Us Congress 2025-2026 Regular Session

Us Congress House Bill HB216 Compare Versions

Only one version of the bill is available at this time.

Old	New	Differences
1	1	I
2	2	119THCONGRESS
3	3	1
4	4	STSESSION H. R. 216
5	5	To amend the Securities Act of 1933, the Securities Exchange Act of 1934,
6	6	the Investment Company Act of 1940, and the Investment Advisors
7	7	Act of 1940 with respect to the determination of violations.
8	8	IN THE HOUSE OF REPRESENTATIVES
9	9	JANUARY7, 2025
10	10	Mr. S
11	11	ESSIONSintroduced the following bill; which was referred to the
12	12	Committee on Financial Services
13	13	A BILL
14	14	To amend the Securities Act of 1933, the Securities Ex-
15	15	change Act of 1934, the Investment Company Act of
16	16	1940, and the Investment Advisors Act of 1940 with
17	17	respect to the determination of violations.
18	18	Be it enacted by the Senate and House of Representa-1
19	19	tives of the United States of America in Congress assembled, 2
20	20	SECTION 1. SHORT TITLE. 3
21	21	This Act may be cited as the ‘‘Securities Enforcement 4
22	22	Clarity Act of 2025’’ or the ‘‘SEC Act of 2025’’. 5
23	23	SEC. 2. DETERMINATION OF THE NUMBER OF VIOLATIONS. 6
24	24	(a) S
25	25	ECURITIESACT OF1933.—The Securities Act 7
26	26	of 1933 is amended— 8
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29	29	•HR 216 IH
30	30	(1) in section 8A(g) (15 U.S.C. 77h–1(g)), by 1
31	31	adding at the end the following: 2
32	32	‘‘(4) D
33	33	ETERMINATION OF NUMBER OF VIOLA -3
34	34	TIONS.—For purposes of determining the number of 4
35	35	violations for which to impose penalties under para-5
36	36	graph (1), separate acts of noncompliance are a sin-6
37	37	gle violation when the acts are the result of— 7
38	38	‘‘(A) a common or a substantially overlap-8
39	39	ping originating cause; 9
40	40	‘‘(B) the same misstatement or omission; 10
41	41	or 11
42	42	‘‘(C) a continuing failure to comply.’’; and 12
43	43	(2) in section 20(d) (15 U.S.C. 77t(d)), by add-13
44	44	ing at the end the following: 14
45	45	‘‘(5) D
46	46	ETERMINATION OF NUMBER OF VIOLA -15
47	47	TIONS.—For purposes of determining the number of 16
48	48	violations for which to impose penalties under para-17
49	49	graph (1), separate acts of noncompliance are a sin-18
50	50	gle violation when the acts are the result of— 19
51	51	‘‘(A) a common or a substantially overlap-20
52	52	ping originating cause; 21
53	53	‘‘(B) the same misstatement or omission; 22
54	54	or 23
55	55	‘‘(C) a continuing failure to comply.’’. 24
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58	58	•HR 216 IH
59	59	(b) SECURITIESEXCHANGEACT OF1934.—The Se-1
60	60	curities Exchange Act of 1934 is amended— 2
61	61	(1) in section 21(d)(3) (15 U.S.C. 78u(d)(3)), 3
62	62	by adding at the end the following: 4
63	63	‘‘(E) D
64	64	ETERMINATION OF NUMBER OF VIOLA -5
65	65	TIONS.—For purposes of determining the number of 6
66	66	violations for which to impose penalties under sub-7
67	67	paragraph (A)(i), separate acts of noncompliance are 8
68	68	a single violation when the acts are the result of— 9
69	69	‘‘(i) a common or a substantially overlap-10
70	70	ping originating cause; 11
71	71	‘‘(ii) the same misstatement or omission; 12
72	72	or 13
73	73	‘‘(iii) a continuing failure to comply.’’; 14
74	74	(2) in section 21B(a) (15 U.S.C. 78u–2(b)), by 15
75	75	adding at the end the following: 16
76	76	‘‘(3) D
77	77	ETERMINATION OF NUMBER OF VIOLA -17
78	78	TIONS, ACTS, OR OMISSIONS.—For purposes of de-18
79	79	termining the number of violations, acts, or omis-19
80	80	sions for which to impose penalties under this sub-20
81	81	section, separate acts of noncompliance are a single 21
82	82	violation, act, or omission when the acts are the re-22
83	83	sult of— 23
84	84	‘‘(A) a common or a substantially overlap-24
