SEC. 925. COLLATERAL BARS.
(a) SECURITIES EXCHANGE ACT OF 1934.—
(1) SECTION 15.—Section 15(b)(6)(A) of the Securities Exchange Act of 1934 (15 U.S.C. 78o(b)(6)(A)) is amended by striking ‘‘12 months, or bar such person from being associated with a broker or dealer,’’ and inserting ‘‘12 months, or bar
any such person from being associated with a broker, dealer, investment adviser, municipal securities dealer, municipal advisor, transfer agent, or nationally recognized statistical rating organization,’’.
(2) SECTION 15B.—Section 15B(c)(4) of the Securities Exchange Act of 1934 (15 U.S.C. 78o–4(c)(4)) is amended by
striking ‘‘twelve months or bar any such person from being associated with a municipal securities dealer,’’ and inserting ‘‘12 months or bar any such person from being associated with a broker, dealer, investment adviser, municipal securities
dealer, municipal advisor, transfer agent, or nationally recognized statistical rating organization,’’.
(3) SECTION 17A.—Section 17A(c)(4)(C) of the Securities Exchange Act of 1934 (15 U.S.C. 78q–1(c)(4)(C)) is amended by striking ‘‘twelve months or bar any such person from being associated with the transfer agent,’’ and inserting ‘‘12 months
or bar any such person from being associated with any transfer agent, broker, dealer, investment adviser, municipal securities dealer, municipal advisor, or nationally recognized statistical rating organization,’’.
(b) INVESTMENT ADVISERS ACT OF 1940.—Section 203(f) of the Investment Advisers Act of 1940 (15 U.S.C. 80b–3(f)) is amended by striking ‘‘twelve months or bar any such person from being associated with an investment adviser,’’ and inserting ‘‘12 months
or bar any such person from being associated with an investment adviser, broker, dealer, municipal securities dealer, municipal advisor, transfer agent, or nationally recognized statistical rating organization,’’.