Summary: Directs the Securities and Exchange Commission (SEC) to issue guidance on the interpretation of the fair value accounting standards set forth by the Financial Accounting Standards Board (FASB), including the SEC interpretation and application of FASB Statement Number 157. Requires the SEC to report to specified congressional committees on any FASB actions taken relating to the SEC recommendations submitted to Congress on December 30, 2008.

directs securities_and_exchange_commission sec issue guidance interpretation fair value accounting standards set forth financial accounting standards board including sec interpretation application statement number requires sec report specified congressional committees actions taken relating sec recommendations submitted congress december


Summary: Hedge Fund Adviser Registration Act of 2009 - Amends the Investment Advisers Act of 1940 to repeal the exception to the registration requirement for any investment adviser who: (1) during the preceding twelve months has had fewer than 15 clients; and (2) neither holds himself or herself out generally to the public as an investment adviser, nor acts an an investment adviser to any registered investment company or any business development company. (Thus requires such private investment advisers to register with the Securities and Exchange Commission [SEC].)

hedge fund adviser registration act amends investment advisers act repeal exception registration requirement investment adviser preceding months fewer clients holds generally public investment adviser acts investment adviser registered investment company business development company requires private investment advisers register securities_and_exchange_commission sec


Summary: Hedge Fund Study Act - Instructs the President's Working Group on Financial Markets to study and report to certain congressional committees on the hedge fund industry. Requires the study to analyze: (1) the changing nature of hedge funds and what characteristics define a hedge fund; (2) the growth of hedge funds within financial markets; (3) the growth of pension funds investing in hedge funds; (4) whether hedge fund investors are able to protect themselves adequately from the risk associated with their investments; (5) whether hedge fund leverage is effectively constrained; and (6) the potential risks hedge funds pose to financial markets or to investors.

hedge fund study act instructs president working_group financial markets study report certain congressional committees hedge fund industry requires study analyze changing nature hedge funds characteristics define hedge fund growth hedge funds financial markets growth pension funds investing hedge funds hedge fund investors able protect adequately risk associated investments hedge fund leverage effectively potential risks hedge funds pose financial markets investors


Summary: Commission on Financial Crisis Accountability Act of 2009 - Establishes the Commission on Financial Crisis Accountability to study and report to Congress on the U.S. financial system. Requires the Commission to examine the current financial crisis, its causes, and its impact on the federal deficit and tax revenues.

commission financial crisis accountability_act establishes_the_commission financial crisis accountability study report congress financial system requires commission examine current financial crisis causes impact federal deficit tax revenues


Summary: Derivatives Markets Transparency and Accountability Act of 2009 - Amends the Commodity Exchange Act to prohibit the Commodity Futures Trading Commission (CFTC) from permitting a foreign board of trade to provide its U.S-located members with access to the CFTC electronic trading system and order matching system with respect to an agreement, contract, or transaction that settles against any price (including the daily or final settlement price) of one or more contracts listed for trading on a registered entity, unless such board meets requirements similar to those imposed upon U.S. exchanges. Directs the CFTC to: (1) define and classify index traders and swap dealers for purposes of data reporting requirements; and (2) set routine detailed reporting requirements for any positions of such entities in contracts traded on designated contract markets, derivatives transaction execution facilities, foreign boards of trade, and electronic trading facilities with respect to significant price discovery contracts. Requires the CFTC, to the extent information is available, to disaggregate and make public monthly: (1) the number of positions and total notional value of index funds and other passive, long-only and short-only positions in all markets; and (2) data on speculative positions relative to bona fide physical hedgers in those markets. Subjects persons involved in derivative and swap transactions, as well as large traders in over-the-counter contracts, to reporting and recordkeeping requirements. Directs the CFTC to set position limits for any one person with respect to: (1) contracts of sale for future delivery; or (2) options on such contracts or commodities traded on or subject to the rules of a contract market or derivatives transaction execution facility or on an electronic trading facility as a significant price discovery contract. Directs the CFTC to: (1) appoint a sufficient number of new full-time employees; (2) review prior actions to ensure compliance with this Act; and (3) review over-the-counter markets. Directs the Government Accountability Office (GAO) to study and report to specified congressional committees on the international regime for regulating the trading of energy commodity futures and derivatives. Directs the CFTC to assess whether certain derivative, swap, and similar agreements, contracts, or transactions that are fungible with agreements, contracts, or transactions traded on or subject to the rules of any board of trade or electronic trading facility with respect to a significant price discovery contract have the potential to: (1) disrupt the liquidity or price discovery function on a registered entity; (2) cause a severe market disturbance in the underlying cash or futures market; or (3) prevent or otherwise impair the price of a contract listed for trading on a registered entity from reflecting the forces of supply and demand in any market. Authorizes the CFTC, upon a positive finding, to impose position limits. Authorizes the CFTC to use expedited procedures to carry out this Act. Makes specified exclusions and exemptions from the Commodity Exchange Act available only for certain transactions settled and cleared through registered derivatives clearing organizations or other regulated entities, including national banks, state member banks, insured state nonmember banks, affiliates of any of these, or corporations chartered to do foreign banking. Treats as commodities exempt from Commodity Exchange Act coverage: (1) any allowance authorized under law to emit a greenhouse gas; and (2) any credit authorized under law toward the reduction in greenhouse gas emissions or an increase in carbon sequestration. Directs the CFTC to enter into a memorandum of understanding with the Secretary of Agriculture which shall ensure that any procedures and protocols developed for a market-based greenhouse gas program are properly constructed and coordinated to maximize credits for carbon sequestration. Amends the Inspector General Act of 1978 with respect to the Office of Inspector General of the CFTC. Authorizes the CFTC to: (1) suspend trading of credit default swaps; and (2) initiate and conduct criminal litigation relating to a violation of the Commodity Exchange Act if the Attorney General has declined to do so.

