,i  #aai? ,,congress  #a/ ,session  ,h4 
,r4 #baf  ,,9 ,,! ,,h\se ,,(            
,,repres5tatives  ,janu>y #g1 #bjbe,mr4 
,sessions introduc$ ! foll[+ bill2 :i* 0
 ref]r$ to ! ,committee on ,f9ancial    
,s]vices  ,a ,,bill  ,to am5d !         
,securities ,act ( #aicc1 ! ,securities 
,ex*ange ,act ( #aicd1 ! ,inve/m5t      
,company ,act ( #aidj1 & ! ,inve/m5t    
,advisors ,act ( #aidj ) respect to !   
det]m9ation ( violations4  #a4 ,%ort    
title ,?is ,act may be cit$ z !         
,securities ,en=cem5t ,cl>ity ,act (    
#bjbe or ! ,,sec ,act ( #bjbe4  #b4     
,det]m9ation ( ! numb] ( violations  7a7
 ,securities ,act ( #aicc ,! ,securities
 ,act ( #aicc is am5d$-- 7#a7 9 section 
#h;,a7g7 7#ae ,u4,s4,c4 #gg;h-#a7;g771  
by add+ at ! end ! foll[+3  7#d7        
,det]m9ation ( numb] ( violations ,=    
purposes ( det]m9+ ! numb] ( violations 
= :i* to impose p5alties "u p>agraph    
7#a71 sep>ate acts ( noncompliance are a
 s+le violation :5 ! acts are ! result  
(-- 7,a7 a common or a sub/antially     

ov]lapp+ orig9at+ cause2  7,b7 ! same   
mis/atem5t or omission2 or  7,c7 a      
cont9u+ failure to comply4  2 &  7#b7 9 
section #bj7;d7 7#ae ,u4,s4,c4 #ggt7d771
 by add+ at ! end ! foll[+3  7#e7       
,det]m9ation ( numb] ( violations ,=    
purposes ( det]m9+ ! numb] ( violations 
= :i* to impose p5alties "u p>agraph    
7#a71 sep>ate acts ( noncompliance are a
 s+le violation :5 ! acts are ! result  
(-- 7,a7 a common or a sub/antially     
ov]lapp+ orig9at+ cause2  7,b7 ! same   
mis/atem5t or omission2 or  7,c7 a      
cont9u+ failure to comply4  4  7b7      
,securities ,ex*ange ,act ( #aicd ,!    
,securities ,ex*ange ,act ( #aicd is    
am5d$-- 7#a7 9 section #ba7;d77#c7 7#ae 
,u4,s4,c4 #ghu7d77#c771 by add+ at ! end
 ! foll[+3  7,e7 ,det]m9ation ( numb] ( 
violations ,= purposes ( det]m9+ ! numb]
 ( violations = :i* to impose p5alties  
"u subp>agraph 7,a77i71 sep>ate acts (  
noncompliance are a s+le violation :5 ! 
acts are ! result (-- 7i7 a common or a 
sub/antially ov]lapp+ orig9at+ cause2   

7ii7 ! same mis/atem5t or omission2 or  
7iii7 a cont9u+ failure to comply4  2   
7#b7 9 section #ba;,b7a7 7#ae ,u4,s4,c4 
#ghu-#b7;b771 by add+ at ! end ! foll[+3
  7#c7 ,det]m9ation ( numb] (           
violations1 acts1 or omissions ,=       
purposes ( det]m9+ ! numb] ( violations1
 acts1 or omissions = :i* to impose     
p5alties "u ?is subsection1 sep>ate acts
 ( noncompliance are a s+le violation1  
act1 or omission :5 ! acts are ! result 
(-- 7,a7 a common or a sub/antially     
ov]lapp+ orig9at+ cause2  7,b7 ! same   
mis/atem5t or omission2 or  7,c7 a      
cont9u+ failure to comply4  2 &  7#c7 9 
section #cb 7#ae ,u4,s4,c4 #gh;ff71 by  
add+ at ! end ! foll[+3  7d7            
,det]m9ation ( numb] ( violations ,=    
purposes ( det]m9+ ! numb] ( violations 
= :i* to impose p5alties "u subsection  
7c71 sep>ate acts ( noncompliance are a 
s+le violation :5 ! acts are ! result   
(-- 7#a7 a common or a sub/antially     
ov]lapp+ orig9at+ cause2  7#b7 ! same   
mis/atem5t or omission2 or  7#c7 a      

cont9u+ failure to comply4  4  7c7      
,inve/m5t ,company ,act ( #aidj ,!      
,inve/m5t ,company ,act ( #aidj is      
am5d$-- 7#a7 9 section #i7;d7 7#ae      
,u4,s4,c4 #hj;a-#i7;d771 by add+ at !   
end ! foll[+3  7#e7 ,det]m9ation ( numb]
 ( violations1 acts1 or omissions ,=    
purposes ( det]m9+ ! numb] ( violations1
 acts1 or omissions = :i* to impose     
p5alties "u p>agraph 7#a71 sep>ate acts 
( noncompliance are a s+le violation1   
act1 or omission :5 ! acts are ! result 
(-- 7,a7 a common or a sub/antially     
ov]lapp+ orig9at+ cause2  7,b7 ! same   
mis/atem5t or omission2 or  7,c7 a      
cont9u+ failure to comply4  2 &  7#b7 9 
section #db7;e7 7#ae ,u4,s4,c4          
#hj;a-#da7;e771 by add+ at ! end !      
foll[+3  7#e7 ,det]m9ation ( numb] (    
violations ,= purposes ( det]m9+ ! numb]
 ( violations = :i* to impose p5alties  
"u p>agraph 7#a71 sep>ate acts (        
noncompliance are a s+le violation :5 ! 
acts are ! result (-- 7,a7 a common or a
 sub/antially ov]lapp+ orig9at+ cause2  

7,b7 ! same mis/atem5t or omission2 or  
7,c7 a cont9u+ failure to comply4  4    
7d7 ,inve/m5t ,advisors ,act ( #aidj ,! 
,inve/m5t ,advis]s ,act ( #aidj is      
am5d$-- 7#a7 9 section #bjc7;i7 7#ae    
,u4,s4,c4 #hj;b-#c7;i771 by add+ at !   
end ! foll[+3  7#e7 ,det]m9ation ( numb]
 ( violations1 acts1 or omissions ,=    
purposes ( det]m9+ ! numb] ( violations1
 acts1 or omissions = :i* to impose     
p5alties "u p>agraph 7#a71 sep>ate acts 
( noncompliance are a s+le violation1   
act1 or omission :5 ! acts are ! result 
(-- 7,a7 a common or a sub/antially     
ov]lapp+ orig9at+ cause2  7,b7 ! same   
mis/atem5t or omission2 or  7,c7 a      
cont9u+ failure to comply4  2 &  7#b7 9 
section #bji7;e7 7#ae ,u4,s4,c4         
#hj;b-#i7;e771 by add+ at ! end !       
foll[+3  7#e7 ,det]m9ation ( numb] (    
violations ,= purposes ( det]m9+ ! numb]
 ( violations = :i* to impose p5alties  
"u p>agraph 7#a71 sep>ate acts (        
noncompliance are a s+le violation :5 ! 
acts are ! result (-- 7,a7 a common or a

 sub/antially ov]lapp+ orig9at+ cause2  
7,b7 ! same mis/atem5t or omission2 or  
7,c7 a cont9u+ failure to comply4  4