This chapter, referred to in subsecs. (a)(1), (b), (d)(1), (3), (e), and (f), was in the original “this title”. See References in Text note set out under section 78a of this title.
This chapter, referred to in subsec. (d)(9), was in the original “this Act” meaning the Securities Exchange Act of 1934, act June 6, 1934, ch. 404. See References in Text note set out under section 78a of this title.
The Right to Financial Privacy Act of 1978, referred to in subsec. (h)(1), (8), (9)(B), (11), and (13), is title XI of Pub. L. 95–630,
Section 19(b) of the Securities Act of 1933, referred to in subsec. (h)(2), was redesignated section 19(c) by Pub. L. 107–204, title I, § 108(a)(1),
Section 21(h) of the Securities Exchange Act of 1934, referred to in the paragraph within quotation marks following subsec. (h)(4)(C), is classified to subsection (h) of this section.
2021—Subsec. (d)(3). Pub. L. 116–283, § 6501(a)(1)(A), substituted “Civil money penalties and authority to seek disgorgement” for “Money Penalties in Civil Actions” in heading. Amendment was executed to reflect the probable intent of Congress due to minor errors in formatting of quoted text.
Subsec. (d)(3)(A). Pub. L. 116–283, § 6501(a)(1)(B), substituted “jurisdiction to—” and cls. (i) and (ii) for “jurisdiction to impose, upon a proper showing, a civil penalty to be paid by the person who committed such violation.”
Subsec. (d)(3)(B)(i). Pub. L. 116–283, § 6501(a)(1)(C)(i), substituted “a civil penalty imposed under subparagraph (A)(i)” for “the penalty” in first sentence.
Subsec. (d)(3)(B)(ii). Pub. L. 116–283, § 6501(a)(1)(C)(ii), substituted “amount of a civil penalty imposed under subparagraph (A)(i)” for “amount of penalty”.
Subsec. (d)(3)(B)(iii). Pub. L. 116–283, § 6501(a)(1)(C)(iii), substituted “amount of a civil penalty imposed under subparagraph (A)(i) for each violation described in that subparagraph” for “amount of penalty for each such violation” in introductory provisions.
Subsec. (d)(4). Pub. L. 116–283, § 6501(a)(2), inserted “under paragraph (7)” after “funds disgorged”.
Subsec. (d)(7) to (9). Pub. L. 116–283, § 6501(a)(3), added pars. (7) to (9).
2015—Subsec. (h)(6). Pub. L. 114–113 struck out par. (6) which read as follows: “The Commission shall compile an annual tabulation of the occasions on which the Commission used each separate subparagraph or clause of paragraph (2) of this subsection or the provisions of the Right to Financial Privacy Act of 1978 to obtain access to financial records of a customer and include it in its annual report to the Congress. Section 1121(b) of the Right to Financial Privacy Act of 1978 shall not apply with respect to the Commission.”
2010—Subsec. (a)(1). Pub. L. 111–203, § 929F(g)(2), in first sentence, substituted “, a person associated with such a firm, or, as to any act, practice, or omission to act, while associated with such firm, a person formerly associated with such a firm” for “or a person associated with such a firm”.
Pub. L. 111–203, § 929F(c), (d), in first sentence, inserted “, or, as to any act or practice, or omission to act, while associated with a member, formerly associated” after “member or a person associated” and “or, as to any act or practice, or omission to act, while a participant, was a participant,” after “in which such person is a participant,”.
Subsec. (d)(3)(C)(i). Pub. L. 111–203, § 923(b)(1), inserted “and section 78u–6 of this title” after “section 7246 of this title”.
Subsec. (h)(2). Pub. L. 111–203, § 986(a)(3), struck out “section 18(c) of the Public Utility Holding Company Act of 1935,” after “section 21(b) of the Securities Exchange Act of 1934,”.
2002—Subsec. (a)(1). Pub. L. 107–204, § 3(b)(2)(A), inserted “the rules of the Public Company Accounting Oversight Board, of which such person is a registered public accounting firm or a person associated with such a firm,” after “is a participant,”.
