[Congressional Record Volume 141, Number 104 (Friday, June 23, 1995)]
[Senate]
[Page S9005]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                          AMENDMENTS SUBMITTED

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          THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995

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                 SHELBY (AND OTHERS) AMENDMENT NO. 1468

  Mr. SHELBY (for himself, Mr. Bryan, Mrs. Boxer, and Mr. Sarbanes) 
proposed an amendment to the bill (S. 240) to amend the Securities 
Exchange Act of 1934 to establish a filing deadline and to provide 
certain safeguards to ensure that the interests of investors are well 
protected under the implied private action provisions of the act; as 
follows:

       On page 134, strike lines 5 through 24, and insert 
     ``uncollectible share in proportion to the percentage of 
     responsibility of that defendant, as determined under 
     subsection (c).''.
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                        BRYAN AMENDMENT NO. 1469

  Mr. BRYAN proposed an amendment to the bill S. 240, supra, as 
follows:

       On page 129, between lines 16 and 17, insert the following:

     SEC. 111. STATUTE OF LIMITATIONS.

       Title I of the Securities Exchange Act of 1934 (15 U.S.C. 
     78a et seq.) is amended by adding at the end the following 
     new section:

     ``SEC. 38. STATUTE OF LIMITATIONS.

       ``(a) In General.--Except as otherwise provided in this 
     title, an implied private right of action arising under this 
     title may be brought not later than the earlier of--
       ``(1) 5 years after the date on which the alleged violation 
     occurred; or
       ``(2) 2 years after the date on which the alleged violation 
     was discovered.
       ``(b) Effective Date.--The limitations period provided by 
     this section shall apply to all proceedings commenced after 
     the date of enactment of this section.''.
       On page 131, strike line 1, and insert the following:

     ``SEC. 39. PROPORTIONATE LIABILITY.

       Amend the table of contents accordingly.
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                   BINGAMAN AMENDMENTS NOS. 1470-1471

  (Ordered to lie on the table.)
  Mr. BINGAMAN submitted two amendments intended to be proposed by him 
to the bill S. 240, supra, as follows:

                           Amendment No. 1470

       Beginning on page 105, strike line 1 and all that follows 
     through page 108, line 17.
       On page 108, line 24, strike ``(k)'' and insert ``(j)''.
       On page 109, line 8, strike ``(l)'' and insert ``(k)''.
       On page 126, line 19, strike ``(m)'' and insert ``(l)''.
       On page 127, line 6, strike ``(m)'' and insert ``(l)''.
       Redesignate sections 104 through 110 as sections 103 
     through 109, respectively.
       Amend the table of contents accordingly.
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                           Amendment No. 1471

       On page 85, strike line 24.
       On page 86, line 1, strike ``(1) Securities act of 1933.--
     '' and insert the following:
       ``(a) Securities Act of 1933.--''.
       On page 91, line 11, strike ``(2) Securities exchange act 
     of 1934.--'' and insert the following:
       ``(b) Securities Exchange Act of 1934.--''.
       Beginning on page 96, strike line 25 and all that follows 
     through page 104, line 22.
       On page 105, line 5, strike ``(j)'' and insert ``(i)''.
       On page 106, line 25, strike ``(l)'' and insert ``(k)''.
       On page 108, line 24, strike ``(k)'' and insert ``(j)''.
       On page 109, line 8, strike ``(l)'' and insert ``(k)''.
       On page 126, line 19, strike ``(m)'' and insert ``(l)''.
       On page 127, line 6, strike ``(m)'' and insert ``(l)''.

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