PUBLIC LAW 109–290—SEPT. 29, 2006
120 STAT. 1321
SEC. 7. FILING DEPOSITORIES FOR INVESTMENT ADVISERS.
10 USC 992 note.
(a) INVESTMENT ADVISERS.—Section 204 of the Investment Advisers Act of 1940 (15 U.S.C. 80b–4) is amended— (1) by striking ‘‘Every investment’’ and inserting the following: ‘‘(a) IN GENERAL.—Every investment’’; and (2) by adding at the end the following: ‘‘(b) FILING DEPOSITORIES.—The Commission may, by rule, require an investment adviser— ‘‘(1) to file with the Commission any fee, application, report, or notice required to be filed by this title or the rules issued under this title through any entity designated by the Commission for that purpose; and ‘‘(2) to pay the reasonable costs associated with such filing and the establishment and maintenance of the systems required by subsection (c). ‘‘(c) ACCESS TO DISCIPLINARY AND OTHER INFORMATION.— ‘‘(1) MAINTENANCE OF SYSTEM TO RESPOND TO INQUIRIES.— ‘‘(A) IN GENERAL.—The Commission shall require the entity designated by the Commission under subsection (b)(1) to establish and maintain a toll-free telephone listing, or a readily accessible electronic or other process, to receive and promptly respond to inquiries regarding registration information (including disciplinary actions, regulatory, judicial, and arbitration proceedings, and other information required by law or rule to be reported) involving investment advisers and persons associated with investment advisers. ‘‘(B) APPLICABILITY.—This subsection shall apply to any investment adviser (and the persons associated with that adviser), whether the investment adviser is registered with the Commission under section 203 or regulated solely by a State, as described in section 203A. ‘‘(2) RECOVERY OF COSTS.—An entity designated by the Commission under subsection (b)(1) may charge persons making inquiries, other than individual investors, reasonable fees for responses to inquiries described in paragraph (1). ‘‘(3) LIMITATION ON LIABILITY.—An entity designated by the Commission under subsection (b)(1) shall not have any liability to any person for any actions taken or omitted in good faith under this subsection.’’. (b) CONFORMING AMENDMENTS.— (1) INVESTMENT ADVISERS ACT OF 1940.—Section 203A of the Investment Advisers Act of 1940 (15 U.S.C. 80b–3a) is amended— (A) by striking subsection (d); and (B) by redesignating subsection (e) as subsection (d). (2) NATIONAL SECURITIES MARKETS IMPROVEMENT ACT OF 1996.—Section 306 of the National Securities Markets Improvement Act of 1996 (15 U.S.C. 80b–10, note) is repealed.
Communication and telecommunications.
SEC. 8. STATE INSURANCE AND SECURITIES JURISDICTION ON MILITARY INSTALLATIONS.
(a) CLARIFICATION OF JURISDICTION.—Any provision of law, regulation, or order of a State with respect to regulating the business of insurance or securities shall apply to insurance or securities activities conducted on Federal land or facilities in the United
VerDate 14-DEC-2004
10 USC 992 note. Applicability.
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