SEC'S "INTERNATIONAL SECURITIES ENFORCEMENT COOPERATION ACT OF 1989" INTRODUCED IN HOUSE OF REPRESENTATIVES

March 20, 1989 TO: BOARD OF GOVERNORS NO. 17-89 FEDERAL LEGISLATION MEMBERS NO. 5-89 FEDERAL LEGISLATION COMMITTEE NO. 4-89 RE: SEC'S "INTERNATIONAL SECURITIES ENFORCEMENT COOPERATION ACT OF 1989" INTRODUCED IN HOUSE OF REPRESENTATIVES __________________________________________________________ At the request of the SEC, a bipartisan group of members of the House Energy and Commerce Committee has introduced H.R. 1396, the "International Securities Enforcement Cooperation Act of 1989". According to Congressional Record remarks by Securities Subcommittee Chairman Edward J. Markey (D-MA), the Subcommittee intends "to move swiftly on this legislative proposal." According to Markey's remarks, the bill would: "Grant an exemption from the Freedom of Information Act for documents provided to the SEC by foreign government authorities; permit the Commission to sanction securities professionals based on violations of foreign securities laws; expand the authority of self-regulatory organizations to exclude convicted felons from membership based on violations of foreign laws; and authorize the SEC to accept reimbursement for expense incurred on behalf of foreign governmental authorities in their investigations." The Institute will follow this legislation and report to you as it develops. A copy of Chairman Markey's remarks and a section-by-section analysis of the bill is attached. Should you have any questions, please do not hesitate to call. Julie Domenick Doerr Vice President-Legislative Affairs