Determination of the number of violations

(a)

Securities Act of 1933

The Securities Act of 1933 is amended—(1)in section 8A(g) (15 U.S.C. 77h–1(g)), by adding at the end the following:

(4)

Determination of number of violations

For purposes of determining the number of violations for which to impose penalties under paragraph (1), separate acts of noncompliance are a single violation when the acts are the result of—(A)a common or a substantially overlapping originating cause;(B)the same misstatement or omission; or(C)a continuing failure to comply.

; and

(2)in section 20(d) (15 U.S.C. 77t(d)), by adding at the end the following:

(5)

Determination of number of violations

(b)

Securities Exchange Act of 1934

The Securities Exchange Act of 1934 is amended—(1)in section 21(d)(3) (15 U.S.C. 78u(d)(3)), by adding at the end the following:

(E)

Determination of number of violations

For purposes of determining the number of violations for which to impose penalties under subparagraph (A)(i), separate acts of noncompliance are a single violation when the acts are the result of—(i)a common or a substantially overlapping originating cause;(ii)the same misstatement or omission; or(iii)a continuing failure to comply.

;

(2)in section 21B(a) (15 U.S.C. 78u–2(b)), by adding at the end the following:

(3)

Determination of number of violations, acts, or omissions

For purposes of determining the number of violations, acts, or omissions for which to impose penalties under this subsection, separate acts of noncompliance are a single violation, act, or omission when the acts are the result of—(A)a common or a substantially overlapping originating cause;(B)the same misstatement or omission; or(C)a continuing failure to comply.

; and

(3)in section 32 (15 U.S.C. 78ff), by adding at the end the following:

(d)

Determination of number of violations

For purposes of determining the number of violations for which to impose penalties under subsection (c), separate acts of noncompliance are a single violation when the acts are the result of—(1)a common or a substantially overlapping originating cause;(2)the same misstatement or omission; or(3)a continuing failure to comply.

(c)

Investment Company Act of 1940

The Investment Company Act of 1940 is amended—(1)in section 9(d) (15 U.S.C. 80a–9(d)), by adding at the end the following:

(5)

Determination of number of violations, acts, or omissions

For purposes of determining the number of violations, acts, or omissions for which to impose penalties under paragraph (1), separate acts of noncompliance are a single violation, act, or omission when the acts are the result of—(A)a common or a substantially overlapping originating cause;(B)the same misstatement or omission; or(C)a continuing failure to comply.

; and

(2)in section 42(e) (15 U.S.C. 80a–41(e)), by adding at the end the following:

(5)

Determination of number of violations

(d)

Investment Advisors Act of 1940

The Investment Advisers Act of 1940 is amended—(1)in section 203(i) (15 U.S.C. 80b–3(i)), by adding at the end the following:

(5)

Determination of number of violations, acts, or omissions

; and

(2)in section 209(e) (15 U.S.C. 80b–9(e)), by adding at the end the following:

(5)

Determination of number of violations