[Congressional Bills 114th Congress]
[From the U.S. Government Publishing Office]
[S. 1960 Introduced in Senate (IS)]

114th CONGRESS
  1st Session
                                S. 1960

   To establish a statute of limitations for certain actions of the 
      Securities and Exchange Commission, and for other purposes.


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                   IN THE SENATE OF THE UNITED STATES

                             August 5, 2015

Mr. Reed (for himself and Mrs. Shaheen) introduced the following bill; 
which was read twice and referred to the Committee on Banking, Housing, 
                           and Urban Affairs

_______________________________________________________________________

                                 A BILL


 
   To establish a statute of limitations for certain actions of the 
      Securities and Exchange Commission, and for other purposes.

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

SECTION 1. STATUTE OF LIMITATIONS FOR COMMISSION ACTIONS.

    (a) In General.--Section 21 of the Securities Exchange Act of 1934 
(15 U.S.C. 78u) is amended by adding at the end the following:
    ``(j) Statute of Limitations.--
            ``(1) Civil monetary penalties.--
                    ``(A) In general.--An action or proceeding brought 
                or instituted by the Commission under any provision of 
                the securities laws for a civil monetary penalty may be 
                brought not later than 10 years after the violation.
                    ``(B) Exclusion.--The period of limitations in 
                subparagraph (A) does not run during any time when an 
                alleged violator is absent from the United States or 
                has no reasonably ascertainable place of abode or work 
                within the United States.
            ``(2) Definition.--For purposes of this subsection, the 
        term `civil monetary penalty' means relief sought by the 
        Commission under--
                    ``(A) section 20(d) of the Securities Act of 1933 
                (15 U.S.C. 77t(d));
                    ``(B) subsection (d)(3), section 21A(a), 
                subsections (a) through (d) of section 21B, or 
                subsection (b), (c)(1)(B), or (c)(2)(B) of section 32 
                (15 U.S.C. 78u-1(a), 78u-2(a)-(d), 78ff(b), 
                78ff(c)(1)(B), and 78ff(c)(2)(B));
                    ``(C) section 9(d) or 42(e) of the Investment 
                Company Act of 1940 (15 U.S.C. 80a-9(d), 80a-41(e)); or
                    ``(D) section 203(i) or 209(e) of the Investment 
                Advisers Act of 1940 (15 U.S.C. 80b-3(i), 80b-9(e)).''.
    (b) Conforming Amendment.--Section 21A(d) of the Securities Act of 
1934 (15 U.S.C. 78u-1(d)) is amended by striking paragraph (5).
                                 <all>