Subsec. (d)(1). Pub. L. 107–204, § 3(b)(2)(B), inserted “the rules of the Public Company Accounting Oversight Board, of which such person is a registered public accounting firm or a person associated with such a firm,” after “is a participant,”.
Subsec. (d)(2). Pub. L. 107–204, § 305(a)(1), substituted “unfitness” for “substantial unfitness”.
Subsec. (d)(3)(C)(i). Pub. L. 107–204, § 308(d)(1), inserted “, except as otherwise provided in section 7246 of this title” before period at end.
Subsec. (d)(5). Pub. L. 107–204, § 305(b), added par. (5).
Subsec. (d)(6). Pub. L. 107–204, § 603(a), added par. (6).
Subsec. (e). Pub. L. 107–204, § 3(b)(2)(C), inserted “the rules of the Public Company Accounting Oversight Board, of which such person is a registered public accounting firm or a person associated with such a firm,” after “is a participant,”.
Subsec. (f). Pub. L. 107–204, § 3(b)(2)(D), inserted “or the Public Company Accounting Oversight Board” after “self-regulatory organization” in two places.
2000—Subsec. (i). Pub. L. 106–554 added subsec. (i).
1995—Subsec. (d)(4). Pub. L. 104–67 added par. (4).
1990—Subsec. (d). Pub. L. 101–429 designated existing provision as par. (1) and added pars. (2) and (3).
1988—Subsec. (a). Pub. L. 100–704, § 6(b), designated existing provisions as par. (1) and added par. (2).
Subsec. (d). Pub. L. 100–704, § 3(a)(1), redesignated par. (1) as entire subsec. (d) and struck out par. (2) which provided civil penalties for purchasing or selling securities while in possession of material nonpublic information.
1987—Subsec. (d). Pub. L. 100–181, § 323(1), substituted “Whenever” for “Wherever”.
Subsec. (e). Pub. L. 100–181, § 323(2), struck out “, the United States District Court for the District of Columbia,” after “the district courts of the United States”.
Subsec. (g). Pub. L. 100–181, § 323(3), struck out “The term ‘securities laws’ as used herein and in subsection (h) of this section includes the Securities Act of 1933 (15 U.S.C. 77a et seq.), the Securities Exchange Act of 1934 (15 U.S.C. 78a et seq.), the Public Utility Holding Company Act of 1935 (15 U.S.C. 79 et seq.), the Trust Indenture Act of 1939 (15 U.S.C. 77aaa et seq.), the Investment Company Act of 1940 (15 U.S.C. 80a–1 et seq.), the Investment Advisers Act of 1940 (15 U.S.C. 80b–1 et seq.), and the Securities Investor Protection Act of 1970 (15 U.S.C. 78aaa et seq.).” See 15 U.S.C. 78c(a)(47).
1984—Subsec. (d). Pub. L. 98–376 designated existing provisions as par. (1) and added par. (2).
1980—Subsec. (g). Pub. L. 96–433, § 4, inserted “and in subsection (h) of this section.”
Subsec. (h). Pub. L. 96–433, § 3, added subsec. (h).
1975—Subsec. (a). Pub. L. 94–29, § 17(1), expanded the Commission’s power to conduct investigations to include violations of the rules of a national securities exchange, registered securities association, registered clearing agency, or the Municipal Securities Rulemaking Board.
Subsec. (d). Pub. L. 94–29, § 17(2), redesignated subsec. (e) as (d) and amended it generally, substituting “has engaged, is engaged, or is about to engage” for “is engaged or about to engage”, “any provision” for “the provisions”, “the rules or regulations” for “or of any rule or regulation”, and “such a showing” for “a proper showing”, and inserting “the rules of a national securities exchange or registered securities association of which such persons is a member or a person associated with a member, the rules of a registered clearing agency in which such person is a participant, or the rules of the Municipal Securities Rulemaking Board,” in first sentence and inserting “as may constitute a violation of any provision of this chapter or the rules or regulations thereunder” in second sentence. Former subsec. (d) was repealed by Pub. L. 91–452. See 1970 Amendment note below.
