Securities Enforcement Clarity Act of 2025 or the SEC Act of 2025This 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.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.
To amend the Investment Advisers Act of 1940 to codify certain Securities and Exchange Commission no-action letters that exclude brokers and dealers compensated for certain research services from the definition of investment adviser, and for other purposes.
To amend the Securities Exchange Act of 1934 to require the Securities and Exchange Commission to disclose and report on non-material disclosure mandates, and for other purposes.
To amend the Securities Act of 1933 to expand the research report exception to include reports about any issuer that undertakes a proposed offering of public securities.
To amend the Securities Exchange Act of 1934 to exclude qualified institutional buyers and institutional accredited investors when calculating holders of a security for purposes of the mandatory registration threshold under such Act, and for other purposes.
Stop Environmental Calculations Act of 2023 or the SEC Act of 2023 This bill prohibits the Securities and Exchange Commission from requiring climate-related disclosures that are not material to investors.