Page:United States Statutes at Large Volume 124.djvu/1877

 124 STAT. 1851 PUBLIC LAW 111–203—JULY 21, 2010 dealer, municipal advisor, transfer agent, or nationally recog- nized statistical rating organization,’’. (3) SECTION 17A.—Section 17A(c)(4)(C) of the Securities Exchange Act of 1934 (15 U.S.C. 78q–1(c)(4)(C)) is amended by striking ‘‘twelve months or bar any such person from being associated with the transfer agent,’’ and inserting ‘‘12 months or bar any such person from being associated with any transfer agent, broker, dealer, investment adviser, municipal securities dealer, municipal advisor, or nationally recognized statistical rating organization,’’. (b) INVESTMENT ADVISERS ACT OF 1940.—Section 203(f) of the Investment Advisers Act of 1940 (15 U.S.C. 80b–3(f)) is amended by striking ‘‘twelve months or bar any such person from being associated with an investment adviser,’’ and inserting ‘‘12 months or bar any such person from being associated with an investment adviser, broker, dealer, municipal securities dealer, municipal advisor, transfer agent, or nationally recognized statistical rating organization,’’. SEC. 926. DISQUALIFYING FELONS AND OTHER ‘‘BAD ACTORS’’ FROM REGULATION D OFFERINGS. Not later than 1 year after the date of enactment of this Act, the Commission shall issue rules for the disqualification of offerings and sales of securities made under section 230.506 of title 17, Code of Federal Regulations, that— (1) are substantially similar to the provisions of section 230.262 of title 17, Code of Federal Regulations, or any suc- cessor thereto; and (2) disqualify any offering or sale of securities by a person that— (A) is subject to a final order of a State securities commission (or an agency or officer of a State performing like functions), a State authority that supervises or exam- ines banks, savings associations, or credit unions, a State insurance commission (or an agency or officer of a State performing like functions), an appropriate Federal banking agency, or the National Credit Union Administration, that— (i) bars the person from— (I) association with an entity regulated by such commission, authority, agency, or officer; (II) engaging in the business of securities, insurance, or banking; or (III) engaging in savings association or credit union activities; or (ii) constitutes a final order based on a violation of any law or regulation that prohibits fraudulent, manipulative, or deceptive conduct within the 10-year period ending on the date of the filing of the offer or sale; or (B) has been convicted of any felony or misdemeanor in connection with the purchase or sale of any security or involving the making of any false filing with the Commis- sion. Deadline. 15 USC 77d note.