,,ii  #aac? ,,congress  #a/ ,session    
,s4 #aahe  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,june #ai1 #bjac ,mr4  
,casey introduc$ ! foll[+ bill2 :i* 0   
read twice & ref]r$ to ! ,committee on  
,bank+1 ,h\s+1 & ,urban ,affairs  ,a    
,,bill  ,to enhance p5alties =          
violations ( securities protections t   
involve t>get+ s5iors4  #a4 ,%ort title 
,?is ,act may be cit$ z ! ,s5ior        
,inve/or ,protections ,enhancem5t ,act (
 #bjac4  #b4 ,def9itions  7a7 ,9 g5]al  
,9 ?is ,act1 ! foll[+ def9itions %all   
apply3  7#a7 ,s5ior ,! t]m s5ior means  
an individual :o is #fb ye>s ( age or   
old]4  7#b7 ,securities laws ,! t]m     
securities laws means ! ,securities ,act
 ( #aicc 7#ae ,u4,s4,c4 #gg;b et seq471 
! ,securities ,ex*ange ,act ( #aicd 7#ae
 ,u4,s4,c4 #gh;a et seq471 ! ,inve/m5t  
,company ,act ( #aidj 7#ae ,u4,s4,c4    
#hj;a et seq471 & ! ,inve/m5t ,advis]s  
,act ( #aidj 7#ae ,u4,s4,c4 #hj;b et    
seq474  7b7 ,application ( s5ior        
def9ition  7#a7 ,securities ,act ( #aicc

 ,section #b7;a7 ( ! ,securities ,act ( 
#aicc 7#ae ,u4,s4,c4 #gg;b7a77 is am5d$ 
by add+ at ! end ! foll[+3  7#bj7 ,! t]m
 s5ior means an individual :o is #fb    
ye>s ( age or old]4  4  7#b7 ,securities
 ,ex*ange ,act ( #aicd ,section #c7;a7 (
 ! ,securities ,ex*ange ,act ( #aicd    
7#ae ,u4,s4,c4 #gh;c7a77 is am5d$--     
7,a7 by r$esignat+ ! fir/ p>agraph      
designat$ z 7#hj71 z add$ by            
#aja7;b77#b7 ( ! ,jump/>t ,our ,bus9ess 
,/>tups ,act 7#abf ,/at4 #cjg7 7relat+  
to em]g+ gr[? companies71 z p>agraph    
7#ha72 &  7,b7 by add+ at ! end !       
foll[+3  7#hb7 ,! t]m s5ior means an    
individual :o is #fb ye>s ( age or old]4
  4  7#c7 ,inve/m5t ,company ,act (     
#aidj ,section #b7;a7 ( ! ,inve/m5t     
,company ,act ( #aidj 7#ae ,u4,s4,c4    
#hj;a-#b7;a77 is am5d$ by add+ at ! end 
! foll[+3  7#ee7 ,! t]m s5ior means an  
individual :o is #fb ye>s ( age or old]4
  4  7#d7 ,inve/m5t ,advis]s ,act (     
#aidj ,section #bjb7;a7 ( ! ,inve/m5t   
,advis]s ,act ( #aidj 7#ae ,u4,s4,c4    

#hj;b-#b7;a77 is am5d$--  7,a7 by       
r$esignat+ ! second p>agraph designat$ z
 p>agraph 7#bi71 z add$ by section #ggj 
( ! ,wall ,/reet ,transp>5cy &          
,acc\ntability ,act ( #bjaj 7#abd ,/at4 
#ahja71 z p>agraph 7#ca7 & mov+ su*     
p>agraph to ! end2 &  7,b7 by add+ at ! 
end ! foll[+3  7#cb7 ,! t]m s5ior means 
an individual :o is #fb ye>s ( age or   
old]4  4  #c4 ,enhanc$ p5alties =       
violations ( ,securities ,act ( #aicc   
7a7 ,civil actions ,section #bj7;d77#b7 
( ! ,securities ,act ( #aicc 7#ae       
,u4,s4,c4 #ggt7d77#b77 is am5d$ by add+ 
at ! end ! foll[+3  7,d7 ,special rule =
 s5iors ,not)/&+ subp>agraphs 7,a71     
7,b71 & 7,c71 if a p]son commits a      
violation describ$ 9 p>agraph 7#a71 & ! 
violation is direct$ t[>d1 t>gets1 or is
 committ$ aga9/ a p]son :o1 at ! "t ( ! 
violation1 is a s5ior1 ! ,commission1 9 
addition to any o!r applicable civil    
p5alty1 may impose a civil p5alty ( n m 
?an #ej1jjj = ea* su* violation4  4  7b7
 ,o!r violations ,section #bd ( !       

