[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3701 Reported in House (RH)]
<DOC>
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]
_______________________________________________________________________
A BILL
To establish a statute of limitations for certain actions of the
Securities and Exchange Commission, and for other purposes.
Be it enacted by the Senate and House of Representatives 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 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).
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 actions of the
Securities and Exchange Commission, and for other purposes.
_______________________________________________________________________
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