Strengthening Fraud Protection Provisions for SEC Enforcement Act of 2019

Bill: 116-hr-3701
Sponsor: full_name: Rep. Gonzalez, Vicente [D-TX-15]
Introduced: 2019-07-11
Policy area: Finance and Financial Sector
Subjects: Banking and financial institutions regulation

Civil actions and liability

Financial services and investments

Government studies and investigations

Securities

Securities and Exchange Commission (SEC)
Latest action: action_date: 2020-02-21
text: Placed on the Union Calendar, Calendar No. 321.

Summaries:
action_date: 2019-07-11
action_desc: Introduced in House
text: <p>This bill establishes a 10-year statute of limitations for an action or proceeding by the Securities and Exchange Commission for a civil monetary penalty. </p> <p>The statute of limitations is tolled any time an alleged violator is either absent from the United States or has no reasonably ascertainable place of abode or work within the United States. </p>

action_date: 2020-02-21
action_desc: Reported to House
text: <p><b>Strengthening Fraud Protection Provisions for SEC Enforcement Act of 2019</b></p> <p>This bill establishes a 10-year statute of limitations for an action or proceeding by the Securities and Exchange Commission for a civil monetary penalty. </p> <p>The statute of limitations is tolled any time an alleged violator is either absent from the United States or has no reasonably ascertainable place of abode or work within the United States. </p>

tv_txt: I 116th CONGRESS 1st Session H. R. 3701 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 A BILL To establish a statute of limitations for certain actions of the Securities and Exchange Commission, and for other purposes.

1. Statute of limitations for Commission actions (a) 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: (j) Statute of limitations (1) Civil monetary penalties (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. (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. (2) Definition For purposes of this subsection, the term civil monetary penalty means relief sought by the Commission under— (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)); (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 Investment 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).

tv_txt: IB Union Calendar No. 321 116th CONGRESS 2d Session H. R. 3701 [Report No. 116–399] 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 A BILL To establish a statute of limitations for certain actions of the Securities and Exchange Commission, and for other purposes.

1. Short title This Act may be cited as the Strengthening Fraud Protection Provisions for SEC Enforcement Act of 2019 2. Statute of limitations for Commission actions (a) 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: (j) Statute of limitations (1) Civil monetary penalties (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. (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. (2) Definition For purposes of this subsection, the term civil monetary penalty means relief sought by the Commission under— (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)); (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 Investment 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).

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