,securities ,act ( #aicc 7#ae ,u4,s4,c4 
#ggx7 is am5d$--  7#a7 by ins]t+ 7a7 ,9 
g5]al4-- be=e ,any p]son2 &  7#b7 by    
add+ at ! end ! foll[+3  7b7 ,special   
rule = s5iors ,not)/&+ subsection 7a71  
if a p]son commits a violation describ$ 
9 subsection 7a71 & ! violation is      
direct$ t[>d1 t>gets1 or is committ$    
aga9/ a p]son :o1 at ! "t ( ! violation 
is a s5ior1 ! ,commission1 9 addition to
 any o!r applicable civil p5alty1 may   
impose a civil p5alty ( n m ?an #ej1jjj 
= ea* su* violation4  4  #d4 ,enhanc$   
p5alties = violations ( ,securities ,act
 ( #aicd  7a7 ,civil actions ,section   
#ba7;d77#c77;,b7 ( ! ,securities        
,ex*ange ,act ( #aicd 7#ae ,u4,s4,c4    
#ghu7d77#c77;,b77 is am5d$ by add+ at ! 
end ! foll[+3  7iv7 ,special rule =     
s5iors ,not)/&+ clauses 7i71 7ii71 &    
7iii71 if a p]son commits a violation   
describ$ 9 subp>agraph 7,a71 & !        
violation is direct$ t[>d1 t>gets1 or is
 committ$ aga9/ a p]son :o1 at ! "t ( ! 
violation1 is a s5ior1 ! ,commission1 9 

addition to any o!r applicable civil    
p5alty1 may impose a civil p5alty ( n m 
?an #ej1jjj = ea* su* violation4  4  7b7
 ,willful violations ,section #ba;,b7b7 
( ! ,securities ,ex*ange ,act ( #aicd   
7#ae ,u4,s4,c4 #ghu-#b7;b77 is am5d$ by 
add+ at ! end ! foll[+3  7#d7 ,special  
rule = s5iors ,not)/&+ p>agraphs 7#a71  
7#b71 & 7#c71 if a p]son engages 9 an   
act or omission describ$ 9 subsection   
7a71 & ! violation is direct$ t[>d1     
t>gets1 or is committ$ aga9/ a p]son :o1
 at ! "t ( ! violation1 is a s5ior1 !   
,commission1 9 addition to any o!r      
applicable civil p5alty1 may impose a   
civil p5alty ( n m ?an #ej1jjj = ea* su*
 violation4  4  7c7 ,o!r violations     
,section #cb ( ! ,securities ,ex*ange   
,act ( #aicd 7#ae ,u4,s4,c4 #gh;ff7 is  
am5d$ by add+ at ! end ! foll[+3  7d7   
,special rule = s5iors ,not)/&+         
subsections 7a71 7b71 & 7c71 if a p]son 
commits a violation describ$ 9 ?is      
section1 & ! violation is direct$ t[>d1 
t>gets1 or is committ$ aga9/ a p]son1 :o

 at ! "t ( ! violation1 is a s5ior1 !   
,commission1 9 addition to any o!r      
applicable civil p5alty1 may impose a   
civil p5alty ( n m ?an #ej1jjj = ea* su*
 violation4  4  #e4 ,enhanc$ p5alties = 
violations ( ,inve/m5t ,company ,act (  
#aidj  7a7 ,willful violations ,section 
#i7;d77#b7 ( ! ,inve/m5t ,company ,act (
 #aidj 7#ae ,u4,s4,c4 #hj;a-#i7;d77#b77 
is am5d$ by add+ at ! end ! foll[+3     
7,d7 ,special rule = s5iors ,not)/&+    
subp>agraphs 7,a71 7,b71 & 7,c71 if a   
p]son engages 9 an act or omission      
describ$ 9 p>agraph 7#a71 & ! violation 
is direct$ t[>d1 t>gets1 or is committ$ 
aga9/ a p]son1 :o1 at ! "t ( !          
violation1 is a s5ior1 ! ,commission1 9 
addition to any o!r applicable civil    
p5alty1 may impose a civil p5alty ( n m 
?an #ej1jjj = ea* su* violation4  4  7b7
 ,civil actions ,section #db7;e77#b7 ( !
 ,inve/m5t ,company ,act ( #aidj 7#ae   
,u4,s4,c4 #hj;a-#da7;e77#b77 is am5d$ by
 add+ at ! end ! foll[+3  7,d7 ,special 
rule = s5iors ,not)/&+ subp>agraphs     

