Sec. 6501. Investigations and prosecution of offenses for violations of the securities laws
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Section 21(d) of the Securities Exchange Act of 1934 ( 15 U.S.C. 78u(d) ) is amended— in paragraph (3)— in the paragraph heading— by inserting before Civil ; and Money Penalties by striking and inserting in Civil Actions ; and Authority to Seek Disgorgement in subparagraph (A), by striking jurisdiction to impose and all that follows through the period at the end and inserting the following: jurisdiction to— impose, upon a proper showing, a civil penalty to be paid by the person who committed such violation; and require disgorgement under paragraph
(7)of any unjust enrichment by the person who received such unjust enrichment as a result of such violation. ; and in subparagraph (B)— in clause (i), in the first sentence, by striking the penalty and inserting a civil penalty imposed under subparagraph (A)(i) ; in clause (ii), by striking amount of penalty and inserting amount of a civil penalty imposed under subparagraph (A)(i) ; and in clause (iii), in the matter preceding item (aa), by striking amount of penalty for each such violation and inserting amount of a civil penalty imposed under subparagraph (A)(i) for each violation described in that subparagraph ; in paragraph (4), by inserting under paragraph
(7)after funds disgorged ; and by adding at the end the following: In any action or proceeding brought by the Commission under any provision of the securities laws, the Commission may seek, and any Federal court may order, disgorgement. The Commission may bring a claim for disgorgement under paragraph (7)— not later than 5 years after the latest date of the violation that gives rise to the action or proceeding in which the Commission seeks the claim occurs; or not later than 10 years after the latest date of the violation that gives rise to the action or proceeding in which the Commission seeks the claim if the violation involves conduct that violates— section 10(b); section 17(a)(1) of the Securities Act of 1933 ( 15 U.S.C. 77q(a)(1) ); section 206(1) of the Investment Advisers Act of 1940 ( 15 U.S.C. 80b–6(1) ); or any other provision of the securities laws for which scienter must be established. The Commission may seek a claim for any equitable remedy, including for an injunction or for a bar, suspension, or cease and desist order, not later than 10 years after the latest date on which a violation that gives rise to the claim occurs. For the purposes of calculating any limitations period under this paragraph with respect to an action or claim, any time in which the person against which the action or claim, as applicable, is brought is outside of the United States shall not count towards the accrual of that period. Nothing in paragraph
(7)may be construed as altering any right that any private party may have to maintain a suit for a violation of this Act. . The amendments made by subsection
(a)shall apply with respect to any action or proceeding that is pending on, or commenced on or after, the date of enactment of this Act.
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- 15 USC 80b–6(1)
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Sec. 6501
Investigations and prosecution of offenses for violations of the securities laws
Cite15 USC 80b–6(1)
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