Sec. 824. Certain findings required to approve civil money penalties against issuers

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The Securities Exchange Act of 1934 ( 15 U.S.C. 78a et seq.) is amended by inserting after section 4E the following: The Commission may not seek against or impose on an issuer a civil money penalty for violation of the securities laws unless the publicly available text of the order approving the seeking or imposition of such penalty contains findings, supported by an analysis by the Division of Economic and Risk Analysis and certified by the Chief Economist, of whether— the alleged violation resulted in direct economic benefit to the issuer; and the penalty will harm the shareholders of the issuer. .

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U.S. Code

Short title
§ 78a

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Sec. 824

Certain findings required to approve civil money penalties against issuers

U.S.C.§ 78a

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