derivatives markets transparency accountability_act amends commodity_exchange_act prohibit commodity_futures_trading_commission cftc permitting foreign board trade provide located members access cftc electronic trading system order matching system respect agreement contract transaction price including daily final settlement price contracts listed trading registered entity board meets requirements similar imposed exchanges directs cftc define classify index traders swap dealers purposes data reporting requirements set routine detailed reporting requirements positions entities contracts traded designated contract markets derivatives transaction execution facilities foreign boards trade electronic trading facilities respect significant price discovery contracts requires cftc extent information available disaggregate public monthly number positions total notional value index funds passive long short positions markets data speculative positions relative bona fide physical markets subjects persons involved derivative swap transactions large traders counter contracts reporting recordkeeping requirements directs cftc set position limits person respect contracts sale future delivery options contracts commodities traded subject rules contract market derivatives transaction execution facility electronic trading facility significant price discovery contract directs cftc appoint sufficient number new time employees review prior actions ensure compliance act review counter markets directs government_accountability_office gao study report specified congressional committees international regime regulating trading energy commodity futures derivatives directs cftc assess certain derivative swap similar agreements contracts transactions fungible agreements contracts transactions traded subject rules board trade electronic trading facility respect significant price discovery contract potential disrupt liquidity price discovery function registered entity cause severe market disturbance underlying cash futures market prevent impair price contract listed trading registered entity reflecting forces supply demand market authorizes cftc positive finding impose position limits authorizes cftc use expedited procedures carry act makes specified exclusions exemptions commodity_exchange_act available certain transactions settled cleared registered derivatives clearing organizations regulated entities including national banks state member banks insured state nonmember banks affiliates corporations chartered foreign banking treats commodities exempt commodity_exchange_act coverage allowance authorized law emit greenhouse gas credit authorized law reduction greenhouse gas emissions increase carbon sequestration directs cftc enter memorandum understanding secretary agriculture shall ensure procedures protocols developed market based greenhouse gas program properly constructed coordinated maximize credits carbon sequestration amends inspector_general act respect office_of_inspector_general cftc authorizes cftc suspend trading credit default swaps initiate conduct criminal litigation relating violation commodity_exchange_act attorney general declined


Summary: Let Wall Street Pay for Wall Street's Bailout Act of 2009 - Amends the Internal Revenue Code to require securities trading facilities to pay an excise tax on a specified percentage of the value of securities and commodities transactions sufficient to recoup the net cost of carrying out the Troubled Asset Relief Program (TARP) of the Emergency Economic Stabilization Act of 2008.

let wall street pay wall street bailout act amends_the_internal_revenue_code require securities trading facilities pay excise tax specified percentage value securities commodities transactions sufficient recoup net cost carrying troubled_asset_relief_program tarp emergency_economic_stabilization_act


Summary: Amends the Internal Revenue Code to: (1) allow an enhanced tax deduction for losses sustained from a fraudulent Ponzi-type scheme; (2) extend the carryback period for net operating losses attributable to such schemes; (3) waive certain limitations on the charitable tax deduction for contributions to charities with losses from fraudulent Ponzi-type schemes; and (4) restore the gift tax unified credit for gifts of an interest in a fraudulent Ponzi-type scheme. Defines "fraudulent Ponzi-type scheme" as any fraudulent investment operation that provides investors with returns that are derived substantially from investments made by other investors rather than from profits.

amends_the_internal_revenue_code allow enhanced tax deduction losses sustained fraudulent type scheme extend carryback period net operating losses attributable schemes waive certain limitations charitable tax deduction contributions charities losses fraudulent type schemes restore gift tax unified credit gifts interest fraudulent type scheme defines fraudulent type scheme fraudulent investment operation provides investors returns derived substantially investments investors profits


Summary: Money Market Fund Parity Act of 2009 - Directs the Securities and Exchange Commission (SEC) to revise, according to specified requirements, rules relating to net capital, custody and use of customers' securities, and certain underwritings to provide for: (1) treatment of securities issued by qualified money market funds comparable with the treatment under those rules of other low-risk securities and deposits; and (2) the expanded use of securities issued by qualified money market funds for financing by brokers and dealers.

money market fund parity act directs securities_and_exchange_commission sec revise according specified requirements rules relating net capital custody use customers securities certain provide treatment securities issued qualified money market funds comparable treatment rules low risk securities deposits expanded use securities issued qualified money market funds financing brokers dealers


Summary: Amends the Securities Exchange Act of 1934 to direct the Securities and Exchange Commission (SEC) to revise regulations relating to "asset-backed securities" to define an "NRSRO asset-backed securities" subset, which shall: (1) be the only asset-backed securities for which a credit rating agency may register and issue ratings as a nationally recognized statistical rating organization (NRSRO); and (2) be restricted to securities representing interests in pools of assets whose performance can be evaluated based on a documented history of predictable performance of similar assets, and which are contained in structures which also have a documented history of predictable performance. Requires the revision of such regulations to include a list of the classes of securities approved as NRSRO asset-backed securities. Prescribes an approval process for NRSRO asset-backed securities classes, including approval standards. Requires an NRSRO to: (1) review annually all ratings issued and outstanding in obligor categories for which it has registered; (2) formally affirm, upgrade, downgrade, or remove ratings based on such review; and (3) provide the SEC with full access to models, documentation, assumptions and performance data upon request, answer all questions posed by the SEC, and cooperate with any SEC investigation. Directs the SEC to determine whether ratings are issued with the expectation of meeting aggregate historical loss and default standards for given ratings levels across all categories for which a credit rating agency has registered.

amends securities_exchange_act direct securities_and_exchange_commission sec revise regulations relating asset backed securities define asset backed securities subset shall asset backed securities credit rating agency register issue ratings nationally recognized statistical rating organization restricted securities representing interests pools assets performance evaluated based documented history performance similar assets contained structures documented history performance requires revision regulations include list classes securities approved asset backed securities prescribes approval process asset backed securities classes including approval standards requires review annually ratings issued outstanding obligor categories registered formally affirm upgrade downgrade remove ratings based review provide sec access models documentation assumptions performance data request answer questions posed sec cooperate sec investigation directs sec determine ratings issued expectation meeting aggregate historical loss default standards given ratings levels categories credit rating agency registered


