[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3701 Reported in House (RH)]

<DOC>





                                                 Union Calendar No. 321
116th CONGRESS
  2d Session
                                H. R. 3701

                          [Report No. 116-399]

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


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             July 11, 2019

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

                           February 21, 2020

                    Additional sponsor: Mr. Cleaver

                           February 21, 2020

  Reported with an amendment; committed to the Committee of the Whole 
       House on the State of the Union and ordered to be printed
 [Strike out all after the enacting clause and insert the part printed 
                               in italic]
 [For text of introduced bill, see copy of bill as introduced on July 
                               11, 2019]


_______________________________________________________________________

                                 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. SHORT TITLE.

    This Act may be cited as the ``Strengthening Fraud Protection 
Provisions for SEC Enforcement Act of 2019''

SEC. 2. 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 alleged 
                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) subsection (d)(3), section 10A(d), section 
                21A(a), section 21B(a), or subsection (b), (c)(1)(B), 
                or (c)(2)(B) of section 32 (15 U.S.C. 78j-1(d), 78u-
                2(a), 78ff(b), 78ff(c)(1)(B), or 78ff(c)(2)(B));
                    ``(B) section 8A(g)(2) or section 20(d)(2) of the 
                Securities Act of 1933 (15 U.S.C. 77h-1(g)(2), 
                77t(d)(2));
                    ``(C) section 9(d)(1) or 42(e)(1) of the Investment 
                Company Act of 1940 (15 U.S.C. 80a-9(d)(1), 80a-
                41(e)(1));
                    ``(D) section 203(i)(1) or 209(e)(1) of the 
                Investment Advisers Act of 1940 (15 U.S.C. 80b-3(i)(1), 
                80b-9(e)(1)); or
                    ``(E) section 304(a) of the Sarbanes-Oxley Act of 
                2002 (15 U.S.C. 7243(a)).''.
    (b) Conforming Amendment.--Section 21A(d) of the Securities 
Exchange Act of 1934 (15 U.S.C. 78u-1(d)) is amended by striking 
paragraph (5).
                                                 Union Calendar No. 321

116th CONGRESS

  2d Session

                               H. R. 3701

                          [Report No. 116-399]

_______________________________________________________________________

                                 A BILL

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

_______________________________________________________________________

                           February 21, 2020

  Reported with an amendment; committed to the Committee of the Whole 
       House on the State of the Union and ordered to be printed