85	85	ping originating cause; 25
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88	88	•HR 216 IH
89	89	‘‘(B) the same misstatement or omission; 1
90	90	or 2
91	91	‘‘(C) a continuing failure to comply.’’; and 3
92	92	(3) in section 32 (15 U.S.C. 78ff), by adding at 4
93	93	the end the following: 5
94	94	‘‘(d) D
95	95	ETERMINATION OF NUMBER OF VIOLA-6
96	96	TIONS.—For purposes of determining the number of viola-7
97	97	tions for which to impose penalties under subsection (c), 8
98	98	separate acts of noncompliance are a single violation when 9
99	99	the acts are the result of— 10
100	100	‘‘(1) a common or a substantially overlapping 11
101	101	originating cause; 12
102	102	‘‘(2) the same misstatement or omission; or 13
103	103	‘‘(3) a continuing failure to comply.’’. 14
104	104	(c) I
105	105	NVESTMENTCOMPANYACT OF1940.—The In-15
106	106	vestment Company Act of 1940 is amended— 16
107	107	(1) in section 9(d) (15 U.S.C. 80a–9(d)), by 17
108	108	adding at the end the following: 18
109	109	‘‘(5) D
110	110	ETERMINATION OF NUMBER OF VIOLA -19
111	111	TIONS, ACTS, OR OMISSIONS.—For purposes of de-20
112	112	termining the number of violations, acts, or omis-21
113	113	sions for which to impose penalties under paragraph 22
114	114	(1), separate acts of noncompliance are a single vio-23
115	115	lation, act, or omission when the acts are the result 24
116	116	of— 25
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119	119	•HR 216 IH
120	120	‘‘(A) a common or a substantially overlap-1
121	121	ping originating cause; 2
122	122	‘‘(B) the same misstatement or omission; 3
123	123	or 4
124	124	‘‘(C) a continuing failure to comply.’’; and 5
125	125	(2) in section 42(e) (15 U.S.C. 80a–41(e)), by 6
126	126	adding at the end the following: 7
127	127	‘‘(5) D
128	128	ETERMINATION OF NUMBER OF VIOLA -8
129	129	TIONS.—For purposes of determining the number of 9
130	130	violations for which to impose penalties under para-10
131	131	graph (1), separate acts of noncompliance are a sin-11
132	132	gle violation when the acts are the result of— 12
133	133	‘‘(A) a common or a substantially overlap-13
134	134	ping originating cause; 14
135	135	‘‘(B) the same misstatement or omission; 15
136	136	or 16
137	137	‘‘(C) a continuing failure to comply.’’. 17
138	138	(d) I
139	139	NVESTMENTADVISORSACT OF1940.—The In-18
140	140	vestment Advisers Act of 1940 is amended— 19
141	141	(1) in section 203(i) (15 U.S.C. 80b–3(i)), by 20
142	142	adding at the end the following: 21
143	143	‘‘(5) D
144	144	ETERMINATION OF NUMBER OF VIOLA -22
145	145	TIONS, ACTS, OR OMISSIONS.—For purposes of de-23
146	146	termining the number of violations, acts, or omis-24
147	147	sions for which to impose penalties under paragraph 25
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150	150	•HR 216 IH
151	151	(1), separate acts of noncompliance are a single vio-1
152	152	lation, act, or omission when the acts are the result 2
153	153	of— 3
154	154	‘‘(A) a common or a substantially overlap-4
155	155	ping originating cause; 5
156	156	‘‘(B) the same misstatement or omission; 6
157	157	or 7
158	158	‘‘(C) a continuing failure to comply.’’; and 8
159	159	(2) in section 209(e) (15 U.S.C. 80b–9(e)), by 9
160	160	adding at the end the following: 10
161	161	‘‘(5) D
162	162	ETERMINATION OF NUMBER OF VIOLA -11
163	163	TIONS.—For purposes of determining the number of 12
164	164	violations for which to impose penalties under para-13
165	165	graph (1), separate acts of noncompliance are a sin-14
166	166	gle violation when the acts are the result of— 15
167	167	‘‘(A) a common or a substantially overlap-16
168	168	ping originating cause; 17
169	169	‘‘(B) the same misstatement or omission; 18
170	170	or 19
171	171	‘‘(C) a continuing failure to comply.’’. 20
172	172	Æ
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