Page:United States Statutes at Large Volume 104 Part 1.djvu/975

 PUBLIC LAW 101-429—OCT. 15, 1990 104 STAT. 941 regulations providing for the expeditious conduct of hearings and rendering of decisions under section 21C of this title, section 8A of the Securities Act of 1933, section 9(f) of the Investment Company Act of 1940, and section 203(k) of the Investment Advisers Act of 1940.". SEC. 205. CONFORMING AMENDMENTS TO SECTION 15B. Section 15B(c)(6)(A) of the Securities Exchange Act of 1934 (15 U.S.C. 78o-4(c)(6)(A)) is amended— (1) by striking "and the nature" and inserting ", the nature"; and (2) by striking "proposed action and" and inserting "proposed action, and whether the Commission is seeking a monetary penalty against such municipal securities dealer or such associated person pursuant to section 21B of this title; and ". SEC. 206. SIGNATURE GUARANTEES. Section 17A(d) of the Securities Exchange Act of 1934 (15 U.S.C. 15 USC 78q-l. 78q-9(d)(4)) is amended by adding at the end the following: "(5) A registered transfer agent may not, directly or indirectly, engage in any activity in connection with the guarantee of a signature of an endorser of a security, including the acceptance or rejection of such guarantee, in contravention of such rules and regulations as the Commission may prescribe as necessary or appropriate in the public interest, for the protection of investors, to facilitate the equitable treatment of financial institutions which issue such guarantees, or otherwise in furtherance of the purposes of this title.". TITLE III—AMENDMENTS TO THE INVESTMENT COMPANY ACT OF 1940 SEC. 301. CIVIL REMEDIES IN ADMINISTRATIVE PROCEEDINGS. Section 9 of the Investment Company Act of 1940 (15 U.S.C. 80a-9) is amended— (1) by redesignating subsection (d) as subsection (g); (2) by inserting after subsection (c) the following new subsections: " (d) MONEY PENALTIES IN ADMINISTRATIVE PROCEEDINGS. — "(1) AUTHORITY OF COMMISSION. — In any proceeding instituted pursuant to subsection (b) against any person, the Commission may impose a civil penalty if it finds, on the record after notice and opportunity for hearing, that such person— '(A) has willfully violated any provision of the Securities Act of 1933, the Securities Exchange Act of 1934, the Investment Advisers Act of 1940, or this title, or the rules or regulations thereunder; '(B) has willfully aided, abetted, counseled, commanded, induced, or procured such a violation by any other person; or "(C) has willfully made or caused to be made in any registration statement, application, or report required to be filed with the Commission under this title, any statement which was, at the time and in the light of the circumstances under which it was made, false or misleading with respect

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