Sec. 6501. INVESTIGATIONS AND PROSECUTION OF OFFENSES FOR VIOLATIONS OF THE SECURITIES LAWS
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## SEC. 6501 INVESTIGATIONS AND PROSECUTION OF OFFENSES FOR VIOLATIONS OF THE SECURITIES LAWS ###
(a)In General Section 21(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78u(d)) is amended— ####
(1)in paragraph (3)— #####
(A)in the paragraph heading— ######
(i)by inserting “Civil” before “Money penalties”; and ######
(ii)by striking “in civil actions” and inserting “and authority to seek disgorgement”; #####
(B)in subparagraph (A), by striking “ jurisdiction to impose ” and all that follows through the period at the end and inserting the following: > “jurisdiction to— > > > ###### “(i) > > impose, upon a proper showing, a civil penalty to be paid by the person who committed such violation; and > > > ###### “(ii) > > require disgorgement under paragraph
(7)of any unjust enrichment by the person who received such unjust enrichment as a result of such violation.” > ; and #####
(C)in subparagraph (B)— ######
(i)in clause (i), in the first sentence, by striking “the penalty” and inserting “a civil penalty imposed under subparagraph (A)(i)”; ######
(ii)in clause (ii), by striking “amount of penalty” and inserting “amount of a civil penalty imposed under subparagraph (A)(i)”; and ######
(iii)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”; ####
(2)in paragraph (4), by inserting “under paragraph (7)” after “funds disgorged”; and ####
(3)by adding at the end the following: > > #### “(7) Disgorgement > > 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. > > > #### “(8) Limitations periods > > > ##### “(A) Disgorgement > > The Commission may bring a claim for disgorgement under paragraph (7)— > > > ###### “(i) > > 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 > > > ###### “(ii) > > 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— > > > ###### “(I) > > section 10(b); > > > ###### “(II) > > section 17(a)(1) of the Securities Act of 1933 (15 U.S.C. 77q(a)(1)); > > > ###### “(III) > > section 206(1) of the Investment Advisers Act of 1940 (15 U.S.C. 80b-6(1)); or > > > ###### “(IV) > > any other provision of the securities laws for which scienter must be established. > > > ##### “(B) Equitable remedies > > 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. > > > ##### “(C) Calculation > > 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. > > > #### “(9) Rule of construction > > 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.” > . ###
(b)Applicability **[**[15 U.S.C. 78u note](/us/usc/t15/s78u)**]** 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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Sec. 6501
INVESTIGATIONS AND PROSECUTION OF OFFENSES FOR VIOLATIONS OF THE SECURITIES LAWS
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