To amend the Securities Exchange Act of 1934 to permit members of national securities exchanges to effect certain transactions with respect to accounts for which such members exercise investment discretion.
Public Law 103-68 · H.R. 616 · 103rd Congress · began in the House
Signed by Bill Clinton (D) on Aug 11, 1993 · Finance and Financial Sector
Sponsor: Rep. Ed Markey (D-MA-7)
Cosponsors (2): Rep. Jack Fields, Rep. Carlos Moorhead
Passage votes
- HouseVoice vote
- SenateVoice vote
Data notes
The final version of the law, as each chamber passed it. A chamber that passed it by voice vote or unanimous consent has no count. “Method not stated” means the record does not say how the chamber voted. Where the record has a member-by-member vote, the “Who voted for it” section shows who voted yea.
Summary
The Congressional Research Service’s plain-language summary of what the law does.
Amends the Securities Exchange Act of 1934 to cite conditions under which it shall not be unlawful for members of exchanges and associated persons to effect a transaction for an account with respect to which they exercise investment discretion.
Permits transactions for such a managed account (without the involvement of an independent floor broker) if the member or associated person: (1) has obtained express authorization from the person or persons authorized to transact business for the account before engaging in the practice of effecting such transactions; (2) furnishes the persons authorized to transact business for the account with a statement at least annually disclosing the aggregate compensation received by the exchange member in effecting such transactions; and (3) complies with any rules the Securities and Exchange Commission has prescribed with respect to such requirements.
Committees
The committees the bill was sent to, and what each did with it.
Energy and Commerce Committee · House · markup by, referred to, reported bySubcommittee: Telecommunications and Finance Subcommittee
Data notes
A committee links to its page only where it exists in the current Congress; older and renamed committees are named without a link.
Timeline
From introduction to signing, newest first: the committees, the floor and the president. 15 actions.
- Aug 11, 1993Became lawBecame law · Became Public Law No: 103-68.
- Became lawBecame law · Signed by President.
- Aug 3, 1993PresidentPresident · Presented to President.
- Jul 29, 1993FloorFloor · Passed Senate without amendment by Voice Vote.
- May 4, 1993FloorFloor · Motion to reconsider laid on the table Agreed to without objection.
- FloorFloor · On motion to suspend the rules and pass the bill Agreed to by voice vote.
- FloorFloor · Mr. Markey moved to suspend the rules and pass the bill.
- Apr 29, 1993CommitteeCommittee · Reported by House Energy and Commerce Committee
- Apr 20, 1993CommitteeCommittee · Markup by House Energy and Commerce Committee
- Apr 1, 1993CommitteeCommittee · Reported by Telecommunications and Finance Subcommittee of the House Energy and Commerce Committee
- CommitteeCommittee · Markup by Telecommunications and Finance Subcommittee of the House Energy and Commerce Committee
- Mar 30, 1993CommitteeCommittee · Hearings by Telecommunications and Finance Subcommittee of the House Energy and Commerce Committee
- Feb 16, 1993CommitteeCommittee · Referred to Telecommunications and Finance Subcommittee of the House Energy and Commerce Committee
- Jan 26, 1993CommitteeCommittee · Referred to House Energy and Commerce Committee
- IntroducedIntroduced · Introduced in the House
Data notes
Shows the introduction, each committee and subcommittee step the source dates (referral, hearings, markup, report, discharge), and the floor, conference, presidential and became-law steps. Calendar placements, messages between the chambers, amendments and committee report numbers are not shown for laws before the 108th Congress. Two entries the source lists twice are shown once.
Official record
The bill’s full text and every action, including introduction and committee steps, are on Congress.gov. Data through Oct 7, 2026.