S.183 - SEC Civil Enforcement Act108th Congress (2003-2004)
|Sponsor:||Sen. Levin, Carl [D-MI] (Introduced 01/16/2003)|
|Committees:||Senate - Banking, Housing, and Urban Affairs|
|Latest Action:||04/08/2003 Sponsor introductory remarks on measure. (CR S4946) (All Actions)|
This bill has the status Introduced
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Subject — Policy Area:
- Finance and Financial Sector
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Summary: S.183 — 108th Congress (2003-2004)All Bill Information (Except Text)
SEC Civil Enforcement Act - Amends the Securities Act of 1933, the Securities Exchange Act of 1934, the Investment Company Act of 1940, and the Investment Advisers' Act of 1940 to: (1) expand the range of persons, including financial institutions, subject to SEC civil monetary penalties (currently corporate officers, directors, auditors, lawyers, or publicly traded companies are exempt from such SEC sanctions); and (2) increase maximum civil monetary penalties for securities violations.
Introduced in Senate (01/16/2003)
Grants the SEC administrative authority, pursuant to an official SEC investigation, to subpoena financial records from a financial institution and transfer them to any government authority, in specified circumstances, without customer notice that a records request has been made.