Summary: Stock Market Recovery Act of 2009 - Directs the Securities and Exchange Commission (SEC) to: (1) reinstate rule 10a-1 (the "uptick rule," which prevents new short sales of a company's stock while its share price is falling); (2) rescind rule 201 of regulation SHO (which declares any short sale price test inapplicable to short sales in any security); and (3) reinstate price test restrictions that applied to short sales of securities before SEC action in a specified proceeding entitled "Regulation SHO and Rule 10a-1," adopted June 28, 2007. Directs the SEC to suspend the application of mark-to-market accounting principles with respect to any class or category of transaction necessary or appropriate in the public interest and consistent with the protection of investors.

stock market recovery_act directs securities_and_exchange_commission sec reinstate rule rule prevents new short sales company stock share price falling rescind rule regulation declares short sale price test inapplicable short sales security reinstate price test restrictions applied short sales securities sec action specified proceeding entitled regulation rule adopted june directs sec suspend application mark market accounting principles respect class category transaction necessary appropriate public interest consistent protection investors


Summary: Amends the Securities Act of 1933, with respect to exclusive federal registration of nationally traded securities, to exclude from exclusive federal regulation, and thus permit state regulation of, certain securities anyone of specified securities exchanges has listed (or authorized for listing) in a tier or segment for uncovered securities, according to standards for designating such a tier or segment the exchange has adopted.

amends securities act respect exclusive federal registration nationally traded securities exclude exclusive federal regulation permit state regulation certain securities specified securities exchanges listed authorized listing tier segment uncovered securities according standards designating tier segment exchange adopted


Summary: Credit Rating Agency Transparency and Disclosure Act - Amends the Securities Exchange Act of 1934 to instruct the Securities and Exchange Commission (SEC) to promulgate rules that: (1) require nationally recognized statistical rating organizations (NRSROs), with respect to their determination of credit ratings for structured securities, to disclose the information they require from originators, issuers, and underwriters regarding the collateral underlying such securities; (2) establish procedures to disseminate information about processes used by such originators, issuers, and underwriters to assess the accuracy and integrity of their data and fraud detection; and (3) require each NRSRO to maintain on a publicly accessible Internet site the historical default rates of all classes of financial products it has rated.

credit rating agency transparency disclosure act_-_amends securities_exchange_act instruct securities_and_exchange_commission sec promulgate rules require nationally recognized statistical rating organizations nrsros respect determination credit ratings structured securities disclose information require originators issuers underwriters collateral underlying securities establish procedures disseminate information processes originators issuers underwriters assess accuracy integrity data fraud detection require maintain publicly accessible internet site historical default rates classes financial products rated


Summary: Federal Municipal Bond Marketing Support and Securitization Act of 2009 - Requires the Secretary of the Treasury and the Board of Governors of the Federal Reserve System to consult with each other for the purpose of: (1) finding solutions for the grave effects of the current financial crisis on the markets for municipal securities; and (2) cooperating in authorized activities to alleviate such effects on those markets. Directs the Secretary to establish a program to: (1) purchase municipal securities; (2) issue securities backed by pools of municipal securities; and (3) provide credit enhancement or guarantees for municipal securities. Authorizes the Federal Financing Bank to: (1) make commitments to purchase and sell any municipal security issued under a specified plan approved by the Secretary; (2) guarantee repayment of principal and interest on any municipal security issued under a plan approved by the Secretary; and (3) issue and sell instruments representing interests in a pool of municipal securities purchased by the Bank. Prohibits the purchase or guarantee of a municipal security under this Act unless the Secretary has approved, prior to its issuance, the method, source, and timing of financing, as well as all terms and conditions. States that municipal securities sold by the Secretary or the Bank under this Act, and instruments issued by the Secretary or the Bank that represent pools of municipal securities, may be insured as to the payment of principal or interest by the Secretary or the Bank, respectively. Authorizes the Board to establish a credit facility to provide financial resources for the purchase of municipal securities by federal reserve banks or member banks or other persons.

federal municipal bond marketing support securitization act requires secretary treasury board_of_governors federal_reserve_system consult purpose finding solutions grave effects current financial crisis markets municipal securities cooperating authorized activities alleviate effects markets directs secretary establish program purchase municipal securities issue securities backed pools municipal securities provide credit enhancement guarantees municipal securities authorizes federal financing bank commitments purchase sell municipal security issued specified plan approved secretary guarantee repayment principal interest municipal security issued plan approved secretary issue sell instruments representing interests pool municipal securities purchased bank prohibits purchase guarantee municipal security act secretary approved prior issuance method source timing financing terms conditions states municipal securities sold secretary bank act instruments issued secretary bank represent pools municipal securities insured payment principal interest secretary bank respectively authorizes board establish credit facility provide financial resources purchase municipal securities federal_reserve_banks member banks persons


Summary: Directs the Securities and Exchange Commission (SEC) to suspend, for mandatory reports submitted after January 1, 2008, application of mark-to-market accounting provided in Statement 157 of the Financial Accounting Standards Board.

directs securities_and_exchange_commission sec suspend mandatory reports submitted january application mark market accounting provided statement financial accounting standards board


