S. 799 · 116th Congress
Securities Fraud Enforcement and Investor Compensation Act of 2019
- Stage
- In committee
- Sponsor
- Mark Warner
- Introduced
- 2019-03-14
- Latest action
- 2019-03-14 · Introduced in Senate
Summary
Securities Fraud Enforcement and Investor Compensation Act of 2019
This bill provides statutory authority for the Securities and Exchange Commission (SEC) to seek disgorgement (i.e., repayment) as a remedy for unjust enrichment that a person gained through a securities law violation. It also allows the SEC to seek restitution for an investor's loss as a result of a securities law violation by a person registered as or associated with a securities dealer, broker, or other specified financial advisor.
The bill establishes a 5-year statute of limitations for disgorgement and a 10-year statute of limitations for equitable remedies, including restitution.