Page:United States Statutes at Large Volume 107 Part 3.djvu/413

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PUBLIC LAW 103-202—DEC. 17, 1993 107 STAT. 2351 that such rule, if implemented, would, or as applied does (i) adversely affect the liquidity or efficiency of the market for government securities; or (ii) impose any burden on competition not necessanr or appropriate in furtherance of the purposes of this section, the Commission shall, prior to adopting the proposed rule, find that such rule is necessary and appropriate in furtherance of the purposes of this section notwithstanding the Secretary's determination. "(6) In approving rules described in paragraph (5), the Commission shall consider the sufficiency and appropriateness of then existing laws and rules applicable to government securities brokers, government securities dealers, and persons associated with government securities brokers and government securities dealers."; and (2) in subsection (c), by adding at the end the following new paragraph: "(5) With respect to rules described in subsection (b)(5), the Commission shall consult with and consider the views of the Secretary of the Treasury before abrogating, adding to, and deleting from such rules, except where the Commission determines that an emergency exists requiring expeditious or summary action and publishes its reasons therefor.. SEC. 107. MARKET INFORMATION. Section 23(b)(4) of the Securities Exchange Act of 1934 (15 U.S.C. 78w) is amended— (1) by striking subparagraphs (C), (D), and (H); (2) by redesignating subparagraphs (E), (F), and (G) as subparagraphs (C), (D), and (E), respectively; (3) by redesignating subparagraphs (I), (J), and (K) as subparagraphs (F), (G), and (H), respectively; (4) by striking "and" at the end of such redesignated subparagraph (G); (5) by striking the period at the end of such redesignated subparagraph (H) and inserting "; and"; and (6) by inserting after such redesignated subparagraph (H) the following new subparagraph: "(I) the steps that have been taken and the progress that has been made in promoting the timely public dissemination and availability for analytical purposes (on a fair, reasonable, and nondiscriminatory basis) 01 information concerning government securities transactions and quotations, and its recommendations, if any, for legislation to assure timely dissemination of (i) information on transactions in regularly traded government securiti<js sufficient to permit the determination of the prevailing market price for such securities, and (ii) reports of the highest published bids and lowest published offers for government securities (including the size at which persons are wilUng to trade with respect to such bids and offers).**. SEC. 108. DISCLOSURE BY GOVERNMENT SECURITIES BROKERS AND GOVERNMENT SECURITIES DEALERS WHOSE ACCOUNTS ARE NOT INSURED BY THE SECURITIES INVESTOR PROTECTION CORPORATION. Section 15C(a) of the Securities Exchange Act of 1934 (15 U.S.C. 78o-5(a)) is amended— (1) by redesignating paragraph (4) as paragraph (5); and (2) by inserting after paragraph (3) the following: