A bill to amend the Securities Exchange Act of 1934 to provide for the regulation of clearing agencies and transfer agents.

[AI summary unavailable — showing source text] Provides, under the Securities and Exchange Act, that no broker or dealer shall make use of the mails or of any instrumentality of interstate commerce to effect any transaction in, or induce the purchase or sale of any security (other than an exempted security or commercial paper, bankers' acceptances, or commercial bills) in contravention of such rules and regulations as the Securities Exchange Commission shall prescribe as necessary in the public interest, or for the protection of investors or for the development of an integrated national system for the prompt and accurate processing and settlement of securities transactions to regulate the time and method of making settlements, payments, and deliveries and of opening, maintaining, and closing accounts. Makes it unlawful for any person, directly or indirectly, to make use of the mails or any means or instrumentality of interstate commerce to perform the function of a clearing agency with respect to any security unless it is registered under the Act. Provides that applications for such registration shall contain the rules of such agency together with such other information as the Securities and Exchange Commission may by rule requ…