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] 
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A BILL 
To establish a statute of limitations for certain actions of 
the Securities and Exchange Commission, and for other 
purposes. 
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Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Strengthening Fraud 
Protection Provisions for SEC Enforcement Act of 2019’’ 
SEC. 2. STATUTE OF LIMITATIONS FOR COMMISSION AC-
TIONS. 
(a) IN GENERAL.—Section 21 of the Securities Ex-
change Act of 1934 (15 U.S.C. 78u) is amended by adding 
at the end the following: 
‘‘(j) STATUTE OF LIMITATIONS.— 
‘‘(1) CIVIL MONETARY PENALTIES.— 
‘‘(A) IN
GENERAL.—An action or pro-
ceeding 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. 
‘‘(B) EXCLUSION.—The period of limita-
tions in subparagraph (A) does not run during 
any time when an alleged violator is absent from 
the United States or has no reasonably ascer-
tainable place of abode or work within the 
United States. 
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‘‘(2) DEFINITION.—For purposes of this sub-
section, the term ‘civil monetary penalty’ means relief 
sought by the Commission under— 
‘‘(A) subsection (d)(3), section 10A(d), sec-
tion 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)); 
‘‘(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)); 
‘‘(C) section 9(d)(1) or 42(e)(1) of the In-
vestment Company Act of 1940 (15 U.S.C. 80a– 
9(d)(1), 80a–41(e)(1)); 
‘‘(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 
‘‘(E) section 304(a) of the Sarbanes-Oxley 
Act of 2002 (15 U.S.C. 7243(a)).’’. 
(b) 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). 
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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 ac-
tions of the Securities and Exchange Commis-
sion, and for other purposes. 
FEBRUARY 21, 2020 
Reported with an amendment; committed to the Com-
mittee of the Whole House on the State of the Union 
and ordered to be printed 
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21:19 Feb 21, 2020
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PO 00000
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