PUBLIC LAW 103-202—DEC. 17, 1993 107 STAT. 2345 (1) the liquid and efificient operation of the government securities market is essential to facilitate government borrowing at the lowest possible cost to taxpayers; (2) the fair and honest treatment of investors will strengthen the integrity and Uquidity of the government securities market; (3) rules promulgated by the Secretary of the Treasury pursuant to the Government Securities Act of 1986 have worked well to protect investors from unregulated dealers and maintain the efficiency of the government securities market; and (4) extending the authority of the Secretary and providing new authority will ensure the continued strength of the government securities market. SEC. 102. EXTENSION OF GOVERNMENT SECURITIES RULEMAKING AUTHORITY. Section 15C of the Securities Exchange Act of 1934 (15 U.S.C. 78o-6) is amended by striking subsection (g). SEC. 103. TRANSACTION RECORDS. (a) AMENDMENT.— Section 15C(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78o-5(d)) is amended by adding at the end the following new paragraph: "(3) GOVERNMENT SECURITIES TRADE RECONSTRUCTION.— "(A) FURNISHING RECORDS. —Every government securities broker and government securities dealer shall furnish to the Commission on request such records of government securities transactions, including records of the date and time of execution of trades, as the Commission may require to reconstruct trading in the course of a particular inqmiy or investigation being conducted by the Commission for enforcement or surveillance purposes. In requiring information piu'suant to this paragraph, the Commission shall specify the information required, the period for which it is required, the time and date on which the information must be furnished, and whether the information is to be furnished directly to the Commission, to the Federal Reserve Bank of New York, or to an appropriate regulatory agency or self-regulatory organization with responsibility for examining the government securities broker or government securities dealer. The Commission may require that such information be furnished in machine readable form notwithstanding any limitation in subparagraph (B). In utilizing its authority to require information in machine readable form, the Commission shall minimize the burden such requirement may place on small government securities brokers and dealers. "(B) LIMITATION; CONSTRUCTION.—The Commission shall not utilize its authority under this paragraph to develop regular reporting requirements, except that the Commission may require information to be furnished under this paragraph as frequently as necessary for particular inquiries or investigations for enforcement or surveillance purposes. This paragraph shall not be construed as requiring, or as authorizing the Commission to require, any government securities broker or government securities dealer toi obtain or maintain any information for Purposes of this paragraph which is not otherwise maintained y such broker or dealer in accordance with any other provision of law or usual and customary business practice. The Commission shall, where feasible, avoid requiring any information to
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