[Congressional Bills 110th Congress]
[From the U.S. Government Publishing Office]
[H.R. 6069 Introduced in House (IH)]







110th CONGRESS
  2d Session
                                H. R. 6069

 To provide additional emergency and enhanced enforcement authority to 
                the Securities and Exchange Commission.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                              May 15, 2008

  Mr. Campbell of California introduced the following bill; which was 
            referred to the Committee on Financial Services

_______________________________________________________________________

                                 A BILL


 
 To provide additional emergency and enhanced enforcement authority to 
                the Securities and Exchange Commission.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Enhanced Emergency and Enforcement 
Authority Act''.

SEC. 2. EMERGENCY ORDERS RELATED TO COMPLIANCE DURING AN EMERGENCY.

    Section 12(k) of the Securities Exchange Act of 1934 (15 U.S.C. 
78l(k)) is amended--
            (1) in paragraph (2)(A)(iii)--
                    (A) in subclause (I), by striking ``; or'' and 
                inserting a semicolon;
                    (B) in subclause (II), by striking the period and 
                inserting ``; or''; and
                    (C) by inserting after subclause (II) the 
                following:
                                    ``(III) the ability of investors, 
                                issuers, brokers or dealers, transfer 
                                agents, investment advisers, or other 
                                market participants to conduct 
                                securities activities or comply with 
                                filing, reporting, delivery, or other 
                                obligations under the securities laws 
                                in a timely, orderly, or efficient 
                                manner.''; and
            (2) in paragraph (7)(A)(ii)--
                    (A) in subclause (I), by striking ``; or'' and 
                inserting a semicolon;
                    (B) in subclause (II), by striking ``; and'' and 
                inserting ``; or''; and
                    (C) by inserting after subclause (II) the 
                following:
                                    ``(III) the ability of investors, 
                                issuers, brokers or dealers, transfer 
                                agents, investment advisers, or other 
                                market participants to conduct 
                                securities activities or comply with 
                                filing, reporting, delivery, or other 
                                obligations under the securities laws 
                                in a timely, orderly, or efficient 
                                manner; and''.

SEC. 3. NATIONWIDE SERVICE OF PROCESS.

    (a) Securities Act of 1933.--Section 22(a) of the Securities Act of 
1933 (15 U.S.C. 77v(a)) is amended by inserting after the second 
sentence the following: ``In any action or proceeding instituted by the 
Commission under this title in a United States district court for any 
judicial district, subpoenas issued by or on behalf of such court to 
compel the attendance of witnesses or the production of documents or 
tangible things (or both) may be served in any other district. Such 
subpoenas may be served and enforced without application to the court 
or a showing of cause, notwithstanding the provisions of rule 45(b)(2), 
(c)(3)(A)(ii), and (c)(3)(B)(iii) of the Federal Rules of Civil 
Procedure.''.
    (b) Securities Exchange Act of 1934.--Section 27 of the Securities 
Exchange Act of 1934 (15 U.S.C. 78aa) is amended by inserting after the 
third sentence the following: ``In any action or proceeding instituted 
by the Commission under this title in a United States district court 
for any judicial district, subpoenas issued by or on behalf of such 
court to compel the attendance of witnesses or the production of 
documents or tangible things (or both) may be served in any other 
district. Such subpoenas may be served and enforced without application 
to the court or a showing of cause, notwithstanding the provisions of 
rule 45(b)(2), (c)(3)(A)(ii), and (c)(3)(B)(iii) of the Federal Rules 
of Civil Procedure.''.
    (c) Investment Company Act of 1940.--Section 44 of the Investment 
Company Act of 1940 (15 U.S.C. 80a-43) is amended by inserting after 
the fourth sentence the following: ``In any action or proceeding 
instituted by the Commission under this title in a United States 
district court for any judicial district, subpoenas issued by or on 
behalf of such court to compel the attendance of witnesses or the 
production of documents or tangible things (or both) may be served in 
any other district. Such subpoenas may be served and enforced without 
application to the court or a showing of cause, notwithstanding the 
provisions of rule 45(b)(2), (c)(3)(A)(ii), and (c)(3)(B)(iii) of the 
Federal Rules of Civil Procedure.''.
    (d) Investment Advisers Act of 1940.--Section 214 of the Investment 
Advisers Act of 1940 (15 U.S.C. 80b-14) is amended by inserting after 
the third sentence the following: ``In any action or proceeding 
instituted by the Commission under this title in a United States 
district court for any judicial district, subpoenas issued by or on 
behalf of such court to compel the attendance of witnesses or the 
production of documents or tangible things (or both) may be served in 
any other district. Such subpoenas may be served and enforced without 
application to the court or a showing of cause, notwithstanding the 
provisions of rule 45(b)(2), (c)(3)(A)(ii), and (c)(3)(B)(iii) of the 
Federal Rules of Civil Procedure.''.
                                 <all>