Capital Markets Deregulation and Liberalization Act of 1995

[AI summary unavailable — showing source text] Capital Markets Deregulation and Liberalization Act of 1995 - Amends the Securities Exchange Act of 1934 to include among the prerequisites to registration as a national securities exchange or association that the rules of the organization will not confer responsibility upon a broker or dealer for the investment decisions of an institutional client unless an agreement in writing has been executed to that effect. (Sec. 2) Establishes a rebuttable presumption that a broker or dealer is not liable for the investment decisions of an institutional client. (Sec. 3) Amends the Securities Act of 1933 to exempt securities offerings, with specified exceptions, from State law. Amends the Securities Exchange Act of 1934 to exempt persons registered with the SEC, with specified exceptions, from State law governing: (1) registration, licensing, or qualification requirements; or (2) broker or dealer capital, records, or financial reporting requirements that differ from SEC requirements. Permits State registration, licensing, and qualification requirements (including fees) if: (1) the State performs its procedures though a central registration depository system operated by a national securities as…