Summary: Municipal Bond Fairness Act - Amends the Securities Exchange Act of 1934 to direct the Securities and Exchange Commission (SEC) to require each registered nationally recognized statistical rating organization (NSRO) (credit rating agency) to establish, maintain, and enforce written policies and procedures reasonably designed to: (1) establish and maintain credit ratings with respect to securities and money market instruments designed to assess the risk that investors in such instruments may not receive payment in accordance with their terms of issuance; and (2) define clearly any rating symbol and apply it consistently. Permits an NSRO to use or consider the following when assessing the risk that an investor in a security or money market instrument will not receive repayment in accordance with the terms of issuance: (1) additional credit factors that it has documented and disclosed; (2) credit factors that are unique to municipal securities that are not backed by the issuer's full faith and credit; or (3) an additional credit rating symbol to distinguish ratings of a certain type of security or money market instrument from ratings of any other types. Prohibits the SEC from imposing any requirement that prevents an NSRO from establishing ratings that are complementary to such mandatory ratings and that are created to measure a discrete aspect of risk. Directs the SEC to establish performance measures to consider when deciding whether to initiate a review concerning whether an NSRO has failed to adhere to its procedures and methodologies for issuing ratings.

municipal bond fairness act_-_amends securities_exchange_act direct securities_and_exchange_commission sec require registered nationally recognized statistical rating organization credit rating agency establish maintain enforce written policies procedures reasonably designed establish maintain credit ratings respect securities money market instruments designed assess risk investors instruments receive payment accordance terms issuance define clearly rating symbol apply consistently permits use consider following assessing risk investor security money market instrument receive repayment accordance terms issuance additional credit factors documented disclosed credit factors unique municipal securities backed issuer faith credit additional credit rating symbol distinguish ratings certain type security money market instrument ratings types prohibits sec imposing requirement prevents establishing ratings complementary mandatory ratings created measure discrete aspect risk directs sec establish performance measures consider deciding initiate review concerning failed adhere procedures methodologies issuing ratings


Summary: Municipal Advisers Regulation Act - Amends the Securities Exchange Act of 1934 to make it unlawful for a person not associated with a municipal financial adviser to make use of the mails or means of interstate commerce to act as a municipal financial adviser unless such person is registered with the Securities and Exchange Commission (SEC) as a municipal financial adviser in accordance with this Act. Defines "municipal financial adviser" as a person who, for compensation, engages in the business of: (1) providing advice to a municipal securities issuer with respect to issuance of securities, investment of proceeds from such securities, the hedging of risks associated with such securities, or preparation of disclosure documents; (2) assisting a municipal securities issuer in selecting or negotiating guaranteed investment contracts or other investment products; or (3) assisting a municipal securities issuer in the primary offering of securities not involving a public offering. Provides requirements concerning sanctions (including revocation of registration), fair practices, compliance with standards of operational capability, and the fiduciary duty of such an adviser.

municipal advisers regulation act_-_amends securities_exchange_act unlawful person associated municipal financial adviser use mails means interstate commerce act municipal financial adviser person registered securities_and_exchange_commission sec municipal financial adviser accordance act defines municipal financial adviser person compensation engages business providing advice municipal securities issuer respect issuance securities investment proceeds securities hedging risks associated securities preparation disclosure documents assisting municipal securities issuer selecting negotiating guaranteed investment contracts investment products assisting municipal securities issuer primary offering securities involving public offering provides requirements concerning sanctions including revocation registration fair practices compliance standards operational capability fiduciary duty adviser


Summary: Compliance, Examinations, and Inspections Restructuring Act of 2009 - Amends the Securities Exchange Act of 1934 to vest the inspections and examinations authority of the Securities and Exchange Commission (SEC) in those administrative divisions or offices to which the SEC has delegated its administrative responsibilities. Requires the subject of an SEC inquiry or inspection to be notified in writing at least every 120 days regarding the status of an ongoing proceeding. Requires an SEC administrative division or office to obtain permission to conduct a sweep examination in the same manner and subject to the same procedures as SEC enforcement divisions or offices must follow in conducting a formal investigation or inquiry of registered entities. Instructs the Chairman of the SEC to appoint an Ombudsman with respect to any problems resulting from SEC regulatory activities. Expresses the sense of Congress that the SEC should develop and publish guidelines setting forth explicitly the benefit to either an issuer of securities or a registered entity if it self-reports an apparent violation of law, and subsequently becomes the respondent in an SEC civil injunctive action or administrative proceeding regarding the matter that was self-reported.

compliance examinations inspections restructuring act amends securities_exchange_act vest inspections examinations authority securities_and_exchange_commission sec administrative divisions offices sec delegated administrative responsibilities requires subject sec inquiry inspection notified writing days status ongoing proceeding requires sec administrative division office obtain permission conduct examination manner subject procedures sec enforcement divisions offices follow conducting formal investigation inquiry registered entities instructs chairman sec appoint ombudsman respect problems resulting sec regulatory activities expresses sense congress sec develop publish guidelines setting forth explicitly benefit issuer securities registered entity self reports apparent violation law subsequently respondent sec civil injunctive action administrative proceeding matter self reported


Summary: Fixed Indexed Annuities and Insurance Products Classification Act of 2009 - Amends the Securities Act of 1933 to include within the class of securities exempt from its coverage any insurance or endowment policy or annuity contract or optional annuity contract: (1) whose value does not vary according to the performance of a separate account; and (2) which satisfies standard nonforfeiture laws or similar requirements of the applicable state, Territory, or District of Columbia at time of issue or, in the absence of applicable standard nonforfeiture laws or requirements, satisfies the Model Standard Nonforfeiture Law for Life Insurance or Model Standard Nonforfeiture Law for Individual Deferred Annuities, or any successor model law, as published by the National Association of Insurance Commissioners. Declares without force or effect Rule 151A promulgated by the Securities and Exchange Commission (SEC) on January 16, 2009, and entitled "Indexed Annuities and Certain Other Insurance Contracts."

fixed indexed annuities insurance products classification act amends securities act include class securities exempt coverage insurance endowment policy annuity contract optional annuity contract value vary according performance separate account satisfies standard laws similar requirements applicable state territory district_of_columbia time issue absence applicable standard laws requirements satisfies model standard law life insurance model standard law individual deferred annuities successor model law published national_association_of_insurance_commissioners declares force effect rule promulgated securities_and_exchange_commission sec january entitled indexed annuities certain insurance contracts


