Sec. 216. GAO report on use of civil money penalty authority by Commission
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Not later than 2 years after the date of the enactment of this Act, the Comptroller General of the United States shall submit to the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate a report on the use by the Commission of the authority to impose or obtain civil money penalties for violations of the securities laws during the period beginning on June 1, 2010, and ending on the date of the enactment of this Act. The matters covered by the report required by subsection
(a)shall include the following: The types of violations for which civil money penalties were imposed or obtained. The types of persons on whom civil money penalties were imposed or from whom such penalties were obtained. The number and dollar amount of civil money penalties imposed or obtained, disaggregated as follows: Penalties imposed in administrative actions and penalties obtained in judicial actions. Penalties imposed on or obtained from issuers (individual and aggregate filers) and penalties imposed on or obtained from other persons. Penalties permitted to be retained for use by the Commission and penalties deposited in the general fund of the Treasury of the United States. For penalties imposed on or obtained from issuers: Whether the violations involved resulted in direct economic benefit to the issuers. The impact of the penalties on the shareholders of the issuers. In this section, the terms Commission , issuer , and securities laws have the meanings given such terms in section 3(a) of the Securities Exchange Act of 1934 ( 15 U.S.C. 78c(a) ).
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Sec. 216
GAO report on use of civil money penalty authority by Commission
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