‘‘(54) The term ‘senior’ means an individual 
who is 62 years of age or older.’’. 
(4) INVESTMENT ADVISERS ACT OF 1940.—Sec-
tion 202(a) of the Investment Advisers Act of 1940 
(15 U.S.C. 80b–2(a)) is amended by adding at the 
end the following: 
‘‘(29) The term ‘senior’ means an individual 
who is 62 years of age or older.’’. 
SEC. 3. ENHANCED PENALTIES FOR VIOLATIONS OF SECU-
RITIES ACT OF 1933. 
(a) CIVIL ACTIONS.—Section 20(d)(2) of the Securi-
ties Act of 1933 (15 U.S.C. 77t(d)(2)) is amended by add-
ing at the end the following: 
‘‘(D) SPECIAL RULE FOR SENIORS.—Not-
withstanding subparagraphs (A), (B), and (C), 
if a person commits a violation described in 
paragraph (1), and the violation is directed to-
ward, targets, or is committed against a person 
who, at the time of the violation, is a senior, the 
Commission, in addition to any other applicable 
civil penalty, may impose a civil penalty of not 
more than $50,000 for each such violation.’’. 
(b) OTHER VIOLATIONS.—Section 24 of the Securi-
ties Act of 1933 (15 U.S.C. 77x) is amended— 
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(1) by inserting ‘‘(a) IN GENERAL.—’’ before 
‘‘Any person’’; and 
(2) by adding at the end the following: 
‘‘(b) 
SPECIAL
RULE
FOR
SENIORS.—Notwith-
standing subsection (a), if a person commits a violation 
described in subsection (a), and the violation is directed 
toward, targets, or is committed against a person who, at 
the time of the violation is a senior, the Commission, in 
addition to any other applicable civil penalty, may impose 
a civil penalty of not more than $50,000 for each such 
violation.’’. 
SEC. 4. ENHANCED PENALTIES FOR VIOLATIONS OF SECU-
RITIES ACT OF 1934. 
(a) CIVIL ACTIONS.—Section 21(d)(3)(B) of the Se-
curities Exchange Act of 1934 (15 U.S.C. 78u(d)(3)(B)) 
is amended by adding at the end the following: 
‘‘(iv) SPECIAL RULE FOR SENIORS.— 
Notwithstanding clauses (i), (ii), and (iii), 
if a person commits a violation described 
in subparagraph (A), and the violation is 
directed toward, targets, or is committed 
against a person who, at the time of the 
violation, is a senior, the Commission, in 
addition to any other applicable civil pen-
alty, may impose a civil penalty of not 
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jlentini on DSKJ8SOYB1PROD with BILLS
more than $50,000 for each such viola-
tion.’’. 
(b) WILLFUL VIOLATIONS.—Section 21B(b) of the 
Securities Exchange Act of 1934 (15 U.S.C. 78u–2(b)) 
is amended by adding at the end the following: 
‘‘(4) SPECIAL RULE FOR SENIORS.—Notwith-
standing paragraphs (1), (2), and (3), if a person 
engages in an act or omission described in sub-
section (a), and the violation is directed toward, tar-
gets, or is committed against a person who, at the 
time of the violation, is a senior, the Commission, in 
addition to any other applicable civil penalty, may 
impose a civil penalty of not more than $50,000 for 
each such violation.’’. 
(c) OTHER VIOLATIONS.—Section 32 of the Securi-
ties Exchange Act of 1934 (15 U.S.C. 78ff) is amended 
by adding at the end the following: 
‘‘(d) SPECIAL
RULE
FOR
SENIORS.—Notwith-
standing subsections (a), (b), and (c), if a person commits 
a violation described in this section, and the violation is 
directed toward, targets, or is committed against a person, 
who at the time of the violation, is a senior, the Commis-
sion, in addition to any other applicable civil penalty, may 
impose a civil penalty of not more than $50,000 for each 
such violation.’’. 