Summary: Support Investment Protection for Customers Reform Act of 2009 - Amends the Securities Investor Protection Act to increase from $100,000 to $250,000 (with inflation adjustments) the amount of an investor's net equity claim for cash that the Securities Investor Protection Corporation (SIPC) (a nonprofit, nongovernment, membership corporation funded by its broker-dealer members) insures in the event the investor's broker-dealer becomes insolvent. Increases the federal line of credit available to the SIPC. Increases from $150 to $1,000 the minimum annual assessment paid by SIPC members. Allows the SIPC to appoint itself or one of its employees as trustee, without regard to the amount of liabilities to unsecured general creditors and to subordinated lenders involved, if there appear to be fewer than 5,000 (currently 500) customers of a broker-dealer member facing liquidation. Prohibits SIPC advances to the insiders of failed or failing broker-dealers. Raises the aggregate customer claim limit on the SIPC's authority to use the direct payment procedure rather than instituting a liquidation proceeding with regard to failed or failing members. Increases the maximum fine imposed on SIPC members that engage in certain prohibited acts. Establishes civil liability and criminal penalties for misrepresentations of SIPC membership or protection. Creates, within the Office of Inspector General of the Securities and Exchange Commission (SEC), a Commission on International Financial Fraud to study the potential structure of, and benefits of establishing, an international financial court and process for the adjudication of financial fraud cases.

support investment protection customers reform_act amends securities investor protection act increase inflation adjustments investor net equity claim cash securities investor protection corporation nonprofit nongovernment membership corporation funded broker dealer members insures event investor broker dealer insolvent increases federal line credit available increases minimum annual assessment paid members allows appoint employees trustee regard liabilities unsecured general creditors subordinated lenders involved appear fewer currently customers broker dealer member facing liquidation prohibits advances insiders failed failing broker dealers raises aggregate customer claim limit authority use direct payment procedure instituting liquidation proceeding regard failed failing members increases maximum fine imposed members engage certain prohibited acts establishes civil liability criminal penalties misrepresentations membership protection creates office_of_inspector_general securities_and_exchange_commission sec commission international financial fraud study potential structure benefits establishing international financial court process adjudication financial fraud cases


Summary: Shareholder Empowerment Act of 2009 - Amends the Securities Exchange Act of 1934 to direct the Securities and Exchange Commission (SEC) to prohibit national securities exchanges and associations from listing the securities of any issuer unless, to the extent permitted by state law, such issuer requires: (1) the election of directors who receive the majority of votes in uncontested elections or a plurality of votes in contested elections; and (2) directors who are not reelected to offer to tender their resignations. Directs the SEC to: (1) require issuers to identify and provide security holders with an opportunity to vote on director candidates who have been nominated by holders of at least 1% of the issuer's voting securities for at least two years, provided security holders have nominated fewer than a majority of the directors then authorized to serve; (2) prohibit brokers from voting securities on an uncontested election to the board of directors without having received specific instructions from the securities' beneficial owners; and (3) requires listed issuers, to the extent possible, to have an independent chairman of their board of directors who has not served as an executive of the issuer. Requires any proxy or consent or authorization for an annual or other meeting of a securities issuer to permit a separate shareholder vote on executive compensation, though such vote shall not be binding on its board of directors. Directs the SEC to direct the national securities exchanges and national securities associations to prohibit: (1) issuers from retaining advisors in negotiating executive employment or compensation agreements that are not independent or are protected from liability by such issuers; (2) the listing of issuers that do not have a (clawback) policy of recovering executive payments that were unearned due to fraud, faulty financial statements, or some other cause; and (3) the listing of issuers that provide severance payments to senior executives who are terminated for poor performance. Directs the SEC to require additional disclosure of specific performance targets issuers use in determining a senior executive's eligibility for bonuses, equity, and incentive compensation.

shareholder empowerment act amends securities_exchange_act direct securities_and_exchange_commission sec prohibit national securities exchanges associations listing securities issuer extent permitted state law issuer requires election directors receive majority votes elections votes contested elections directors offer tender directs sec require issuers identify provide security holders opportunity vote director candidates nominated holders issuer voting securities years provided security holders nominated fewer majority directors authorized serve prohibit brokers voting securities election board_of_directors having received specific instructions securities beneficial owners requires listed issuers extent possible independent chairman board_of_directors served executive issuer requires proxy consent authorization annual meeting securities issuer permit separate shareholder vote executive compensation vote shall binding board_of_directors directs sec direct national securities exchanges national securities associations prohibit issuers retaining advisors negotiating executive employment compensation agreements independent protected liability issuers listing issuers policy recovering executive payments unearned fraud financial statements cause listing issuers provide severance payments senior executives terminated poor performance directs sec require additional disclosure specific performance targets issuers use determining senior executive eligibility bonuses equity incentive compensation


Summary: Enhanced S.E.C. Enforcement Authority Act - Amends the Securities Act of 1933, the Securities Exchange Act of 1934, the Investment Company Act of 1940, and the Investment Company Act of 1940 to declare that, in any action or proceeding instituted under such Acts by the Securities and Exchange Commission (SEC) in a U.S. district court for any judicial district, subpoenas issued by or on behalf of the court to compel the attendance of witnesses or the production of documents or tangible things (or both) may be served in any other district (thus granting the SEC nationwide service of process). States that such subpoenas may be served and enforced without application to the court or a showing of cause. Denies application to subpoenas so issued of the requirement of Rule 45 of the Federal Rules of Civil Procedure that, on timely motion, the issuing court quash or modify any subpoena that requires a person who is neither a party nor a party's officer to travel more than 100 miles from where that person resides, is employed, or regularly transacts business in person (except that the person may be commanded to attend a trial by traveling from any such place within the state where the trial is held).

