National Securities Markets Improvement Act of 1996

[AI summary unavailable — showing source text] TABLE OF CONTENTS: Title I: Capital Markets Deregulation and Liberalization Title II: Investment Company Act Amendments Securities Amendments of 1996 - Title I: Capital Markets Deregulation and Liberalization - Capital Markets Deregulation and Liberalization Act of 1996 - 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 impose an obligation upon a broker or dealer to form a belief as to the suitability of an investment recommendation made by a member for an institutional client unless an agreement in writing has been executed to that effect. (Sec. 102) Establishes a rebuttable presumption that a broker or dealer is not liable for the investment decisions of an institutional client. (Sec. 103) Amends the Securities Act of 1933 to exempt securities offerings from State law (including State restrictions upon any prospectus, sales literature, or sale based upon the merits of the offering or its issuer), with specified exceptions. Amends the Securities Exchange Act of 1934 to exempt persons registered with the Securities and Exchange Commission (SEC),…