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jlentini on DSKJ8SOYB1PROD with BILLS
SEC. 5. ENHANCED PENALTIES FOR VIOLATIONS OF IN-
VESTMENT COMPANY ACT OF 1940. 
(a) WILLFUL VIOLATIONS.—Section 9(d)(2) of the 
Investment Company Act of 1940 (15 U.S.C. 80a– 
9(d)(2)) is amended by adding at the end the following: 
‘‘(D) SPECIAL RULE FOR SENIORS.—Not-
withstanding subparagraphs (A), (B), and (C), 
if a person engages in an act or omission de-
scribed in paragraph (1), and the violation is 
directed toward, targets, or is committed 
against a person, who, at the time of the viola-
tion, is a senior, the Commission, in addition to 
any other applicable civil penalty, may impose a 
civil penalty of not more than $50,000 for each 
such violation.’’. 
(b) CIVIL ACTIONS.—Section 42(e)(2) of the Invest-
ment Company Act of 1940 (15 U.S.C. 80a–41(e)(2)) is 
amended by adding at the end the following: 
‘‘(D) SPECIAL RULE FOR SENIORS.—Not-
withstanding subparagraphs (A), (B), and (C), 
if a person commits a violation described in 
paragraph (1), and the violation is directed to-
ward, targets, or is committed against a person 
who, at the time of the violation, is senior, the 
Commission, in addition to any other applicable 
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jlentini on DSKJ8SOYB1PROD with BILLS
civil penalty, may impose a civil penalty not 
more than $50,000 for each such violation.’’. 
(c) OTHER VIOLATIONS.—Section 49 of the Invest-
ment Company Act of 1940 (15 U.S.C. 80a–48) is amend-
ed— 
(1) by inserting ‘‘(a) IN GENERAL.—’’ before 
‘‘Any person’’; and 
(2) by adding at the end the following: 
‘‘(b) 
SPECIAL
RULE
FOR
SENIORS.—Notwith-
standing subsection (a), if a person commits a violation 
described in subsection (a), and the violation is directed 
toward, targets, or is committed against a person who, at 
the time of the violation, is a senior, the Commission, in 
addition to any other applicable civil penalty, may impose 
a civil penalty of not more than $50,000 for each such 
violation.’’. 
SEC. 6. ENHANCED PENALTIES FOR VIOLATIONS OF IN-
VESTMENT ADVISERS ACT OF 1940. 
(a) WILLFUL VIOLATIONS.—Section 203(i)(2) of the 
Investment Advisers Act of 1940 (15 U.S.C. 80b–3(i)(2)) 
is amended by adding at the end the following: 
‘‘(D) SPECIAL RULE FOR SENIORS.—Not-
withstanding subparagraphs (A), (B), and (C), 
if a person engages in an act or omission de-
scribed in paragraph (1), and the violation is 
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22:11 Sep 10, 2009
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directed toward, targets, or is committed 
against a person who, at the time of the viola-
tion, is a senior, the Commission, in addition to 
any other applicable civil penalty, may impose a 
civil penalty of not more than $50,000 for each 
such violation.’’. 
(b) CIVIL ACTIONS.—Section 209(e)(2) of the Invest-
ment Advisers Act of 1940 (15 U.S.C. 80b–9(e)(2)) is 
amended by adding at the end the following: 
‘‘(D) SPECIAL RULE FOR SENIORS.—Not-
withstanding subparagraphs (A), (B), and (C), 
if a person commits a violation under this title, 
and the violation is directed toward, targets, or 
is committed against a person who, at the time 
of the violation, is a senior, the Commission, in 
addition to any other applicable civil penalty, 
may impose a civil penalty of not more than 
$50,000 for each such violation.’’. 
(c) OTHER VIOLATIONS.—Section 217 of the Invest-
ment Advisers Act of 1940 (15 U.S.C. 80b–17) is amend-
ed— 
(1) by inserting ‘‘(a) IN GENERAL.—’’ before 
‘‘Any person’’; and 
(2) by adding at the end the following: 
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