Page:United States Statutes at Large Volume 122.djvu/2799

 12 2 STA T . 2 7 7 6PUBLIC LA W 11 0– 2 89—J UL Y3 0, 2008 ‘ ‘ (B)violates a nyf inal o r te mp orary or d er or noti c e iss u ed pursuant to t h is title ‘‘( C ) violates any condition imposed in w ritin gb y the D irector in connection with the grant of any application or other re q uest by such regulated entity; or ‘‘(D) violates any written agreement between the regu - lated entity and the Director . ‘‘( 2 ) SECONDTI E R . —N otwithstanding paragraph ( 1 ) , a regu- lated entity or entity-affiliated party shall forfeit and pay a civil penalty of not more than $50 ,000 for each day during which a violation, practice, or breach continues, if— ‘‘( A ) the regulated entity or entity-affiliated party, respectively— ‘‘(i) commits any violation described in any subparagraph of paragraph (1); ‘‘(ii) rec k lessly engages in an unsafe or unsound practice in conducting the affairs of the regulated entity; or ‘‘(iii) breaches any fiduciary duty; and ‘‘(B) the violation, practice, or breach— ‘‘(i) is part of a pattern of misconduct; ‘‘(ii) causes or is likely to cause more than a minimal loss to the regulated entity; or ‘‘(iii) results in pecuniary gain or other benefit to such party. ‘‘( 3 ) TH IRD TIER.—Notwithstanding paragraphs (1) and (2), any regulated entity or entity-affiliated party shall forfeit and pay a civil penalty in an amount not to e x ceed the applicable maximum amount determined under paragraph ( 4 ) for each day during which such violation, practice, or breach continues, if such regulated entity or entity-affiliated party— ‘‘(A) knowingly— ‘‘(i) commits any violation described in any subparagraph of paragraph (1); ‘‘(ii) engages in any unsafe or unsound practice in conducting the affairs of the regulated entity; or ‘‘(iii) breaches any fiduciary duty; and ‘‘(B) knowingly or recklessly causes a substantial loss to the regulated entity or a substantial pecuniary gain or other benefit to such party by reason of such violation, practice, or breach. ‘‘(4) MAX I MU M AMOUNT S O FP ENA L TIES FOR AN YV IOLATION DESCRI B ED IN PARA G RAPH (3) .—The maximum daily amount of any civil penalty which may be assessed pursuant to paragraph (3) for any violation, practice, or breach described in paragraph (3) is— ‘‘(A) in the case of any entity-affiliated party, an amount not to exceed $2,000,000; and ‘‘(B) in the case of any regulated entity, $2,000,000. ’ ’; (3) in subsection (c)— (A) by striking ‘‘enterprise’’ each place that term appears and inserting ‘‘regulated entity’’; (B) by inserting ‘‘or entity-affiliated party’’ before ‘‘in writing’’; and (C) by inserting ‘‘or entity-affiliated party’’ before ‘‘has been given’’; (4) in subsection (d)—

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