H.R.1653 - Securities Litigation Improvement Act of 1997105th Congress (1997-1998)
Summary: H.R.1653 — 105th Congress (1997-1998)
Introduced in House (05/16/1997)
Securities Litigation Improvement Act of 1997 - Amends the Securities Act of 1933 and the Securities Exchange Act of 1934 to proscribe bringing a private civil action in State court or under State law (including a pendent State claim to an action under Federal law) which alleges: (1) a misrepresentation or omission in connection with the purchase or sale of a covered security (a security that is exclusively under Federal registration); or (2) that the defendant used any manipulative or deceptive device in connection with such a transaction.
Grants Federal district courts exclusive jurisdiction over suits and offenses brought under the Act.