§ 7246. Fair funds for investors

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(a)Civil penalties to be used for the relief of victims If, in any judicial or administrative action brought by the Commission under the securities laws, the Commission obtains a civil penalty against any person for a violation of such laws, or such person agrees, in settlement of any such action, to such civil penalty, the amount of such civil penalty shall, on the motion or at the direction of the Commission, be added to and become part of a disgorgement fund or other fund established for the benefit of the victims of such violation.

(b)Acceptance of additional donations The Commission is authorized to accept, hold, administer, and utilize gifts, bequests and devises of property, both real and personal, to the United States for a disgorgement fund or other fund described in subsection (a). Such gifts, bequests, and devises of money and proceeds from sales of other property received as gifts, bequests, or devises shall be deposited in such fund and shall be available for allocation in accordance with subsection (a).

(c)Study required

(1)Subject of study The Commission shall review and analyze—

(A)enforcement actions by the Commission over the five years preceding July 30, 2002, that have included proceedings to obtain civil penalties or disgorgements to identify areas where such proceedings may be utilized to efficiently, effectively, and fairly provide restitution for injured investors; and

(B)other methods to more efficiently, effectively, and fairly provide restitution to injured investors, including methods to improve the collection rates for civil penalties and disgorgements.

(2)Report required The Commission shall report its findings to the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate within 180 days after of 1 July 30, 2002, and shall use such findings to revise its rules and regulations as necessary. The report shall include a discussion of regulatory or legislative actions that are recommended or that may be necessary to address concerns identified in the study.

(Pub. L. 107–204, title III, § 308, July 30, 2002, 116 Stat. 784; Pub. L. 111–203, title IX, § 929B, July 21, 2010, 124 Stat. 1852.)

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1
Pub. L. 107–204, title III, § 308
116 Stat. 784
Pub. L. 111–203, title IX, § 929B
124 Stat. 1852
section 308 of Pub. L. 107–204
Pub. L. 111–203, § 929B(1)
Pub. L. 111–203, § 929B(2)
Pub. L. 111–203, § 929B(3)
Pub. L. 111–203
section 4 of Pub. L. 111–203

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§ 7246

Fair funds for investors

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U.S.C.§ 78c

U.S.C.§ 5301

Cite1

Pub. L.Pub. L. 107–204, title III, § 308

Stat.116 Stat. 784

Pub. L.Pub. L. 111–203, title IX, § 929B

Stat.124 Stat. 1852

Cites 13 · showing 7Cited by 59 across 6 sources