119-hr216

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SEC Act of 2025

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Introduced:
Jan 7, 2025
Policy Area:
Finance and Financial Sector

Bill Statistics

3
Actions
0
Cosponsors
1
Summaries
1
Subjects
1
Text Versions
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Latest Action

Jan 7, 2025
Referred to the House Committee on Financial Services.

Summaries (1)

Introduced in House - Jan 7, 2025 00
<p><strong>Securities Enforcement Clarity Act of 2025 or the SEC Act of 2025</strong></p><p>This bill specifies when separate occurrences of securities law violations must be considered as a single violation for purposes of calculating penalties. Specifically, separate occurrences must be counted as a single violation when the acts in question are the result of (1) a common or a substantially overlapping cause, (2) the same misstatement or omission, or (3) a continuing failure to comply.</p><p>The bill applies to various violations of securities law, including those involving the registration, offer, and sale of securities; and the conduct of brokers, dealers, and investment advisers.</p>

Actions (3)

Referred to the House Committee on Financial Services.
Type: IntroReferral | Source: House floor actions | Code: H11100
Jan 7, 2025
Introduced in House
Type: IntroReferral | Source: Library of Congress | Code: Intro-H
Jan 7, 2025
Introduced in House
Type: IntroReferral | Source: Library of Congress | Code: 1000
Jan 7, 2025

Subjects (1)

Finance and Financial Sector (Policy Area)

Text Versions (1)

Introduced in House

Jan 7, 2025
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Full Bill Text

Length: 6,739 characters Version: Introduced in House Version Date: Jan 7, 2025 Last Updated: Nov 15, 2025 6:25 AM
[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[H.R. 216 Introduced in House

(IH) ]

<DOC>

119th CONGRESS
1st Session
H. R. 216

To amend the Securities Act of 1933, the Securities Exchange Act of
1934, the Investment Company Act of 1940, and the Investment Advisors
Act of 1940 with respect to the determination of violations.

_______________________________________________________________________

IN THE HOUSE OF REPRESENTATIVES

January 7, 2025

Mr. Sessions introduced the following bill; which was referred to the
Committee on Financial Services

_______________________________________________________________________

A BILL

To amend the Securities Act of 1933, the Securities Exchange Act of
1934, the Investment Company Act of 1940, and the Investment Advisors
Act of 1940 with respect to the determination of violations.

Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1.

This Act may be cited as the ``Securities Enforcement Clarity Act
of 2025'' or the ``SEC Act of 2025''.
SEC. 2.

(a) Securities Act of 1933.--The Securities Act of 1933 is
amended--

(1) in
section 8A (g) (15 U.

(g) (15 U.S.C. 77h-1

(g) ), by adding at the
end the following:
``

(4) Determination of number of violations.--For purposes
of determining the number of violations for which to impose
penalties under paragraph

(1) , separate acts of noncompliance
are a single violation when the acts are the result of--
``
(A) a common or a substantially overlapping
originating cause;
``
(B) the same misstatement or omission; or
``
(C) a continuing failure to comply.''; and

(2) in
section 20 (d) (15 U.
(d) (15 U.S.C. 77t
(d) ), by adding at the
end the following:
``

(5) Determination of number of violations.--For purposes
of determining the number of violations for which to impose
penalties under paragraph

(1) , separate acts of noncompliance
are a single violation when the acts are the result of--
``
(A) a common or a substantially overlapping
originating cause;
``
(B) the same misstatement or omission; or
``
(C) a continuing failure to comply.''.

(b) Securities Exchange Act of 1934.--The Securities Exchange Act
of 1934 is amended--

(1) in
section 21 (d) (3) (15 U.
(d) (3) (15 U.S.C. 78u
(d) (3) ), by adding at
the end the following:
``
(E) Determination of number of violations.--For purposes
of determining the number of violations for which to impose
penalties under subparagraph
(A)
(i) , separate acts of
noncompliance are a single violation when the acts are the
result of--
``
(i) a common or a substantially overlapping
originating cause;
``
(ii) the same misstatement or omission; or
``
(iii) a continuing failure to comply.'';

(2) in
section 21B (a) (15 U.

(a) (15 U.S.C. 78u-2

(b) ), by adding at
the end the following:
``

(3) Determination of number of violations, acts, or
omissions.--For purposes of determining the number of
violations, acts, or omissions for which to impose penalties
under this subsection, separate acts of noncompliance are a
single violation, act, or omission when the acts are the result
of--
``
(A) a common or a substantially overlapping
originating cause;
``
(B) the same misstatement or omission; or
``
(C) a continuing failure to comply.''; and

(3) in
section 32 (15 U.
the following:
``
(d) Determination of Number of Violations.--For purposes of
determining the number of violations for which to impose penalties
under subsection
(c) , separate acts of noncompliance are a single
violation when the acts are the result of--
``

(1) a common or a substantially overlapping originating
cause;
``

(2) the same misstatement or omission; or
``

(3) a continuing failure to comply.''.
(c) Investment Company Act of 1940.--The Investment Company Act of
1940 is amended--

(1) in
section 9 (d) (15 U.
(d) (15 U.S.C. 80a-9
(d) ), by adding at the
end the following:
``

(5) Determination of number of violations, acts, or
omissions.--For purposes of determining the number of
violations, acts, or omissions for which to impose penalties
under paragraph

(1) , separate acts of noncompliance are a
single violation, act, or omission when the acts are the result
of--
``
(A) a common or a substantially overlapping
originating cause;
``
(B) the same misstatement or omission; or
``
(C) a continuing failure to comply.''; and

(2) in
section 42 (e) (15 U.

(e) (15 U.S.C. 80a-41

(e) ), by adding at
the end the following:
``

(5) Determination of number of violations.--For purposes
of determining the number of violations for which to impose
penalties under paragraph

(1) , separate acts of noncompliance
are a single violation when the acts are the result of--
``
(A) a common or a substantially overlapping
originating cause;
``
(B) the same misstatement or omission; or
``
(C) a continuing failure to comply.''.
(d) Investment Advisors Act of 1940.--The Investment Advisers Act
of 1940 is amended--

(1) in
section 203 (i) (15 U.
(i) (15 U.S.C. 80b-3
(i) ), by adding at
the end the following:
``

(5) Determination of number of violations, acts, or
omissions.--For purposes of determining the number of
violations, acts, or omissions for which to impose penalties
under paragraph

(1) , separate acts of noncompliance are a
single violation, act, or omission when the acts are the result
of--
``
(A) a common or a substantially overlapping
originating cause;
``
(B) the same misstatement or omission; or
``
(C) a continuing failure to comply.''; and

(2) in
section 209 (e) (15 U.

(e) (15 U.S.C. 80b-9

(e) ), by adding at
the end the following:
``

(5) Determination of number of violations.--For purposes
of determining the number of violations for which to impose
penalties under paragraph

(1) , separate acts of noncompliance
are a single violation when the acts are the result of--
``
(A) a common or a substantially overlapping
originating cause;
``
(B) the same misstatement or omission; or
``
(C) a continuing failure to comply.''.
<all>
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