S. 183 · 108th Congress
SEC Civil Enforcement Act
- Stage
- In committee
- Sponsor
- Carl Levin
- Introduced
- 2003-01-16
- Latest action
- 2003-04-08 · Sponsor introductory remarks on measure.
Summary
SEC Civil Enforcement Act - Amends the Securities Act of 1933, the Securities Exchange Act of 1934, the Investment Company Act of 1940, and the Investment Advisers' Act of 1940 to: (1) expand the range of persons, including financial institutions, subject to SEC civil monetary penalties (currently corporate officers, directors, auditors, lawyers, or publicly traded companies are exempt from such SEC sanctions); and (2) increase maximum civil monetary penalties for securities violations.Grants the SEC administrative authority, pursuant to an official SEC investigation, to subpoena financial records from a financial institution and transfer them to any government authority, in specified circumstances, without customer notice that a records request has been made.