Subsec. (e). Pub. L. 94–29, § 17(2), redesignated subsec. (f) as (e) and amended it generally, substituting “mandamus, injunctions, and orders commanding (1) any person to comply with the provisions of this chapter, the rules, regulations, and orders thereunder, the rules of a national securities exchange or registered securities association of which such person is a member or person associated with a member, the rules of a registered clearing agency in which such person is a participant, the rules of the Municipal Securities Rulemaking Board, or any undertaking contained in a registration statement as provided in subsection (d) of section 78o of this title” for “mandamus commanding any person to comply with the provisions of this chapter or any order of the Commission made in pursuance thereof or with any undertaking contained in a registration statement as provided in subsection (d) of section 78o of this title” and adding cls. (2) and (3). Former subsec. (e) redesignated (d).
Subsecs. (f), (g). Pub. L. 94–29, § 17(3), added subsecs. (f) and (g). Former subsec. (f) redesignated (e).
1970—Subsec. (d). Pub. L. 91–452 struck out subsec. (d) which related to immunity from prosecution of any individual compelled to testify or produce evidence, documentary or otherwise, after claiming his privilege against self-incrimination.
1936—Subsec. (f). Act
Words “magistrate judge” substituted for “magistrate” wherever appearing in subsec. (h)(4)(A), (5), (7)(A), (8) pursuant to section 321 of Pub. L. 101–650, set out as a note under section 631 of Title 28, Judiciary and Judicial Procedure.
Pub. L. 116–283, div. F, title LXV, § 6501(b),
Amendment by Pub. L. 111–203 effective 1 day after
Amendment by Pub. L. 104–67 not to affect or apply to any private action arising under this chapter or title I of the Securities Act of 1933 (15 U.S.C. 77a et seq.), commenced before and pending on
Amendment by Pub. L. 101–429 effective
Amendment by section 3(a)(1) of Pub. L. 100–704 not applicable to actions occurring before
Amendment by Pub. L. 98–376 effective
Pub. L. 96–433, § 5, “(a) The amendments made by section 1 of this Act [amending section 78fff–3 of this title] shall take effect on the date of enactment of this Act [“(b) The amendments made by sections 2, 3, and 4 of this Act [amending this section and section 3422 of Title 12, Banks and Banking] shall take effect on
Amendment by Pub. L. 94–29 effective
Amendment by Pub. L. 91–452 effective on sixtieth day following
Amendment by Pub. L. 91–452 not to affect any immunity to which any individual is entitled under this section by reason of any testimony given before the sixtieth day following
Nothing in amendment by Pub. L. 104–67 to be deemed to create or ratify any implied right of action, or to prevent Commission, by rule or regulation, from restricting or otherwise regulating private actions under this chapter, see section 203 of Pub. L. 104–67, set out as a Construction note under section 78j–1 of this title.
Pub. L. 105–353, title I, § 102, “(a) The Securities and Exchange Commission, in consultation with State securities commissions (or any agencies or offices performing like functions), shall seek to encourage the adoption of State laws providing for reciprocal enforcement by State securities commissions of subpoenas issued by another State securities commission seeking to compel persons to attend, testify in, or produce documents or records in connection with an action or investigation by a State securities commission of an alleged violation of State securities laws.“(b) Not later than 24 months after the date of enactment of this Act [“(1) identifying the States that have adopted laws described in subsection (a);“(2) describing the actions undertaken by the Commission and State securities commissions to promote the adoption of such laws; and“(3) identifying any further actions that the Commission recommends for such purposes.”
For transfer of functions of Securities and Exchange Commission, with certain exceptions, to Chairman of such Commission, see Reorg. Plan No. 10 of 1950, §§ 1, 2, eff.