S.799 - Securities Fraud Enforcement and Investor Compensation Act of 2019116th Congress (2019-2020)
|Sponsor:||Sen. Warner, Mark R. [D-VA] (Introduced 03/14/2019)|
|Committees:||Senate - Banking, Housing, and Urban Affairs|
|Latest Action:||Senate - 03/14/2019 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (All Actions)|
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Summary: S.799 — 116th Congress (2019-2020)All Information (Except Text)
Introduced in Senate (03/14/2019)
Securities Fraud Enforcement and Investor Compensation Act of 2019
This bill provides statutory authority for the Securities and Exchange Commission (SEC) to seek disgorgement (i.e., repayment) as a remedy for unjust enrichment that a person gained through a securities law violation. It also allows the SEC to seek restitution for an investor's loss as a result of a securities law violation by a person registered as or associated with a securities dealer, broker, or other specified financial advisor.
The bill establishes a 5-year statute of limitations for disgorgement and a 10-year statute of limitations for equitable remedies, including restitution.