PROMOTION OF RECIPROCAL SUBPOENA ENFORCEMENT.

SEC. 102. PROMOTION OF RECIPROCAL SUBPOENA ENFORCEMENT. (a) Commission Action.—The Securities and Exchange Commission, in consultation with State securities commissions (or any agencies or offices performing like functions), shall seek to encourage the adoption of State laws providing for reciprocal enforcement by State securities commissions of subpoenas issued by another State securities commission seeking to compel persons to attend, testify in, or produce documents or records in connection with an action or investigation by a State securities commission of an alleged violation of State securities laws. (b) Report.—Not later than 24 months after the date of enactment of this Act, the Securities and Exchange Commission (hereafter in this section referred to as the “Commission”) shall submit a report to the Congress— (1) identifying the States that have adopted laws described in subsection (a); (2) describing the actions undertaken by the Commission and State securities commissions to promote the adoption of such laws; and (3) identifying any further actions that the Commission recommends for such purposes.