,,ii  #aaf? ,,congress  #a/ ,session    
,s4 #gii  ,,9 ,,! ,,s5ate ,,( ,,!       
,,unit$ ,,/ates  ,m>* #ad1 #bjai ,mr4   
,w>n] 7= himself & ,mr4 ,k5n$y7         
introduc$ ! foll[+ bill2 :i* 0 read     
twice & ref]r$ to ! ,committee on       
,bank+1 ,h\s+1 & ,urban ,affairs  ,a    
,,bill  ,to am5d ! ,securities ,ex*ange 
,act ( #aicd to cl>ify t ! ,securities &
 ,ex*ange ,commission may seek          
disgorgem5t & re/itution z a result ( a 
violation ( ! securities laws1 to       
e/abli% ! /atute ( limitations =        
disgorgem5t & equitable actions br\ght  
by ! ,commission1 & = o!r purposes4  #a4
 ,%ort title  ,?is ,act may be cit$ z ! 
,securities ,fraud ,en=cem5t & ,inve/or 
,comp5sation ,act ( #bjai4  #b4         
,inve/igations & prosecution ( (f5ses = 
violations ( ! securities laws  7a7 ,9  
g5]al ,section #ba7;d7 ( ! ,securities  
,ex*ange ,act ( #aicd 7#ae ,u4,s4,c4    
#ghu7d77 is am5d$-- 7#a7 9 p>agraph     
7#c7--  7,a7 9 ! p>agraph head+-- 7i7 by
 ins]t+ ,civil be=e ,money p5alties2 &  

7ii7 by /rik+ 9 civil actions & ins]t+ &
 au?ority to seek disgorgem5t2  7,b7 9  
subp>agraph 7,a71 by /rik+ jurisdiction 
to impose & all t foll[s ?r\gh ! p]iod  
at ! end & ins]t+ ! foll[+3             
8jurisdiction to--  7i7 impose1 ^u a    
prop] %[+1 a civil p5alty to be paid by 
! p]son :o committ$ su* violation2 &    
7ii7 require disgorgem5t "u p>agraph    
7#g7 by ! p]son :o receiv$ any unju/    
enri*m5t z a result ( su* violation4  2 
&  7,c7 9 subp>agraph 7,b7-- 7i7 9      
clause 7i71 9 ! fir/ s5t5ce1 by /rik+ ! 
p5alty & ins]t+ a civil p5alty impos$ "u
 subp>agraph 7,a77i72  7ii7 9 clause    
7ii71 by /rik+ am\nt ( p5alty & ins]t+  
am\nt ( a civil p5alty impos$ "u        
subp>agraph 7,a77i72 &  7iii7 9 clause  
7iii71 9 ! matt] prec$+ item 7aa71 by   
/rik+ am\nt ( p5alty = ea* su* violation
 & ins]t+ am\nt ( a civil p5alty impos$ 
"u subp>agraph 7,a77i7 = ea* violation  
describ$ 9 t subp>agraph2  7#b7 9       
p>agraph 7#d71 by ins]t+ "u p>agraph    
7#g7 aft] funds disgorg$2 &  7#c7 by    

add+ at ! end ! foll[+3  7#g7           
,disgorgem5t  7,a7 ,9 g5]al ,9 any      
action or proce$+ br\ght by !           
,commission "u any provision ( !        
securities laws1 ! ,commission may seek1
 & any ,f$]al c\rt may ord]1 disgorgem5t
 ( any unju/ enri*m5t t a p]son obta9$ z
 a result ( a violation ( t provision4  
7,b7 ,calculation ,any disgorgem5t t is 
ord]$ ) respect to a p]son "u           
subp>agraph 7,a7 %all be (fset by any   
am\nt ( re/itution t ! p]son is ord]$ to
 pay "u p>agraph 7#h74  7#h7 ,re/itution
 ,9 any proce$+ br\ght or in/itut$ by ! 
,commission "u any provision ( !        
securities laws1 ! ,commission may seek1
 & any ,f$]al c\rt1 or1 ) respect to a  
proce$+ in/itut$ by ! ,commission1 !    
,commission1 may ord] re/itution to an  
inve/or 9 ! am\nt ( ! loss t ! inve/or  
su/a9$ z a result ( a violation ( t     
provision by a p]son t is--  7,a7       
regi/]$ z1 or requir$ to be regi/]$ z1 a
 brok]1 deal]1 inve/m5t advis]1         
municipal securities deal]1 municipal   

advisor1 or transf] ag5t2 or  7,b7      
associat$ ) or1 z ( ! date on :i* !     
violation occurs1 seek+ to become       
associat$ )1 an entity describ$ 9       
subp>agraph 7,a74  7#i7 ,limitations    
p]iods  7,a7 ,disgorgem5t ,! ,commission
 may br+ a claim = disgorgem5t "u       
p>agraph 7#g7 n lat] ?an #e ye>s aft] ! 
date on :i* ! p]son aga9/ :i* ! claim is
 br\ght receives any unju/ enri*m5t z a 
result ( ! violation t gives rise to !  
action or proce$+ 9 :i* ! ,commission   
seeks ! claim4  7,b7 ,equitable rem$ies 
,! ,commission may seek a claim = any   
equitable rem$y1 includ+ = re/itution "u
 p>agraph 7#h71 an injunction1 or a b>1 
susp5sion1 or cease & desi/ ord]1 n lat]
 ?an #aj ye>s aft] ! late/ date on :i* a
 violation t gives rise to ! claim      
occurs4  7,c7 ,calculation ,= ! purposes
 ( calculat+ any limitations p]iod "u   
?is p>agraph ) respect to an action or  
claim1 any "t 9 :i* ! p]son aga9/ :i* ! 
action or claim1 z applicable1 is br\ght
 is outside ( ! ,unit$ ,/ates %all n    

c\nt t[>ds ! accrual ( t p]iod4  7#aj7  
,rule ( con/ruction ,no?+ 9 p>agraph    
7#g7 or 7#h7 may be con/ru$ z alt]+ any 
"r t any private p>ty may h to ma9ta9 a 
suit = a violation ( ?is ,act4  4  7b7  
,applicability ,! am5dm5ts made by      
subsection 7a7 %all apply ) respect to  
any action or proce$+ t is comm5c$ on or
 aft] ! date ( enactm5t ( ?is ,act4