enhanced enforcement authority act_-_amends securities act securities_exchange_act investment company act investment company act declare action proceeding instituted acts securities_and_exchange_commission sec district_court judicial district subpoenas issued behalf court compel attendance witnesses production documents tangible things served district granting sec nationwide service process states subpoenas served enforced application court showing cause denies application subpoenas issued requirement rule federal_rules_of_civil_procedure timely motion issuing court modify subpoena requires person party party officer travel miles person resides employed regularly business person person attend trial traveling place state trial held


Summary: Equal Treatment of Covered Bonds Act of 2009 - Amends the Federal Deposit Insurance Act to include a covered bond as a qualified financial contract with an insured depository institution, if it was entered into before appointment of the Federal Deposit Insurance Corporation (FDIC) as receiver for the institution, where a person has the right to cause the contract's termination, liquidation, or acceleration upon such an appointment. Defines such a bond as a nondeposit recourse debt obligation of an insured depository institution, with a term to maturity of at least one year, which is secured by specifically identified assets which are performing in accordance with the terms of the contracts which created the assets. Declares federal banking agency regulations inapplicable to any covered bond unless they are prescribed jointly by the Secretary of the Treasury, the Board of Governors of the Federal Reserve System, the Comptroller of the Currency, the Director of the Office of Thrift Supervision, and the Board of Directors of the FDIC.

equal treatment covered bonds act amends federal_deposit_insurance_act include covered bond qualified financial contract insured depository institution entered appointment federal_deposit_insurance_corporation fdic receiver institution person right cause contract termination liquidation acceleration appointment defines bond nondeposit recourse debt obligation insured depository institution term maturity year secured specifically identified assets performing accordance terms contracts created assets declares federal banking agency regulations inapplicable covered bond prescribed jointly secretary treasury board_of_governors federal_reserve_system comptroller_of_the_currency director office_of_thrift_supervision board_of_directors fdic


Summary: Securities Law Technical Corrections Act of 2009 - Makes technical corrections to the following Acts: (1) the Securities Act of 1933; (2) the Securities Exchange Act of 1934; (3) the Trust Indenture Act of 1939; (4) the Investment Company Act of 1940; and (5) the Investment Advisers Act of 1940. Amends the following statutes to make conforming amendments for the repeal of the Public Utility Holding Company Act of 1935 (PUHCA): (1) the Securities Exchange Act of 1934; (2) the Trust Indenture Act of 1939; (3) the Investment Company Act of 1940; and (4) the Investment Advisers Act of 1940.

securities law technical corrections act makes technical corrections following acts securities act securities_exchange_act trust act investment company act investment advisers act amends following statutes conforming amendments repeal public utility holding company act securities_exchange_act trust act investment company act investment advisers act


Summary: Credit Default Swap Prohibition Act of 2009 - Amends the Securities Act of 1933 and the Securities Exchange Act of 1934 to grant the Securities and Exchange Commission (SEC) regulatory jurisdiction over any security-based swap agreement, including authority to issue, interpert, and enforce rules and orders in a manner that imposes prophylactic measures against fraud, manipulation, or insider trading. Defines credit default swap as: (1) a swap agreement that protects a party to it against the risk of a loss of value because of the occurrence or non-occurrence of an event or contingency specified in the agreement relating to a security, loan, or other reference asset; and (2) such other forms of credit risk protection as the SEC may, by rule, prescribe as necessary or appropriate in the public interest or for the protection of investors. Authorizes the SEC to require registration of any security-based swap agreement. Amends the Securities Exchange Act of 1934 to declare it unlawful for any person to enter into a credit default swap agreement or contract.

credit default swap prohibition act amends securities act securities_exchange_act grant securities_and_exchange_commission sec regulatory jurisdiction security based swap agreement including authority issue enforce rules orders manner imposes measures fraud manipulation insider trading defines credit default swap swap agreement protects party risk loss value occurrence non occurrence event contingency specified agreement relating security loan reference asset forms credit risk protection sec rule prescribe necessary appropriate public interest protection investors authorizes sec require registration security based swap agreement amends securities_exchange_act declare unlawful person enter credit default swap agreement contract


Summary: Derivative Trading Accountability and Disclosure Act - Establishes within the Department of the Treasury the Office of Derivatives Supervision (Office) to: (1) implement this Act and oversee the registration of derivatives traders; (2) coordinate with the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) in developing comprehensive, standardized regulations for derivatives transactions; and (3) facilitate information exchange among specified agencies regarding the development of derivatives regulations. Makes it unlawful for any unregistered derivatives trader to make use of the mails or any means or instrumentality of interstate commerce to effect any transactions in, or to induce or attempt to induce the purchase or sale of any type of derivative. Prescribes registration requirements for derivatives traders. Grants the SEC and CFTC authority to: (1) issue separate proposed regulations imposing specified requirements governing trading in the derivative instruments over which each Commission has jurisdiction; (2) impose civil penalties; (3) issue cease and desist orders; and (4) order an accounting and disgorgement. Requires the Office to invite representatives of the SEC, the CFTC, regulators of domestic and foreign boards of trade, and other experts, to participate in a working group of international regulators to review international standards in order to evaluate international regulations regarding harmonization of substantive commodities and securities regulation for economically equivalent instruments.

derivative trading accountability disclosure act establishes department_of_the_treasury office derivatives supervision office implement act oversee registration derivatives traders coordinate securities_and_exchange_commission sec commodity_futures_trading_commission cftc developing comprehensive standardized regulations derivatives transactions facilitate information exchange specified agencies development derivatives regulations makes unlawful unregistered derivatives trader use mails means instrumentality interstate commerce effect transactions induce attempt induce purchase sale type derivative prescribes registration requirements derivatives traders grants sec cftc authority issue separate proposed regulations imposing specified requirements governing trading derivative instruments commission jurisdiction impose civil penalties issue cease desist orders order accounting requires office invite representatives sec cftc regulators domestic foreign boards trade experts participate working_group international regulators review international standards order evaluate international regulations harmonization substantive commodities securities regulation economically equivalent instruments


