S 3188 · 96th Congress · Finance and Financial Sector
Tender Offer Improvements and Investor Protection Act of 1980
Bill Progress
✓
Introduced2
Committee3
Senate Vote4
House5
EnactedLatest: Referred to Senate Committee on Banking, Housing and Urban Affairs.(1980-10-01)
Plain Language Summary
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Tender Offer Improvements and Investor Protection Act of 1980 - Amends the Securities Exchange Act of 1934 to revise the requirements for the disclosure of beneficial interests to make such requirements applicable to issuers of a class, held by more than 300 persons, of securities registered pursuant to the Securities Act of 1933. Sets forth a schedule for beneficial owners to make a public announcement of an acquisition, file a statement with the Securities and Exchange Commission, temporarily suspend additional acquisitions, and disclose any material changes in filed information. Continues the effectiveness of statements filed prior to the effective date of this Act. Authorizes the Commission to take necessary steps towards centralized reporting of such information, minimizing the compliance burden, and making available such information promptly. Requires persons making a statutory offer to acquire a class of securities which would make such person the beneficial owner of more than ten percent of such class, to comply with specified requirements concerning filing, acceptance of offers, consideration, expiration date of the offer, security deposits, and purchases (currently person…
Summarized by Claude AI · Non-partisan · For informational purposes only