Sec. 2. Determination of the number of violations
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The Securities Act of 1933 is amended— in section 8A(g) ( 15 U.S.C. 77h–1(g) ), by adding at the end the following: For purposes of determining the number of violations for which to impose penalties under paragraph (1), separate acts of noncompliance are a single violation when the acts are the result of— a common or a substantially overlapping originating cause; the same misstatement or omission; or a continuing failure to comply. ; and in section 20(d) ( 15 U.S.C. 77t(d) ), by adding at the end the following:
For purposes of determining the number of violations for which to impose penalties under paragraph (1), separate acts of noncompliance are a single violation when the acts are the result of— a common or a substantially overlapping originating cause; the same misstatement or omission; or a continuing failure to comply. . The Securities Exchange Act of 1934 is amended— in section 21(d)(3) ( 15 U.S.C. 78u(d)(3) ), by adding at the end the following: For purposes of determining the number of violations for which to impose penalties under subparagraph (A)(i), separate acts of noncompliance are a single violation when the acts are the result of— a common or a substantially overlapping originating cause; the same misstatement or omission; or a continuing failure to comply. ; in section 21B(a) ( 15 U.S.C. 78u–2(b) ), by adding at the end the following:
For purposes of determining the number of violations, acts, or omissions for which to impose penalties under this subsection, separate acts of noncompliance are a single violation, act, or omission when the acts are the result of— a common or a substantially overlapping originating cause; the same misstatement or omission; or a continuing failure to comply. ; and in section 32 ( 15 U.S.C. 78ff ), by adding at the end the following: For purposes of determining the number of violations for which to impose penalties under subsection (c), separate acts of noncompliance are a single violation when the acts are the result of— a common or a substantially overlapping originating cause; the same misstatement or omission; or a continuing failure to comply. .
The Investment Company Act of 1940 is amended— in section 9(d) ( 15 U.S.C. 80a–9(d) ), by adding at the end the following: For purposes of determining the number of violations, acts, or omissions for which to impose penalties under paragraph (1), separate acts of noncompliance are a single violation, act, or omission when the acts are the result of— a common or a substantially overlapping originating cause; the same misstatement or omission; or a continuing failure to comply. ; and in section 42(e) ( 15 U.S.C. 80a–41(e) ), by adding at the end the following:
For purposes of determining the number of violations for which to impose penalties under paragraph (1), separate acts of noncompliance are a single violation when the acts are the result of— a common or a substantially overlapping originating cause; the same misstatement or omission; or a continuing failure to comply. . The Investment Advisers Act of 1940 is amended— in section 203(i) ( 15 U.S.C. 80b–3(i) ), by adding at the end the following: For purposes of determining the number of violations, acts, or omissions for which to impose penalties under paragraph (1), separate acts of noncompliance are a single violation, act, or omission when the acts are the result of— a common or a substantially overlapping originating cause; the same misstatement or omission; or a continuing failure to comply. ; and in section 209(e) ( 15 U.S.C. 80b–9(e) ), by adding at the end the following:
For purposes of determining the number of violations for which to impose penalties under paragraph (1), separate acts of noncompliance are a single violation when the acts are the result of— a common or a substantially overlapping originating cause; the same misstatement or omission; or a continuing failure to comply. .
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- 15 USC 77h–1(g)
- 15 USC 78u–2(b)
- 15 USC 80a–9(d)
- 15 USC 80a–41(e)
- 15 USC 80b–3(i)
- 15 USC 80b–9(e)
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Sec. 2
Determination of the number of violations
Cite15 USC 77h–1(g)
Cite15 USC 78u–2(b)
Cite15 USC 80a–9(d)
Cite15 USC 80a–41(e)
Cite15 USC 80b–3(i)
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