Page:United States Statutes at Large Volume 104 Part 1.djvu/980

 104 STAT. 946 PUBLIC LAW 101-429—OCT. 15, 1990 "(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 44 of this title, actions under this paragraph 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 9(f), 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 the order, each day of the failure to comply shall be deemed a separate offense.". TITLE IV—AMENDMENTS TO THE INVESTMENT ADVISERS ACT OF 1940 SEC. 401. CIVIL REMEDIES IN ADMINISTRATIVE PROCEEDINGS. Sectj'>r. 203 of the Investment Advisers Act of 1940 (15 U.S.C. 80b - 3) is <;inended by adding at the end thereof the following new subsections: " (i) MONEY PENALTIES IN ADMINISTRATIVE PROCEEDINGS.— "(1) AUTHORITY OF COMMISSION. —In any proceeding instituted pursuant to subsection (e) or (f) 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 Company 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; "(C) has willfully made or caused to be made in any application for registration or report required to be filed with the Commission under this title, or in any proceeding before the Commission with respect to registration, any statement which was, at the time and in the light of the circumstances under which it was made, false or misleading with respect to any material fact, or has omitted to state in any such application or report any material fact which was required to be stated therein; or ' (D) has failed reasonably to supervise, within the meaning of section 203(e)(5) of this title, with a view to preventing violations of the provisions of this title and the rules and regulations thereunder, another person who commits such a violation, if such other person is subject to his supervision; and that such penalty is in the public interest. "(2) MAXIMUM AMOUNT OF PENALTY.— "(A) FIRST TIER.— The maximum amount of penalty for each act or omission described in paragraph (1) shall be $5,000 for a natural person or $50,000 for any other person. "(B) SECOND TIER.— Notwithstanding subparagraph (A), the maximum amount of penalty for each such act or

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