H.R. 6513 would amend the Federal securities laws to enhance the effectiveness of the Securities and Exchange Commission's enforcement, corporation finance, trading and markets, investment management, and examination programs.

== Detailed Summary ==

<summary>
(LogSecurities Act of 2008 - (Sec. 2) Amends the Securities Act of 1933, the Securities Exchange Act of 1934, the Investment Advisers Act of 1940, and the Investment Company Act of 1940 to authorize the Securities and Exchange Commission (SEC) to assess and impose civil penalties in a cease and desist proceeding.

Creates three tiers of increasing civil penalties for acts or omissions of increasing gravity.

(Sec. 3) Authorizes the SEC to editcensure, place limitations on the wikiactivities or functions of, or investigate any person who at the time of specified alleged misconduct was: (1) a member or employee of the Municipal Securities Rulemaking Board; (2) a person associated or seeking to become associated with a government securities broker or dealer; (3) a person associated with a member of a national securities exchange or registered securities association; (4) a participant of a registered clearing agency; (5) an officer or director of a self-regulatory organization; and be(6) an officer or director of an investment company.

(Sec. 5) Amends the firstSecurities Act of 1933 to exempt from state regulation any warrants or rights to subscribe or purchase securities offerings.

(Sec. 6) Amends the Securities Act of 1934 and the Investment Advisers Act of 1940 to empower the SEC to bar certain persons from being associated with a broker, dealer, investment adviser, municipal securities dealer, or transfer agent who has engaged in alleged misconduct.

(Sec. 7) Amends the Securities Act of 1934 to modify proscriptions against the extension of credit to customers.

(Sec. 8) Amends the Securities Investor Protection Act of 1970 to extend its coverage to customers' claims against a debtor for futures contracts or options on commodities futures contracts received, acquired, or held in a portfolio margining account carried as a securities account pursuant to an approved portfolio margining program.

(Sec. 9) Requires the SEC, the Financial Accounting Standards Board, and the Public Company Accounting Oversight Board to give oral testimony annually to certain congressional committees on efforts to reduce the complexity in financial reporting and to provide more accurate and clear financial information to investors.

(Sec. 12) Amends the Securities Act of 1934 to require a detailed summaryregistered securities information processor, national securities exchange, and national securities association to submit fingerprints of their staff to the bill!)Attorney General.

(Sec. 15) Amends the Securities Act of 1934, the Investment Advisers Act of 1940, and the Investment Company Act of 1940 to revise or prescribe requirements protecting confidentiality of materials submitted to the SEC.

(Sec. 16) Amends the Securities Act of 1934 to set forth requirements governing privileged information provided by the SEC to certain governmental and foreign authorities.

(Sec. 18) Sets forth conforming amendments for repeal of the Public Utility Holding Company Act of 1935.

(Sec. 19) Amends the Securities Act of 1933, the Securities Act of 1934, the Investment Advisers Act of 1940, and the Investment Company Act of 1940 to allow nationwide service of subpoenas in any action instituted by the SEC, without application to the court or a showing of cause.
</summary>

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== Status of the Legislation ==

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Latest Major Action: 7/16/2008:9/12/2008: Referred to HouseSenate committee. Status: ReferredReceived in the Senate and Read twice and referred to the House Committee on Financial Services.Banking, Housing, and Urban Affairs.
</status>

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== Points in Favor ==

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== Points Against ==

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