Military Personnel Financial Services Protection Act

(This measure has not been amended since it was reported to the Senate on July 13, 2006. The summary of that version is repeated here.) Military Personnel Financial Services Protection Act - (Sec. 4) Amends the Investment Company Act of 1940 to make it unlawful for any registered investment company to issue or sell any periodic payment plan certificate. Retains the validity of certain previously issued certificates. Directs the Securities and Exchange Commission (SEC) to report to certain congressional committees on: (1) measures taken by a registered broker or dealer to refund voluntarily payments made by military service members on any periodic payment plan certificate, and the amounts of such refunds; (2) the sales practices of such brokers or dealers on military installations over the five years preceding submission of the report, and any legislative or regulatory recommendations to improve such practices; and (3) the revenues generated by such brokers or dealers in the sales of periodic payment plan certificates over such five-year period, and the products marketed by them to replace the revenue generated from the sales of prohibited certificates. (Sec. 5) Amends the Securities Exchange Act of 1934 to require the rules of a registered securities association to: (1) govern the sales, or offers of sales, of securities on the premises of any military installation to any membe…

Congressional Research Service · 2006-09-21