Page:United States Statutes at Large Volume 107 Part 3.djvu/416

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107 STAT. 2354 PUBLIC LAW 103-202—DEC. 17, 1993 (c) PUBLIC DEBT OBLIGATION.—For purposes of this section, the term "public debt obligation" means an obligation subject to the public debt limit established in section 3101 of title 31, United States Code. 15 USC 78o-5 SEC. 112. STUDY OF REGULATORY SYSTEM FOR GOVERNMENT SECURI- note. TIES. (a) JOINT STUDY.— The Secretary of the Treasury, the Securities and Exchange Commission, and the Board of Governors of the Federal Reserve System shall— (1) with respect to any rules promulgated or amended after October 1, 1991, pursuant to section 15C of the Securities Exchange Act of 1934 or any amendment made by this title, and any national securities association rule changes applicable principally to government securities transactions approved after October 1, 1991— (A) evaluate the effectiveness of such rules in carrying out the purposes of such Acjt; and (B) evaluate the impact of any such rules on the efficiency and liquidity of the government securities market and the cost of funding the Federal debt; (2) evaluate the effectiveness of surveillance and enforcement with respect to government securities, and the impact on such surveillance and enforcement of the availability of automated, time-sequenced records of essential information . pertaining to trades in such securities; and (3) submit to the Congress, not later than March 31, 1998, any recommendations they may consider appropriate concerning— V (A) the regulation of government securities brokers •: and government securities dealers; (B) the dissemination of information concerning quota- ' tions for and transactions in government securities; (C) the prevention of s£des practice abuses in connection with transactions in government securities; and (D) such other matters as they consider appropriate. (b) TREASURY STUDY.— The Secretary of the Treasury, in consultation with the Securities and Exchange Commission, shall— (1) conduct a study of— i (A) the identity and nature of the business of government securities brokers and government securities dealers that are registered with the Securities and Exchange . Commission under section 15C of the Securities Exchange Act of 1934; and (B) the continuing need for, and regulatory and financial consequences of, a separate regulatory system for such government securities brokers and government securities dealers; and (2) submit to the Congress, not later than 18 months after the date of enactment of this Act, the Secretary's recommendations for change, if any, or such other recommendations as i the Secretary considers appropriate.