Summary: Investor Advisory Committee Act of 2009 - Amends the Securities Exchange Act of 1934 to establish the Investor Advisory Committee to advise and consult with the Securities and Exchange Commission (SEC) on: (1) regulatory priorities and issues regarding new products, trading strategies, fee structures, and the effectiveness of disclosures; (2) initiatives to protect investor interest; and (3) initiatives to promote investor confidence in the integrity of the marketplace. States that the SEC is not required to accept, agree, or act upon the findings or recommendations of the Committee.

investor advisory_committee act amends securities_exchange_act establish investor advisory_committee advise consult securities_and_exchange_commission sec regulatory priorities issues new products trading strategies fee structures effectiveness disclosures initiatives protect investor interest initiatives promote investor confidence integrity marketplace states sec required accept agree act findings recommendations committee


Summary: Lowering Oil Price Speculation for Infrastructure Dedicated to Economic Development Act of 2009 or the LOPSIDED Oil Prices Act of 2009 - Amends the Internal Revenue Code to: (1) impose an excise tax on transactions in oil futures and options, to be paid by the trading facility on which the transactions occur or the buyer of the transactions; (2) require withholding of such tax; and (3) deposit revenues from the tax into the Highway Trust Fund. Exempts from such tax certain commercial oil traders and bona fide hedging transactions.

lowering oil price speculation infrastructure dedicated economic development act oil prices act amends_the_internal_revenue_code impose excise tax transactions oil futures options paid trading facility transactions occur buyer transactions require withholding tax deposit revenues tax highway_trust_fund exempts tax certain commercial oil traders bona fide hedging transactions


Summary: Senior Investor Protections Enhancement Act of 2009 - Amends the Securities Act of 1933, the Securities Exchange Act of 1934, the Investment Company Act of 1940, and the Investment Advisers Act of 1940 to authorize the Securities and Exchange Commission (SEC) to impose, in addition to any other civil penalty, a maximum civil penalty of $50,000 for each violation that is directed toward, targets, or is committed against a person who at the time of the violation is age 62 or older. Directs the United States Sentencing Commission to review and amend federal sentencing guidelines and policy statements to ensure that guideline offense levels and enhancements appropriately punish criminal violations of the securities laws against seniors.

senior investor protections enhancement_act amends securities act securities_exchange_act investment company act investment advisers act authorize securities_and_exchange_commission sec impose addition civil penalty maximum civil penalty violation directed targets committed person time violation age older directs united_states_sentencing_commission review amend federal sentencing guidelines policy statements ensure guideline offense levels enhancements appropriately punish criminal violations securities laws seniors


Summary: American Small Business Innovation Act - Amends the Small Business Investment Act of 1958 to require (under current law, authorizes) the Administrator of the Small Business Administration (SBA) to participate in the new markets venture capital program (a program under which investment companies provide capital financing to small businesses). Requires a report from the Administrator to Congress evaluating the success of the new markets venture capital program (program). Requires the Administrator, in selecting companies for program participation, to approve at least one company from each SBA geographic region. Requires each conditionally approved company engaged primarily in development of and investment in small manufacturers to raise at least $3 million in capital for such purposes from private investors. Directs the SBA's Chief Counsel for Advocacy to study the availability of equity capital in low-income urban and rural areas. Authorizes the Administrator to make grants to conditionally-approved companies for participation in the program. Revises the program's operational assistance grant formula. Reauthorizes appropriations to fund debenture guarantees and for operational assistance grants. Establishes the Office of Angel Investment, headed by a Director, to provide support for the development of angel investment opportunities for small businesses. Requires the Director to establish and carry out a program to provide financing to approved angel groups. Establishes an Angel Investment Fund. Requires the Director to establish and maintain a searchable database to assist small businesses in identifying angel investors. Requires the Director to establish and carry out a program to make grants for the development of new or existing angel groups and to increase awareness and education about angel investing.

american small business innovation act_-_amends small_business_investment_act require current law authorizes administrator small_business_administration sba participate new markets venture capital program program investment companies provide capital financing small businesses requires report administrator congress evaluating success new markets venture capital program program requires administrator selecting companies program participation approve company sba geographic region requires conditionally approved company engaged primarily development investment small manufacturers raise million capital purposes private investors directs sba chief counsel advocacy study availability equity capital low income urban rural areas authorizes administrator grants conditionally approved companies participation program revises program operational assistance grant formula reauthorizes appropriations fund debenture guarantees operational assistance grants establishes office investment headed director provide support development investment opportunities small businesses requires director establish carry program provide financing approved groups establishes investment fund requires director establish maintain searchable database assist small businesses identifying investors requires director establish carry program grants development new existing groups increase awareness education investing


Summary: SEC Delinquent Judgment Collection Act - Amends the Securities Exchange Act of 1934 to authorize the Securities and Exchange Commission (SEC) to contract for the collection of delinquent claims resulting from judgments or orders it obtains. Extends such authority to the retention of private legal counsel to furnish legal services, including representation in litigation, negotiation, compromise, and settlement.

sec delinquent judgment collection act_-_amends securities_exchange_act authorize securities_and_exchange_commission sec contract collection delinquent claims resulting judgments orders obtains extends authority retention private legal counsel furnish legal services including representation litigation negotiation compromise settlement


