IB 

Union Calendar No. 321 

116TH CONGRESS 

2D SESSION H. R. 3701 

[Report No. 116–399] 

To establish a statute of limitations for certain actions of the Securities 

and Exchange Commission, and for other purposes. 

IN THE HOUSE OF REPRESENTATIVES 

JULY 11, 2019 

Mr. GONZALEZ of Texas introduced the following bill; which was referred to 

the Committee on Financial Services 

FEBRUARY 21, 2020 

Additional sponsor: Mr. CLEAVER

FEBRUARY 21, 2020 

Reported with an amendment; committed to the Committee of the Whole 

House on the State of the Union and ordered to be printed 

[Strike out all after the enacting clause and insert the part printed in italic] 

[For text of introduced bill, see copy of bill as introduced on July 11, 2019] 


pamtmann on DSKBC07HB2PROD with BILLS
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•HR 3701 RH

A BILL 

To establish a statute of limitations for certain actions of 

the Securities and Exchange Commission, and for other 

purposes. 


pamtmann on DSKBC07HB2PROD with BILLS
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•HR 3701 RH

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘Strengthening Fraud 

5 Protection Provisions for SEC Enforcement Act of 2019’’ 

6 SEC. 2. STATUTE OF LIMITATIONS FOR COMMISSION AC7 TIONS. 

8 (a) IN GENERAL.—Section 21 of the Securities Ex9 change Act of 1934 (15 U.S.C. 78u) is amended by adding 

10 at the end the following: 

11 ‘‘(j) STATUTE OF LIMITATIONS.— 

12 ‘‘(1) CIVIL MONETARY PENALTIES.— 

13 ‘‘(A) IN GENERAL.—An action or pro14 ceeding brought or instituted by the Commission 

15 under any provision of the securities laws for a 

16 civil monetary penalty may be brought not later 

17 than 10 years after the alleged violation. 

18 ‘‘(B) EXCLUSION.—The period of limita19 tions in subparagraph (A) does not run during 

20 any time when an alleged violator is absent from 

21 the United States or has no reasonably ascer22 tainable place of abode or work within the 

23 United States. 


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•HR 3701 RH

1 ‘‘(2) DEFINITION.—For purposes of this sub2 section, the term ‘civil monetary penalty’ means relief 

3 sought by the Commission under— 

4 ‘‘(A) subsection (d)(3), section 10A(d), sec5 tion 21A(a), section 21B(a), or subsection (b), 

6 (c)(1)(B), or (c)(2)(B) of section 32 (15 U.S.C. 

7 78j-1(d), 78u–2(a), 78ff(b), 78ff(c)(1)(B), or 

8 78ff(c)(2)(B)); 

9 ‘‘(B) section 8A(g)(2) or section 20(d)(2) of 

10 the Securities Act of 1933 (15 U.S.C. 77h11 1(g)(2), 77t(d)(2)); 

12 ‘‘(C) section 9(d)(1) or 42(e)(1) of the In13 vestment Company Act of 1940 (15 U.S.C. 80a– 

14 9(d)(1), 80a–41(e)(1)); 

15 ‘‘(D) section 203(i)(1) or 209(e)(1) of the 

16 Investment Advisers Act of 1940 (15 U.S.C. 80b– 

17 3(i)(1), 80b–9(e)(1)); or 

18 ‘‘(E) section 304(a) of the Sarbanes-Oxley 

19 Act of 2002 (15 U.S.C. 7243(a)).’’. 

20 (b) CONFORMING AMENDMENT.—Section 21A(d) of the 

21 Securities Exchange Act of 1934 (15 U.S.C. 78u–1(d)) is 

22 amended by striking paragraph (5). 


pamtmann on DSKBC07HB2PROD with BILLS

pamtmann on DSKBC07HB2PROD with BILLS
Union Calendar No. 321 

116TH CONGRESS 

2D SESSION H. R. 3701 

[Report No. 116–399] 

A BILL 

To establish a statute of limitations for certain acsion, and for other purposes. tions of the Securities and Exchange CommisFEBRUARY 21, 2020 

Reported with an amendment; committed to the Comand ordered to be printed mittee of the Whole House on the State of the Union 


pamtmann on DSKBC07HB2PROD with BILLS