Section 985 — Technical Corrections to Federal Securities Laws

SEC. 985. TECHNICAL CORRECTIONS TO FEDERAL SECURITIES LAWS.

(a) Securities Act of 1933.--The Securities Act of 1933 (15 U.S.C. 77a et seq.) is amended--

(1) in section 3(a)(4) (15 U.S.C. 77c(a)(4)), by striking "individual;" and inserting "individual,";
(2) in section 18 (15 U.S.C. 77r)--

(A) in subsection (b)(1)(C), by striking "is a security" and inserting "a security"; and
(B) in subsection (c)(2)(B)(i), by striking "State, or" and inserting "State or";
(3) in section 19(d)(6)(A) (15 U.S.C. 77s(d)(6)(A)), by striking "in paragraph (1) of (3)" and inserting "in paragraph (1) or (3)"; and
(4) in section 27A(c)(1)(B)(ii) (15 U.S.C. 77z-2(c)(1)(B)(ii)), by striking "business entity;" and inserting "business entity,".

(b) Securities Exchange Act of 1934.--The Securities Exchange Act of 1934 (15 U.S.C. 78a et seq.) is amended--

(1) in section 2 (15 U.S.C. 78b), by striking "affected" and inserting "effected";
(2) in section 3 (15 U.S.C. 78c)--

(A) in subsection (a)(55)(A), by striking "section 3(a)(12) of the Securities Exchange Act of 1934" and inserting "section 3(a)(12) of this title"; and
(B) in subsection (g), by striking "company, account person, or entity" and inserting "company, account, person, or entity";

(3) in section 10A(i)(1)(B) (15 U.S.C. 78j-1(i)(1)(B))--

(A) in the subparagraph heading, by striking "minimus" and inserting "minimis"; and
(B) in clause (i), by striking "nonaudit" and inserting "non-audit";

(4) in section 13(b)(1) (15 U.S.C. 78m(b)(1)), by striking "earning statement" and inserting "earnings statement";
(5) in section 15 (15 U.S.C. 78o)--

(A) in subsection (b)(1)--

(i) in subparagraph (B), by striking "The order granting" and all that follows through "from such membership."; and
(ii) in the undesignated matter immediately following subparagraph (B), by inserting after the first sentence the following: "The order granting registration shall not be effective until such broker or dealer has become a member of a registered securities association, or until such broker or dealer has become a member of a national securities exchange, if such broker or dealer effects transactions solely on that exchange, unless the Commission has exempted such broker or dealer, by rule or order, from such membership.";

(6) in section 15C(a)(2) (15 U.S.C. 78o-5(a)(2))--

(A) by redesignating clauses (i) and (ii) as subparagraphs (A) and (B), respectively, and adjusting the subparagraph margins accordingly;
(B) in subparagraph (B), as so redesignated, by striking "The order granting" and all that follows through "from such membership."; and
(C) in the matter following subparagraph (B), as so redesignated, by inserting after the first sentence the following: "The order granting registration shall not be effective until such government securities broker or government securities dealer has become a member of a national securities exchange registered under section 6 of this title, or a securities association registered under section 15A of this title, unless the Commission has exempted such government securities broker or government securities dealer, by rule or order, from such membership.";

(7) in section 17(b)(1)(B) (15 U.S.C. 78q(b)(1)(B)), by striking "15A(k) gives" and inserting "15A(k), give"; and
(8) in section 21C(c)(2) (15 U.S.C. 78u-3(c)(2)), by striking "paragraph (1) subsection" and inserting "Paragraph (1)".

(1) in section 304(b) (15 U.S.C. 77ddd(b)), by striking "section 2 of such Act" and inserting "section 2(a) of such Act"; and
(2) in section 317(a)(1) (15 U.S.C. 77qqq(a)(1)), by striking ", in the" and inserting "in the".

(d) Investment Company Act of 1940.--The Investment Company Act of 1940 (15 U.S.C. 80a-1 et seq.) is amended--

(1) in section 2(a)(19) (15 U.S.C. 80a-2(a)(19)), in the matter following subparagraph (B)(vii)--

(A) by striking "clause (vi)" each place that term appears and inserting "clause (vii)"; and
(B) in each of subparagraphs (A)(vi) and (B)(vi), by adding "and" at the end of subclause (III);

(2) in section 9(b)(4)(B) (15 U.S.C. 80a-9(b)(4)(B)), by adding "or" after the semicolon at the end;
(3) in section 12(d)(1)(J) (15 U.S.C. 80a-12(d)(1)(J)), by striking "any provision of this subsection" and inserting "any provision of this paragraph";
(4) in section 17(f) (15 U.S.C. 80a-17(f))--

(A) in paragraph (4), by striking "No such member" and inserting "No member of a national securities exchange"; and
(B) in paragraph (6), by striking "company may serve" and inserting "company, may serve"; and

(5) in section 61(a)(3)(B)(iii) (15 U.S.C. 80a-60(a)(3)(B)(iii))--

(A) by striking "paragraph (1) of section 205" and inserting "section 205(a)(1)"; and
(B) by striking "clause (A) or (B) of that section" and inserting "paragraph (1) or (2) of section 205(b)".

(e) Investment Advisers Act of 1940.--The Investment Advisers Act of 1940 (15 U.S.C. 80b-1 et seq.) is amended--

(1) in section 203 (15 U.S.C. 80b-3)--

(A) in subsection (c)(1)(A), by striking "principal business office and" and inserting "principal office, principal place of business, and"; and
(B) in subsection (k)(4)(B), in the matter following clause (ii), by striking "principal place of business" and inserting "principal office or place of business";

(2) in section 206(3) (15 U.S.C. 80b-6(3)), by adding "or" after the semicolon at the end;
(3) in section 213(a) (15 U.S.C. 80b-13(a)), by striking "principal place of business" and inserting "principal office or place of business"; and
(4) in section 222 (15 U.S.C. 80b-18a), by striking "principal place of business" each place that term appears and inserting "principal office and place of business"

Section 985 — Technical Corrections to Federal Securities Laws

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