To amend the Federal securities laws in order to provide additional enforcement remedies for violations of those laws.
Securities Law Enforcement Remedies Act of 1990 - Title I: Amendments to the Securities Act of 1933 - Amends the Securities Act of 1933 to establish tiered civil money penalties for violations. Permits a court to prohibit violators from serving as officers and directors of securities-issuing entities.
Authorizes the Securities and Exchange Commission (SEC) to issue: (1) cease and desist orders; (2) temporary restraining orders; and (3) orders for accounting and disgorgement.
Title II: Amendments to the Securities Exchange Act of 1934 - Amends the Securities Exchange Act of 1934 to: (1) authorize a court to prohibit individuals from acting as officers or directors of securities-issuing entities if they have demonstrated a substantial unfitness to serve in that capacity; and (2) impose tiered civil money penalties for violations of such Act. Sets forth circumstances under which the SEC (or the appropriate regulatory agency) may: (1) impose civil penalties pursuant to administrative findings of violations of the Act; (2) enter an order requiring an accounting and disgorgement; (3) issue cease and desist orders; and (4) issue temporary restraining orders.
Directs the SEC to promulgate procedural rules for cease and desist proceedings.
Title III: Amendments to the Investment Company Act of 1940 - Amends the Investment Company Act of 1940 to authorize the SEC to impose civil remedies pursuant to civil and administrative proceedings, including: (1) tiered money penalties; (2) orders requiring an accounting and disgorgement; (3) cease and desist orders; and (4) temporary restraining orders.
Title IV: Amendments to the Investment Advisers Act of 1940 - Amends the Investment Advisers Act of 1940 to authorize the SEC to impose civil remedies pursuant to administrative and civil proceedings, including: (1) tiered money penalties; (2) orders requiring an accounting and disgorgement; (3) cease and desist orders; and (4) temporary restraining orders.
Laid on the table. See S. 647 for further action.
Became Public Law No: 101-429.
Introduced in House
Introduced in House
Referred to the House Committee on Energy and Commerce.
Referred to the Subcommittee on Telecommunications and Finance.
Subcommittee Hearings Held.
Forwarded by Subcommittee to Full Committee (Amended).
Subcommittee Consideration and Mark-up Session Held.
Ordered to be Reported (Amended).
Committee Consideration and Mark-up Session Held.
Reported (Amended) by the Committee on Energy and Commerce. H. Rept. 101-616.
Reported (Amended) by the Committee on Energy and Commerce. H. Rept. 101-616.
Placed on the Union Calendar, Calendar No. 384.
For Further Action See H.R.5325.
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