Shareholder Communications Act of 1985

The Shareholder Communications Act was enacted on December 28, 1985, to amend the Securities Exchange Act of 1934. The law authorizes the Securities and Exchange Commission to subject banks, associations, and entities that exercise fiduciary powers to the same regulations as broker-dealers under section 14(b) of the act. The law also provides implementing regulations for banks, excluding disclosure of beneficial owners' names without consent.