Securities Law Enforcement Remedies Act of 1990

Summary

Securities Law Enforcement Remedies Act of 1989 - Title I: Amendments to the Securities Act of 1933 - Amends the Securities Act of 1933 to authorize a court to prohibit any person from serving as an officer or director of an issuer of registered securities if such person is found to have violated provisions of such Act or any rules or regulations promulgated pursuant to such Act. Authorizes the Securities and Exchange Commission (SEC) to bring a civil action to impose monetary penalties for such violation not exceeding the greater of: (1) $100,000 for a natural person or $500,000 for any other person; or (2) the gross amount of pecuniary gain to such person as a result of the violation. Title II: Amendments to the Securities Exchange Act of 1934 - Amends the Securities Exchange Act of 1934 to authorize the SEC to prohibit persons from serving as officers or directors of any issuer of registered securities if such a person is found to have failed to comply with or to have caused a failure to comply with certain reporting requirements of such Act. Authorizes a court, upon a proper showing by the SEC, to prohibit persons from serving as officers or directors of any issuer of registered securities. Authorizes the SEC to impose monetary penalties in administrative proceedings against such persons. Limits the amount of such a penalty to $100,000 for a natural person or $500,000 for any other person. Title III: Amendments to the Investment Company Act of 1940 - Amends the Investment Company Act of 1940 to authorize the SEC to impose such monetary penalties in administrative proceedings instituted against investment advisers and certain other persons for violations of such Act and the Securities Act of 1933, the Securities Exchange Act of 1934, and the Investment Advisers Act of 1940. Authorizes a court to prohibit persons from serving as officers or directors of an issuer of registered securities if such a person is found to have violated provisions of the Investment Company Act of 1940 or any rules or regulations promulgated pursuant to such Act. Authorizes the SEC to bring a civil action to impose upon any such person a penalty not exceeding the greater of: (1) $100,000 for a natural person or $500,000 for any other person; or (2) the gross amount of pecuniary gain to such a person as a result of the violation. Title IV: Amendments to the Investment Advisers Act of 1940 - Amends the Investment Advisers Act of 1940 to authorize the SEC to impose such monetary penalties in administrative proceedings instituted against investment advisors for violations of such Act and the Securities Act of 1933, the Securities Exchange Act of 1934, and the Investment Company Act of 1940. Authorizes a court to prohibit persons from serving as officers or directors of an issuer of registered securities if such a person is found to have violated provisions of the Investment Advisers Act of 1940 or any rules or regulations promulgated pursuant to such Act.

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Documents

4 official files

• Reported in House (text)

  Reported in House · EN

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• Introduced in House (text)

  Introduced in House · EN

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• Reported to House with amendment(s)

  summary · EN · 23 July 1990

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• Introduced in House

  summary · EN · 9 February 1989

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