therein not misleading, in which case the person purchasing such 
security shall recover as damages only so much of the depreciation in 
value of such security as such defendant shall fail to prove to have 
resulted from a cause other than his misrepresentation or omission in 
such prospectus.''.
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