Sec. 827. Elimination of automatic disqualifications
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The Securities Exchange Act of 1934 ( 15 U.S.C. 78a et seq.), as amended by this Act, is further amended by inserting after section 4F the following: Notwithstanding any other provision of law, a non-natural person may not be disqualified or otherwise made ineligible to use an exemption or registration provision, engage in an activity, or qualify for any similar treatment under a provision of the securities laws or the rules issued by the Commission under the securities laws by reason of having, or a person described in subsection
(b)having, been convicted of any felony or misdemeanor or made the subject of any judicial or administrative order, judgment, or decree arising out of a governmental action (including an order, judgment, or decree agreed to in a settlement), or having, or a person described in subsection
(b)having, been suspended or expelled from membership in, or suspended or barred from association with a member of, a registered national securities exchange or a registered national or affiliated securities association for any act or omission to act constituting conduct inconsistent with just and equitable principles of trade, unless the Commission, by order, on the record after notice and an opportunity for hearing, makes a determination that such non-natural person should be so disqualified or otherwise made ineligible for purposes of such provision. A person is described in this subsection if the person is— a natural person who is a director, officer, employee, partner, member, or shareholder of the non-natural person referred to in subsection
(a)or is otherwise associated or affiliated with such non-natural person in any way; or a non-natural person who is associated or affiliated with the non-natural person referred to in subsection
(a)in any way. Nothing in this section shall be construed to limit any authority of the Commission, by order, on the record after notice and an opportunity for hearing, to prohibit a person from using an exemption or registration provision, engaging in an activity, or qualifying for any similar treatment under a provision of the securities laws, or the rules issued by the Commission under the securities laws, by reason of a circumstance referred to in subsection
(a)or any similar circumstance. .
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Sec. 827
Elimination of automatic disqualifications
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