Summary: Over-the-Counter Derivatives Markets Act of 2009 - Amends the Commodity Exchange Act (CEA) to place specified derivatives, swaps, securities-based swaps, swap dealers, and swap participants under the jurisdiction of a Prudential Regulator, which may be: (1) the Board of Governors of the Federal Reserve System; (2) the Office of the Comptroller of the Currency; and (3) the Federal Deposit Insurance Corporation (FDIC). Directs the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC) to promulgate jointly uniform implementing regulations. Repeals the exclusion from CFTC regulation of: (1) derivative transactions; (2) electronic trading facilities; (3) swap transactions; and (4) certain transactions in exempt commodities. Makes unlawful for any person, other than an eligible contract participant, to enter into a swap unless it is subject to the rules of a board of trade designated as a contract market. Directs the CFTC to: (1) monitor swap activity and transaction data; and (2) identify specific swap contracts which are required to be cleared. Prescribes trade execution rules. Revises registration (including voluntary registration) requirements and core principles for derivatives clearing organizations (DCOs). Requires each DCO to designate a compliance officer. Amends the Legal Certainty for Bank Products Act of 2000 to authorize a federal banking agency to subject to its oversight any identified banking product that is a swap or security-based swap. Requires the CFTC to make aggregate swap data on swap trading volumes and positions available to the public. Sets forth registration requirements and standards for: (1) swap repositories; (2) swap dealers and major swap participants; and (3) swap execution facilities. Requires a swap dealer, futures commission merchant, or DCO by or through which funds or other property are held as margin or collateral to secure the obligations of a counterparty under a swap (which is to be cleared by or through a DCO) to segregate, maintain, and use the funds or other property for the counterparty's benefit. Prescribes a similar assets segregation requirement in the case of a swap that is not submitted to a DCO for clearing (over-the-counter swap). Amends the CEA to repeal authority for: (1) a board of trade to elect to operate as a registered derivatives transaction execution facility; and (2) exemption from CFTC regulation for certain boards of trade. Requires the market and mechanism for executing transactions provided by a board of trade designated as a contract market to protect the price discovery process of trading in the board's centralized market. Authorizes the CFTC to set limits on the aggregate number or amount of positions in contracts based upon the same underlying commodity that may be held by any person, including any group or class of traders, for each month across various specified kinds of contracts, including swap contracts. Extends CFTC regulatory authority over foreign boards of trade. Grants the CFTC primary enforcement authority over swap markets regulation. Amends the Federal Deposit Insurance Act to apply its cease and desist proceedings to specified parties in swap transactions. Amends the CEA to subject retail commodity transactions to CFTC jurisdiction. Prescribes reporting and recordkeeping requirements for certain large swap transactions. Authorizes the CFTC and the SEC to ban swap transactions detrimental to financial market stability. Directs the SEC, CFTC, the Prudential Regulators, the financial stability regulator, and the Office of Derivatives Supervision to coordinate with foreign regulatory authorities regarding establishment of consistent international standards for the regulation of swaps and information-sharing arrangements. Authorizes the Secretary of the Treasury to prohibit certain foreign domiciliaries from participating in financial activities in the United States. Repeals the prohibition against regulation of security-based swaps. Amends the Securities Exchange Act of 1934 to set forth: (1) a clearing requirement for security-based swaps; (2) requirements for security-based swaps and alternative swap execution facilities; and (3) position limits and position accountability for security-based swaps and large trader reporting. Requires registration of security-based swap repositories, security-based swap dealers, and major security-based swap participants. Requires a security-based swap dealer or clearing agency by or through which funds or other property are held as margin or collateral to secure the obligations of a counterparty under a security-based swap (which is to be cleared by or through a derivatives clearing agency) to segregate, maintain, and use the funds or other property for the counterparty's benefit. Prescribes a similar assets segregation requirement in the case of a security-based swap that is not submitted to a derivatives clearing agency for clearing (over-the-counter swap). Sets forth recordkeeping and reporting requirements for certain security-based swaps. Amends the Securities Exchange Act of 1933 with respect to security-based swaps.

counter derivatives markets act amends commodity_exchange_act cea place specified derivatives swaps securities based swaps swap dealers swap participants jurisdiction prudential regulator board_of_governors federal_reserve_system office_of_the_comptroller_of_the_currency federal_deposit_insurance_corporation fdic directs commodity_futures_trading_commission cftc securities_and_exchange_commission sec promulgate jointly uniform implementing regulations repeals exclusion cftc regulation derivative transactions electronic trading facilities swap transactions certain transactions exempt commodities makes unlawful person eligible contract participant enter swap subject rules board trade designated contract market directs cftc monitor swap activity transaction data identify specific swap contracts required cleared prescribes trade execution rules revises registration including voluntary registration requirements core principles derivatives clearing organizations requires designate compliance officer amends legal certainty bank products act authorize federal banking agency subject oversight identified banking product swap security based swap requires cftc aggregate swap data swap trading volumes positions available public sets forth registration requirements standards swap repositories swap dealers major swap participants swap execution facilities requires swap dealer futures commission merchant funds property held margin collateral secure obligations counterparty swap cleared maintain use funds property counterparty benefit prescribes similar assets segregation requirement case swap submitted clearing counter swap amends cea repeal authority board trade elect operate registered derivatives transaction execution facility exemption cftc regulation certain boards trade requires market mechanism executing transactions provided board trade designated contract market protect price discovery process trading board centralized market authorizes cftc set limits aggregate number positions contracts based underlying commodity held person including group class traders month specified kinds contracts including swap contracts extends cftc regulatory authority foreign boards trade grants cftc primary enforcement authority swap markets regulation amends federal_deposit_insurance_act apply cease desist proceedings specified parties swap transactions amends cea subject retail commodity transactions cftc jurisdiction prescribes reporting recordkeeping requirements certain large swap transactions authorizes cftc sec ban swap transactions detrimental financial market stability directs sec cftc prudential regulators financial stability regulator office derivatives supervision coordinate foreign regulatory authorities establishment consistent international standards regulation swaps information sharing arrangements authorizes secretary treasury prohibit certain foreign participating financial activities united_states repeals prohibition regulation security based swaps amends securities_exchange_act set forth clearing requirement security based swaps requirements security based swaps alternative swap execution facilities position limits position accountability security based swaps large trader reporting requires registration security based swap repositories security based swap dealers major security based swap participants requires security based swap dealer clearing agency funds property held margin collateral secure obligations counterparty security based swap cleared derivatives clearing agency maintain use funds property counterparty benefit prescribes similar assets segregation requirement case security based swap submitted derivatives clearing agency clearing counter swap sets forth recordkeeping reporting requirements certain security based swaps amends securities_exchange_act respect security based swaps