US Codex
Bill
Notes

H.R. 3701 — what changed

Strengthening Fraud Protection Provisions for SEC Enforcement Act of 2019

From Introduced in House to Reported in House. 1 section amended and 1 added between Introduced in House and Reported in House.

Section 1 Short title

added This Act may be cited as the “Strengthening Fraud Protection Provisions for SEC Enforcement Act of 2019”

(a)
removed In general— Section 21 of the Securities Exchange Act of 1934 (15 U.S.C. 78u) is amended by adding at the end the following:

removed “(j) Statute of limitations

removed “(1) Civil monetary penalties

removed “(A) In general—An action or proceeding brought or instituted by the Commission under any provision of the securities laws for a civil monetary penalty may be brought not later than 10 years after the alleged violation.

removed “(B) Exclusion—The period of limitations in subparagraph (A) does not run during any time when an alleged violator is absent from the United States or has no reasonably ascertainable place of abode or work within the United States.

removed “(2) Definition—For purposes of this subsection, the term civil monetary penalty means relief sought by the Commission under—

removed “(A) subsection (d)(3), section 10A(d), section 21A(a), section 21B(a), or subsection (b), (c)(1)(B), or (c)(2)(B) of section 32 (15 U.S.C. 78j–1(d), 78u–2(a), 78ff(b), 78ff(c)(1)(B), or 78ff(c)(2)(B));

removed “(B) section 8A(g)(2) or section 20(d)(2) of the Securities Act of 1933 (15 U.S.C. 77h–1(g)(2), 77t(d)(2));

removed “(C) section 9(d)(1) or 42(e)(1) of the Investment Company Act of 1940 (15 U.S.C. 80a–9(d)(1), 80a–41(e)(1));

removed “(D) section 203(i)(1) or 209(e)(1) of the Investment Advisers Act of 1940 (15 U.S.C. 80b–3(i)(1), 80b–9(e)(1)); or

removed “(E) section 304(a) of the Sarbanes-Oxley Act of 2002 (15 U.S.C. 7243(a)).”

(b)
removed Conforming amendment— Section 21A(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78u–1(d)) is amended by striking paragraph (5).

Sec. 2 Statute of limitations for Commission actions

added
(a)
added In general— Section 21 of the Securities Exchange Act of 1934 (15 U.S.C. 78u) is amended by adding at the end the following:

added “(j) Statute of limitations

added “(1) Civil monetary penalties

added “(A) In general—An action or proceeding brought or instituted by the Commission under any provision of the securities laws for a civil monetary penalty may be brought not later than 10 years after the alleged violation.

added “(B) Exclusion—The period of limitations in subparagraph (A) does not run during any time when an alleged violator is absent from the United States or has no reasonably ascertainable place of abode or work within the United States.

added “(2) Definition—For purposes of this subsection, the term civil monetary penalty means relief sought by the Commission under—

added “(A) subsection (d)(3), section 10A(d), section 21A(a), section 21B(a), or subsection (b), (c)(1)(B), or (c)(2)(B) of section 32 (15 U.S.C. 78j-1(d), 78u–2(a), 78ff(b), 78ff(c)(1)(B), or 78ff(c)(2)(B));

added “(B) section 8A(g)(2) or section 20(d)(2) of the Securities Act of 1933 (15 U.S.C. 77h-1(g)(2), 77t(d)(2));

added “(C) section 9(d)(1) or 42(e)(1) of the Investment Company Act of 1940 (15 U.S.C. 80a–9(d)(1), 80a–41(e)(1));

added “(D) section 203(i)(1) or 209(e)(1) of the Investment Advisers Act of 1940 (15 U.S.C. 80b–3(i)(1), 80b–9(e)(1)); or

added “(E) section 304(a) of the Sarbanes-Oxley Act of 2002 (15 U.S.C. 7243(a)).”

(b)
added Conforming amendment— Section 21A(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78u–1(d)) is amended by striking paragraph (5).