US Congress Senate Bill 2114 (Prior Session Legislation)

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Spectrum: Bipartisan Bill
Status: Introduced on March 12 2014 - 25% progression, died in committee
Action: 2014-03-12 - Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Pending: Senate Banking, Housing, And Urban Affairs Committee
Text: Latest bill text (Introduced) [PDF]

Bond Transparency Act of 2014 - Amends the Securities Exchange Act of 1934 to define a "riskless principal transaction" as any transaction the Securities and Exchange Commission (SEC) identifies as one, but primarily one in which a broker, dealer, or municipal securities dealer acts on a customer order to buy or sell either municipal securities or corporate debt securities while also acting as principal for its own account in order to complete the transaction. Requires a broker or dealer, at or before completion of the transaction, to make a markup disclosure in writing to the customer of the difference between either: (1) the customer's purchase price and the broker or dealer's purchase price; or (2) the customer's sale price and the broker or dealer's sale price. Subjects riskless principal transactions in corporate debt securities to the same markup disclosure requirements as those for riskless principal transactions in municipal securities.

Bond Transparency Act of 2014

Sen. Mark Warner [D-VA]

Sen. Tom Coburn [R-OK]

Date	Chamber	Action
2014-03-12	Senate	Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Type	Source
Summary	https://www.congress.gov/bill/113th-congress/senate-bill/2114/all-info
Text	https://www.congress.gov/113/bills/s2114/BILLS-113s2114is.pdf