S. 1960 — Introduced in Senate

II 114th CONGRESS 1st Session S. 1960 IN THE SENATE OF THE UNITED STATES August 5, 2015Mr. Reed (for himself and Mrs. Shaheen) introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs A BILL To establish a statute of limitations for certain actions of the Securities and Exchange Commission, and for other purposes. 1. 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 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) section 20(d) of the Securities Act of 1933 (15 U.S.C. 77t(d)); (B) subsection (d)(3), section 21A(a), subsections (a) through (d) of section 21B, or subsection (b), (c)(1)(B), or (c)(2)(B) of section 32 (15 U.S.C. 78u–1(a), 78u–2(a)–(d), 78ff(b), 78ff(c)(1)(B), and 78ff(c)(2)(B)); (C) section 9(d) or 42(e) of the Investment Company Act of 1940 (15 U.S.C. 80a–9(d), 80a–41(e)); or (D) section 203(i) or 209(e) of the Investment Advisers Act of 1940 (15 U.S.C. 80b–3(i), 80b–9(e)). . (b) Conforming amendment Section 21A(d) of the Securities Act of 1934 (15 U.S.C. 78u–1(d)) is amended by striking paragraph (5).