On April 6, 2005, the House passed a bill, the Realtime Investor Protection Act (H.R. 1077), that would give investors immediate online access to broker, dealer and investment adviser information through the NASD’s BrokerCheck. The bill, introduced by Rep John Shadegg (R-Arizona), would amend the Securities Exchange Act of 1934 to require registered securities associations to establish and maintain (i) a registration information system on its members and their associated persons and (ii) a toll-free telephone number and a readily accessible electronic platform to receive and quickly respond to inquiries regarding registration information. An association is currently required to maintain a tollfree telephone listing for questions regarding disciplinary actions involving its members and their associated persons.

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