Sec. 202. Penalty for failing to disclose offshore holdings
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Section 21(d)(3)(B) of the Securities Exchange Act of 1934 ( 15 U.S.C. 78u(d)(3)(B) ) is amended by adding at the end the following: Notwithstanding clauses (i), (ii), and (iii), for each violation, the amount of the penalty shall not exceed $1,000,000 for any natural person or $10,000,000 for any other person, if— such person directly or indirectly controlled any foreign entity, including any trust, corporation, limited liability company, partnership, or foundation through which an issuer purchased, sold, or held equity or debt instruments; such person knowingly or recklessly failed to disclose any such holding, purchase, or sale by the issuer; and the holding, purchase, or sale would have been otherwise subject to disclosure by the issuer or such person under this title. .
Section 20(d)(2) of the Securities Act of 1933 (15 U.S.C. 77t(d)(2)) is amended by adding at the end the following: Notwithstanding subparagraphs (A), (B), and (C), for each violation, the amount of the penalty shall not exceed $1,000,000 for any natural person or $10,000,000 for any other person, if— such person directly or indirectly controlled any foreign entity, including any trust, corporation, limited liability company, partnership, or foundation through which an issuer purchased, sold, or held equity or debt instruments; such person knowingly or recklessly failed to disclose any such holding, purchase, or sale by the issuer; and the holding, purchase, or sale would have been otherwise subject to disclosure by the issuer or such person under this title. .
Section 203(i)(2) of the Investment Advisers Act of 1940 ( 15 U.S.C. 80b–3(i)(2) ) is amended by adding at the end the following: Notwithstanding subparagraphs (A), (B), and (C), for each violation, the amount of the penalty shall not exceed $1,000,000 for any natural person or $10,000,000 for any other person, if— such person directly or indirectly controlled any foreign entity, including any trust, corporation, limited liability company, partnership, or foundation through which an issuer purchased, sold, or held equity or debt instruments; such person knowingly or recklessly failed to disclose any such holding, purchase, or sale by the issuer; and the holding, purchase, or sale would have been otherwise subject to disclosure by the issuer or such person under this title. .
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- 15 USC 80b–3(i)(2)
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Sec. 202
Penalty for failing to disclose offshore holdings
Cite15 USC 80b–3(i)(2)
Cites 3Cited by 0 across 0 sources