summary
Introduced
03/14/2019
03/14/2019
In Committee
03/14/2019
03/14/2019
Crossed Over
Passed
Dead
12/31/2020
12/31/2020
Introduced Session
116th Congress
Bill Summary
A bill to amend the Securities Exchange Act of 1934 to clarify that the Security and Exchange Commission may seek disgorgement and restitution as a result of a violation of the securities laws, to establish the statute of limitations for disgorgement and equitable actions brought by the Commission, and for other purposes. 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.
AI Summary
This bill provides statutory authority for the Securities and Exchange Commission (SEC) to seek disgorgement (repayment of unjust enrichment gained from a securities law violation) and restitution (compensation for investor losses resulting from a securities law violation by a registered or associated broker, dealer, investment advisor, etc.). It establishes a 5-year statute of limitations for disgorgement claims and a 10-year statute of limitations for equitable remedies, including restitution. The bill also clarifies the SEC's authority to impose civil monetary penalties and seek disgorgement in civil actions. This legislation aims to strengthen the SEC's enforcement powers and provide greater compensation for investors harmed by securities law violations.
Committee Categories
Housing and Urban Affairs
Sponsors (2)
Last Action
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (on 03/14/2019)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.congress.gov/bill/116th-congress/senate-bill/799/all-info |
| BillText | https://www.congress.gov/116/bills/s799/BILLS-116s799is.pdf |
| Bill | https://www.congress.gov/116/bills/s799/BILLS-116s799is.pdf.pdf |
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