Securities Private Enforcement Reform Act

Summary

Securities Private Enforcement Reform Act - Amends the Securities Exchange Act of 1934 to declare that a defendant may be liable jointly and severally for damages in an implied private action only if the trier of fact specifically determines that the defendant knowingly engaged in securities fraud. Sets forth a liability allocation scheme to determine the percentage of responsibility among the defendants if the trier of fact finds that the defendant did not engage in knowing securities fraud. Prescribes guidelines for the award of reasonable fees and expenses incurred by the prevailing party in any implied private action. Declares that in any implied right of action that is certified as a plaintiff class action: (1) the share that is awarded to the representative plaintiff shall be calculated in the same manner as the share awarded to all other members of the plaintiff class; (2) a party may not be represented by any attorney who owns or has a beneficial interest in the securities that are the subject of the litigation, or who is obligated to pay remuneration to a third party for assistance in obtaining the representation of any party to the action; and (3) funds disgorged as a result of Securities and Exchange Commission action shall not be distributed as payment for attorneys' fees or expenses incurred by private parties seeking distribution of the disgorged funds. Sets a statute of limitations on private rights of action under this Act.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

1. 5 January 1993

   Introduced

   Referred to the House Committee on Energy and Commerce.

   Source: IntroReferral

2. 5 January 1993

   Introduced

   Introduced in House

   Source: IntroReferral

3. 5 January 1993

   Introduced

   Introduced in House

   Source: IntroReferral

4. 28 January 1993

   Referred

   Referred to the Subcommittee on Telecommunications and Finance.

   Source: Committee

Votes

No vote records are attached yet.

Versions

• Introduced in House · 23 August 1993 · Download file

Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 23 August 1993

  ViewDownloadOpen at official source

• Introduced in House (PDF)

  Introduced in House · EN · 23 August 1993

  ViewDownloadOpen at official source

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• Introduced in House

  summary · EN · 5 January 1993

  Open at official source

  Leesvertaling

  Vertaal dit document naar jouw taal. PoliticalRepo bewaart geen aparte kopie per EU-taal.

  Vertaal naarNL · DutchDE · GermanFR · FrenchES · SpanishIT · ItalianPL · PolishPT · PortugueseSV · SwedishDA · DanishFI · FinnishEL · GreekCS · CzechHU · HungarianRO · RomanianBG · BulgarianHR · CroatianSK · SlovakSL · SlovenianLT · LithuanianLV · LatvianET · EstonianGA · IrishMT · Maltese

  Vertaal document

  Documentvertaling op verzoek met downloadbare PDF (logo + link naar de officiële bron). Het bronbestand blijft leidend.

Sponsors

• Rep. Tauzin, W. J. (Billy) [R-LA-3] · D · Sponsor
• Rep. Parker, Mike [R-MS-4] · D · Sponsor
• Rep. Hall, Ralph M. [R-TX-4] · D · Sponsor
• Rep. Rowland, J. Roy [D-GA-8] · D · Sponsor
• Rep. Montgomery, G. V. (Sonny) [D-MS-3] · D · Sponsor
• Rep. Shaw, E. Clay, Jr. [R-FL-22] · R · Sponsor
• Rep. Machtley, Ronald K. [R-RI-1] · R · Sponsor
• Rep. Moran, James P. [D-VA-8] · D · Sponsor
• Rep. Peterson, Collin C. [D-MN-7] · D · Cosponsor
• Sen. Kyl, Jon [R-AZ] · R · Cosponsor
• Rep. McMillan, J. Alex [R-NC-9] · R · Cosponsor
• Rep. Sundquist, Don [R-TN-7] · R · Cosponsor
• Rep. Henry, Paul B. [R-MI-5] · R · Cosponsor
• Rep. Burton, Dan [R-IN-5] · R · Cosponsor
• Rep. Porter, John Edward [R-IL-10] · R · Cosponsor
• Rep. Linder, John [R-GA-7] · R · Cosponsor
• Rep. Paxon, Bill [R-NY-27] · R · Cosponsor
• Rep. Rush, Bobby L. [D-IL-1] · D · Cosponsor
• Rep. Schaefer, Dan [R-CO-6] · R · Cosponsor
• Rep. Hastert, J. Dennis [R-IL-14] · R · Cosponsor
• Rep. Upton, Fred [R-MI-6] · R · Cosponsor
• Rep. Pallone, Frank [D-NJ-6] · D · Cosponsor
• Rep. Towns, Edolphus [D-NY-10] · D · Cosponsor
• Rep. McNulty, Michael R. [D-NY-23] · D · Cosponsor
• Rep. Neal, Stephen L. [D-NC-5] · D · Cosponsor
• Rep. Moorhead, Carlos J. [R-CA-22] · R · Cosponsor
• Rep. Gillmor, Paul E. [R-OH-5] · R · Cosponsor
• Rep. Green, Gene [D-TX-29] · D · Cosponsor
• Rep. Michel, Robert H. [R-IL-18] · R · Cosponsor
• Rep. Zeliff, William H., Jr. [R-NH-1] · R · Cosponsor
• Rep. Ewing, Thomas W. [R-IL-15] · R · Cosponsor
• Rep. Johnson, Nancy L. [R-CT-5] · R · Cosponsor
• Rep. Hyde, Henry J. [R-IL-6] · R · Cosponsor
• Rep. Long, Jill L. [D-IN-4] · D · Cosponsor
• Sen. Durbin, Richard J. [D-IL] · D · Cosponsor
• Rep. Baesler, Scotty [D-KY-6] · D · Cosponsor
• Rep. Franks, Gary A. [R-CT-5] · R · Cosponsor
• Rep. Gutierrez, Luis V. [D-IL-4] · D · Cosponsor
• Rep. Crane, Philip M. [R-IL-8] · R · Cosponsor
• Rep. Quillen, James H. (Jimmy) [R-TN-1] · R · Cosponsor
• Rep. Barcia, James A. [D-MI-5] · D · Cosponsor
• Rep. Baker, Richard H. [R-LA-6] · R · Cosponsor
• Rep. Fowler, Tillie [R-FL-4] · R · Cosponsor
• Rep. Richardson, Bill [D-NM-3] · D · Cosponsor
• Rep. Oxley, Michael G. [R-OH-4] · R · Cosponsor
• Sen. Santorum, Rick [R-PA] · R · Cosponsor
• Rep. Blute, Peter I. [R-MA-3] · R · Cosponsor
• Rep. Gekas, George W. [R-PA-17] · R · Cosponsor

Showing 48 of 183 sponsors and actors.

Related records

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