7,a71 7,b71 & 7,c71 if a p]son commits a
 violation describ$ 9 p>agraph 7#a71 & !
 violation is direct$ t[>d1 t>gets1 or  
is committ$ aga9/ a p]son :o1 at ! "t ( 
! violation1 is a s5ior1 ! ,commission1 
9 addition to any o!r applicable civil  
p5alty1 may impose a civil p5alty n m   
?an #ej1jjj = ea* su* violation4  4  7c7
 ,o!r violations ,section #di ( !       
,inve/m5t ,company ,act ( #aidj 7#ae    
,u4,s4,c4 #hj;a-#dh7 is am5d$--  7#a7 by
 ins]t+ 7a7 ,9 g5]al4-- be=e ,any p]son2
 &  7#b7 by add+ at ! end ! foll[+3  7b7
 ,special rule = s5iors ,not)/&+        
subsection 7a71 if a p]son commits a    
violation describ$ 9 subsection 7a71 & !
 violation is direct$ t[>d1 t>gets1 or  
is committ$ aga9/ a p]son :o1 at ! "t ( 
! violation1 is a s5ior1 ! ,commission1 
9 addition to any o!r applicable civil  
p5alty1 may impose a civil p5alty ( n m 
?an #ej1jjj = ea* su* violation4  4  #f4
 ,enhanc$ p5alties = violations (       
,inve/m5t ,advis]s ,act ( #aidj  7a7    
,willful violations ,section            

#bjc7;i77#b7 ( ! ,inve/m5t ,advis]s ,act
 ( #aidj 7#ae ,u4,s4,c4                 
#hj;b-#c7;i77#b77 is am5d$ by add+ at ! 
end ! foll[+3  7,d7 ,special rule =     
s5iors ,not)/&+ subp>agraphs 7,a71 7,b71
 & 7,c71 if a p]son engages 9 an act or 
omission describ$ 9 p>agraph 7#a71 & !  
violation is direct$ t[>d1 t>gets1 or is
 committ$ aga9/ a p]son :o1 at ! "t ( ! 
violation1 is a s5ior1 ! ,commission1 9 
addition to any o!r applicable civil    
p5alty1 may impose a civil p5alty ( n m 
?an #ej1jjj = ea* su* violation4  4  7b7
 ,civil actions ,section #bji7;e77#b7 ( 
! ,inve/m5t ,advis]s ,act ( #aidj 7#ae  
,u4,s4,c4 #hj;b-#i7;e77#b77 is am5d$ by 
add+ at ! end ! foll[+3  7,d7 ,special  
rule = s5iors ,not)/&+ subp>agraphs     
7,a71 7,b71 & 7,c71 if a p]son commits a
 violation "u ?is title1 & ! violation  
is direct$ t[>d1 t>gets1 or is committ$ 
aga9/ a p]son :o1 at ! "t ( ! violation1
 is a s5ior1 ! ,commission1 9 addition  
to any o!r applicable civil p5alty1 may 
impose a civil p5alty ( n m ?an #ej1jjj 

= ea* su* violation4  4  7c7 ,o!r       
violations ,section #bag ( ! ,inve/m5t  
,advis]s ,act ( #aidj 7#ae ,u4,s4,c4    
#hj;b-#ag7 is am5d$--  7#a7 by ins]t+   
7a7 ,9 g5]al4-- be=e ,any p]son2 &  7#b7
 by add+ at ! end ! foll[+3  7b7        
,special rule = s5iors ,not)/&+         
subsection 7a71 if a p]son commits a    
violation describ$ 9 subsection 7a71 & !
 violation is direct$ t[>d1 t>gets1 or  
is committ$ aga9/ a p]son :o1 at ! "t ( 
! violation1 is a s5ior1 ! ,commission1 
9 addition to any o!r applicable civil  
p5alty1 may impose a civil p5alty ( n m 
?an #ej1jjj = ea* su* violation4  4  #g4
 ,directive to ! ,unit$ ,/ates ,s5t5c+  
,commission  7a7 ,9 g5]al ,pursuant to  
its au?ority "u section #iid7p7 ( title 
#bh1 ,unit$ ,/ates ,code1 & 9 accordance
 ) ?is section1 ! ,unit$ ,/ates ,s5t5c+ 
,commission %all review & am5d ! ,f$]al 
s5t5c+ guidel9es & policy /atem5ts to   
ensure t ! guidel9e (f5se levels &      
enhancem5ts appropriately puni%         
violations ( ! securities laws aga9/    

s5iors4  7b7 ,requirem5ts ,9 c>ry+ out  
?is section1 ! ,unit$ ,/ates ,s5t5c+    
,commission %all--  7#a7 ensure t       
section #b;,b#a4a & #b;,c#a4a ( ! ,f$]al
 s5t5c+ guidel9es 7& any successors     
!reto7 apply to & puni% (f5ses 9 :i* !  
victim ( a violation ( ! securities laws
 is a s5ior2  7#b7 ensure reasonable    
consi/5cy ) o!r relevant directives1    
provisions ( ! ,f$]al s5t5c+ guidel9es1 
& /atutory provisions2  7#c7 make any   
necess>y & con=m+ *anges to ! ,f$]al    
s5t5c+ guidel9es1 9 accordance ) !      
am5dm5ts made by ?is ,act2 &  7#d7      
ensure t ! ,f$]al s5t5c+ guidel9es      
adequately meet ! purposes ( s5t5c+ set 
=? 9 section #ceec7;a77#b7 ( title #ah1 
,unit$ ,/ates ,code4