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S. 2716 (114th): A bill to update the oil and gas and mining industry guides of the Securities and Exchange Commission.

The text of the bill below is as of Mar 17, 2016 (Introduced).


II

114th CONGRESS

2d Session

S. 2716

IN THE SENATE OF THE UNITED STATES

March 17, 2016

(for himself, Mrs. Feinstein, and Mr. Whitehouse) introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs

A BILL

To update the oil and gas and mining industry guides of the Securities and Exchange Commission.

1.

SEC industry guides

(a)

Definition

In this section, the term Commission means the Securities and Exchange Commission.

(b)

Updates to industry guides

Not later than 180 days after the date of enactment of this Act, the Commission shall—

(1)

update—

(A)

the industry guides described in subsections (d) and (g) of section 229.801 of title 17, Code of Federal Regulations and section 229.802(g) of title 17, Code of Federal Regulations; and

(B)

subpart 229.1200 of title 17, Code of Federal Regulations; and

(2)

in making the updates required under paragraph (1), work with the Investor Advisory Committee, which shall—

(A)

solicit and consider public input on appropriate disclosures to include; and

(B)

submit specific recommendations to the Commission.

(c)

Enforcement

If the Commission fails to meet the deadline under subsection (b), the Chairman of the Commission shall provide a report to and testify before the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives explaining why the Commission failed to meet the deadline.