Page:United States Statutes at Large Volume 104 Part 1.djvu/967

 PUBLIC LAW 101-429—OCT. 15, 1990 104 STAT. 933 "(C) THIRD TIER. —Notwithstanding subparagraphs (A) and (B), the amount of penalty for each such violation shall not exceed the greater of (i) $100,000 for a natural person or $500,000 for any other person, or (ii) the gross amount of pecuniary gain to such defendant as a result of the violation, if— "(I) the violation described in paragraph (1) involved fraud, deceit, manipulation, or deliberate or reckless disregard of a regulatory requirement; and "(II) such violation directly or indirectly resulted in substantial losses or created a significant risk of substantial losses to other persons. "(3) PROCEDURES FOR COLLECTION.— " (A) PAYMENT OF PENALTY TO TREASURY.— A penalty imposed under this section shall be payable into the Treasury of the United States. "(B) COLLECTION OF PENALTIES. —If a person upon whom such a penalty is imposed shall fail to pay such penalty within the time prescribed in the court's order, the Commission may refer the matter to the Attorney General who shall recover such penalty by action in the appropriate United States district court. "(C) REMEDY NOT EXCLUSIVE. — The actions authorized by this subsection may be brought in addition to any other action that the Commission or the Attorney General is entitled to bring. "(D) JURISDICTION AND VENUE.— For purposes of section 22 of this title, actions under this section shall be actions to enforce a liability or a duty created by this title. "(4) SPECIAL PROVISIONS RELATING TO A VIOLATION OF A CEASE- AND-DESIST ORDER.— In an action to enforce a cease-and-desist order entered by the Commission pursuant to section 8A, each separate violation of such order shall be a separate offense, except that in the case of a violation through a continuing failure to comply with such an order, each day of the failure to comply with the order shall be deemed a separate offense. "(e) AUTHORITY OF A COURT TO PROHIBIT PERSONS FROM SERVING AS OFFICERS AND DIRECTORS. — In any proceeding under subsection (b), the court may prohibit, conditionally or unconditionally, and permanently or for such period of time as it shall determine, any person who violated section 17(a)(l) of this title from acting as an officer or director of any issuer that has a class of securities registered pursuant to section 12 of the Securities Exchange Act of 1934 or that is required to file reports pursuant to section 15(d) of such Act if the person's conduct demonstrates substantial unfitness to serve as an officer or director of any such issuer.". SEC. 102. CEASE-AND-DESIST AUTHORITY. ^ The Securities Act of 1933 (15 U.S.C. 77 et seq.) is amended by inserting after section 8 the following: " CEASE-AND-DESIST PROCEEDINGS " SEC. 8A. (a) AUTHORITY OF THE COMMISSION. —If the Commission 15 USC 77h-i. finds, after notice and opportunity for hearing, that any person is violating, has violated, or is about to violate any provision of this title, or any rule or regulation thereunder, the Commission may

