5195-S AMS AMON S2303.2

SSB 5195 - S AMD

By Senator Amondson

    Strike everything after the enacting clause and insert the following:

    "NEW SECTION. Sec. 1.  (1) The senate select committee on securities practices is created.  Membership of the committee shall consist of five members with three members appointed by the senate majority caucus and two members appointed by the senate minority caucus.

    (2) The committee shall review complaints filed with state regulators involving state securities broker-dealers, salespersons, investment advisors, and investment advisor salespersons.  In addition, the committee shall consider recent civil actions and criminal prosecutions involving these persons.  After considering these areas in relation to current state and federal laws, the committee shall identify areas where modifications to state securities law are advisable to ensure adequate protections and remedies exist for securities consumers.

    (3) The committee shall prepare a report identifying the type and magnitude of complaints and judicial actions arising from practices within the securities industry.  The report also shall contain any recommended legislation deemed advisable by the committee.

    (4) The committee shall submit its report to the senate standing committee on labor and commerce by December 15, 1993."

SSB 5195 - S AMD

By Senator Amondson

    In line 1 of the title, after "transactions;" strike the remainder of the title and insert "and creating a new section."

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