Securities Enforcement Remedies and Penny Stock Reform 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.

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

Timeline

1. 17 March 1989

   Introduced

   Read twice and referred to the Committee on Banking.

   Source: IntroReferral

2. 17 March 1989

   Introduced

   Introduced in Senate

   Source: IntroReferral

3. 18 April 1989

   Committee

   Subcommittee on Securities. Hearings held. Hearings printed: S.Hrg. 101-131.

   Source: Committee

4. 1 February 1990

   Committee

   Subcommittee on Securities. Hearings held.

   Source: Committee

5. 8 February 1990

   Committee

   Subcommittee on Securities. Hearings concluded. Hearings printed: S.Hrg. 101-935.

   Source: Committee

6. 24 May 1990

   Reported

   Committee on Banking. Ordered to be reported with an amendment in the nature of a substitute favorably.

   Source: Committee

7. 26 June 1990

   Calendars

   Placed on Senate Legislative Calendar under General Orders. Calendar No. 645.

   Source: Calendars

8. 26 June 1990

   Reported

   Committee on Banking. Reported to Senate by Senator Riegle with an amendment in the nature of a substitute. With written report No. 101-337.

   Source: Committee

9. 26 June 1990

   Reported

   Committee on Banking. Reported to Senate by Senator Riegle with an amendment in the nature of a substitute. With written report No. 101-337.

   Source: Committee

10. 18 July 1990

    Passed

    Passed Senate with an amendment by Voice Vote.

    Source: Floor

11. 18 July 1990

    Passed

    Passed/agreed to in Senate: Passed Senate with an amendment by Voice Vote.

    Source: Floor

12. 23 July 1990

    Passed

    The House struck all after the enacting clause and inserted in lieu thereof the provisions of a similar measure H.R. 5325. Agreed to without objection.

    Source: Floor

13. 23 July 1990

    Floor

    Considered by unanimous consent.

    Source: Floor

14. 23 July 1990

    Floor

    Received in the House.

    Source: Floor

15. 23 July 1990

    Floor

    Message on Senate action sent to the House.

    Source: Floor

16. 23 July 1990

    Passed

    Motion to reconsider laid on the table Agreed to without objection.

    Source: Floor

17. 23 July 1990

    Passed

    The title of the measure was amended to that of similar measure H.R. 5325. Agreed to without objection.

    Source: Floor

18. 23 July 1990

    Floor

    A similar measure H.R. 5325 was laid on the table without objection.

    Source: Floor

19. 23 July 1990

    Passed

    On passage Passed without objection.

    Source: Floor

20. 23 July 1990

    Passed

    Passed/agreed to in House: On passage Passed without objection.

    Source: Floor

21. 26 July 1990

    Floor

    Message on House action received in Senate and held at desk: House amendments to Senate bill.

    Source: Floor

22. 27 September 1990

    ResolvingDifferences

    Senate concurred in the House amendments with an amendment and agree to the House title amendment by Voice Vote.

    Source: ResolvingDifferences

23. 27 September 1990

    NotUsed

    Resolving differences -- Senate actions: Senate concurred in the House amendments with an amendment and agree to the House title amendment by Voice Vote.

    Source: NotUsed

24. 27 September 1990

    Floor

    Measure laid before Senate.

    Source: Floor

25. 1 October 1990

    Passed

    Motion to reconsider laid on the table Agreed to without objection.

    Source: ResolvingDifferences

26. 1 October 1990

    Passed

    On motion that the House agree to the Senate amendment to the House amendments Agreed to by voice vote.

    Source: ResolvingDifferences

27. 1 October 1990

    Passed

    Resolving differences -- House actions: On motion that the House agree to the Senate amendment to the House amendments Agreed to by voice vote.

    Source: NotUsed

28. 1 October 1990

    Floor

    DEBATE - The House proceeded with forty minutes of debate.

    Source: Floor

29. 1 October 1990

    ResolvingDifferences

    Mr. Markey moved that the House suspend the rules and agree to the Senate amendment to the House amendments.

    Source: ResolvingDifferences

30. 1 October 1990

    Floor

    Message on Senate action sent to the House.

    Source: Floor

31. 1 October 1990

    ResolvingDifferences

    Mr. Rinaldo demanded a second on the motion to suspend the rules. Without objection a second was ordered.

    Source: ResolvingDifferences

32. 4 October 1990

    Floor

    Presented to President.

    Source: Floor

33. 4 October 1990

    President

    Presented to President.

    Source: President

34. 4 October 1990

    Floor

    Measure Signed in Senate.

    Source: Floor

35. 15 October 1990

    Became law

    Became Public Law No: 101-429.

    Source: President

36. 15 October 1990

    Became law

    Signed by President.

    Source: BecameLaw

37. 15 October 1990

    President

    Signed by President.

    Source: President

Votes

No vote records are attached yet.

Versions

• Engrossed Amendment House · undated · Official file
• Engrossed Amendment Senate · undated · Official file
• Enrolled Bill · undated · Official file
• Engrossed in Senate · undated · Official file
• Introduced in Senate · undated · Official file
• Reported to Senate · undated · Official file

Documents

12 official files

• Reported to Senate (text)

  Reported to Senate · EN

  ViewDownloadOpen at official source

• Introduced in Senate (text)

  Introduced in Senate · EN

  ViewDownloadOpen at official source

• Engrossed in Senate (text)

  Engrossed in Senate · EN

  ViewDownloadOpen at official source

• Enrolled Bill (text)

  Enrolled Bill · EN

  ViewDownloadOpen at official source

• Engrossed Amendment Senate (text)

  Engrossed Amendment Senate · EN

  ViewDownloadOpen at official source

• Engrossed Amendment House (text)

  Engrossed Amendment House · EN

  ViewDownloadOpen at official source

• Public Law (PDF)

  Public Law · EN · 16 October 1990

  ViewDownloadOpen at official source

• Senate agreed to House amendment with amendment

  summary · EN · 27 September 1990

  Open at official source

• Passed House amended

  summary · EN · 23 July 1990

  Open at official source

• Passed Senate amended

  summary · EN · 18 July 1990

  Open at official source

• Reported to Senate with amendment(s)

  summary · EN · 26 June 1990

  Open at official source

• Introduced in Senate

  summary · EN · 17 March 1989

  Open at official source

Sponsors

• Rep. Dodd, Christopher J. [D-CT-2] · D · Sponsor
• Sen. Heinz, John [R-PA] · R · Sponsor
• · ssbk00 · Standing

Related records

• related to → Securities Enforcement and Penny Stock Reform Act of 1990
• related to → Securities Law Enforcement Remedies Act of 1990