Digital Equities and No Automatic Disqualifications Act

This bill would stop automatic disqualifications under federal securities and commodities laws from applying to companies and other non-individual entities unless the responsible agency or self-regulatory organization first decides to apply them. Within one year, the Commodity Futures Trading Commission and the Securities and Exchange Commission would have to write joint rules setting up a process for making these decisions. Entities subject to a disqualifying event would have to notify the regulator in writing within 30 days. A disqualification could apply only if it is necessary in the public interest and to protect investors, and only if the triggering event happened in the same legal entity and relates to the affected business line.

Full text and official record on Congress.gov

Sponsors

• James C. Justice Republican sponsor
• 0 cosponsors