H.R.4038 - Market Oversight Consolidation and OTC Derivatives Regulation Act107th Congress (2001-2002)
Summary: H.R.4038 — 107th Congress (2001-2002)
Market Oversight Consolidation and OTC Derivatives Regulation Act - Establishes the Securities and Derivatives Oversight Commission (SDOC) as an independent regulatory commission. Mandates a separate division within SDOC with responsibility for functions relating to markets in physical commodities.
Introduced in House (03/20/2002)
Transfers to SDOC all functions of: (1) the Commodity Futures Trading Commission; (2) the Securities and Exchange Commission; and (3) the Board of Governors of the Federal Reserve System pertaining to margin requirements.
Grants the SDOC margin authority with respect to securities and futures.
Establishes in the executive branch the Federal Financial Markets Coordinating Council to: (1) coordinate the regulatory operations of each of the financial oversight agencies represented on the Council; and (2) establish an advisory committee of representatives of the futures, commodities, options, and securities exchanges and the banking industry.
Terminates the Commodity Futures Trading Commission and the Securities and Exchange Commission.
Subjects over-the-counter derivatives dealers and derivatives transactions to the regulatory jurisdiction of the SDOC.
Establishes criminal sanctions for violations of this Act.
Prescribes guidelines for a private right of action against any persons (including officers, directors, governors, and committee members) who willfully aid, abet, counsel, induce, or procure a violation of this Act. Subjects violators to liability for actual and punitive damages in cases of intentional violations. Grants the Federal district courts exclusive jurisdiction of such actions.