Bill Would Boost SEC Enforcement, Provide for More Investor Restitution

Hume, Lynn
May 2003
Bond Buyer;5/22/2003, Vol. 344 Issue 31641, p4
Trade Publication
On May 21, 2003, U.S. House Financial Services Committee chairman Michael Oxley and capital markets subcommittee chairman Richard Baker has introduced a legislation that would strengthen the U.S. Securities and Exchange Commission's (SEC) enforcement powers and increase its ability to return funds to defrauded investors.HR 2179, the Securities Fraud Deterrence and Investor Restitution Act, would allow to remove state law impediments that allow violators of securities laws to shield their property from the SEC. The act provides SEC with an authority to impose civil money penalties in cease-and-desist proceedings. In spite of this, the act also increase the maximum amount of fines that the SEC and courts can impose for violations. The act also allows the SEC to obtain bank records without notice to the customer during a formal investigation.


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