Securities Reform Act

[AI summary unavailable — showing source text] Securities Reform Act -Title I: Regulation of Exchanges and Associations - Includes within the term "member," for purposes of the Act, any person who agrees to be regulated by an exchange and with respect to whom the exchange undertakes to enforce the Federal securities laws and the exchange rules. Makes registered national securities exchanges and associations subject to identical regulatory provisions. States that any registered broker or dealer meeting applicable capital or competency requirements must be allowed to join any registered national securities exchange. Requires the governing body of every such exchange to contain public representatives, and requires the exchange to provide adequate resources to permit the public representatives to employ staff or retain professional personnel independent of the exchange staff. Prohibits registered national securities exchanges from imposing any schedule of prices or fixing rates of commissions, allowances, discounts, or other charges subject to a statutory timetable for the elimination of the current fixed minimum commission rate system. Gives persons denied membership on an exchange the right to seek review of such denial by the SE…