A bill to amend the Securities Exchange Act of 1934 to regulate the transactions of members of national securities exchanges, to amend the Investment Company Act of 1940 and the Investment Advisers Act of 1940 to define certain duties of persons subject to such acts.

[AI summary unavailable — showing source text] Requires the Securities and Exchange Commission to prescribe such rules and regulations as it deems necessary or appropriate in the public interest or for the protection of investors to prevent trades on the exchange but off the floor by members, directly or indirectly, for their own account, or for the account of any person controlling, controlled by, or under common control with any such member, which do not yield priority, parity, or precedence to public orders and which do not contribute to the maintenance of a fair and orderly market. States that it shall be unlawful for a member of a national securities exchange to affect any transaction on such exchange with or for its own account, the account of any affiliate of such member, or any managed institutional account. Provides that such provisions shall not apply to transactions effected during the following periods: (1) prior to the last date on which any national securities exchange maintains or enforces any rule fixing minimum commission rates with respect to any portion of a transaction in excess of $100,000; (2) for a period of twelve months following such date, if the total value of all such transactions affected by a perso…