Page:United States Statutes at Large Volume 124.djvu/1894

 124 STAT. 1868 PUBLIC LAW 111–203—JULY 21, 2010 extend such deadline as needed for one additional 180-day period. If after the additional 180-day period the Director of the Division of Enforcement of the Commission or the Director’s designee determines that a particular enforcement investigation is sufficiently complex such that a determination regarding the filing of an action against a person cannot be completed within the additional 180-day period, the Director of the Divi- sion of Enforcement of the Commission or the Director’s des- ignee may, after providing notice to and receiving approval of the Commission, extend such deadline as needed for one or more additional successive 180-day periods. ‘‘(b) COMPLIANCE EXAMINATIONS AND INSPECTIONS.— ‘‘(1) IN GENERAL.—Not later than 180 days after the date on which Commission staff completes the on-site portion of its compliance examination or inspection or receives all records requested from the entity being examined or inspected, which- ever is later, Commission staff shall provide the entity being examined or inspected with written notification indicating either that the examination or inspection has concluded, has concluded without findings, or that the staff requests the entity undertake corrective action. ‘‘(2) EXCEPTION FOR CERTAIN COMPLEX ACTIONS.—Notwith- standing paragraph (1), if the head of any division or office within the Commission responsible for compliance examinations and inspections or his designee determines that a particular compliance examination or inspection is sufficiently complex such that a determination regarding concluding the examina- tion or inspection, or regarding the staff requests the entity undertake corrective action, cannot be completed within the deadline specified in paragraph (1), the head of any division or office within the Commission responsible for compliance examinations and inspections or his designee may, after pro- viding notice to the Chairman of the Commission, extend such deadline as needed for one additional 180-day period.’’. SEC. 929V. SECURITY INVESTOR PROTECTION ACT AMENDMENTS. (a) INCREASING THE MINIMUM ASSESSMENT PAID BY SIPC MEM- BERS.—Section 4(d)(1)(C) of the Securities Investor Protection Act of 1970 (15 U.S.C. 78ddd(d)(1)(C)) is amended by striking ‘‘$150 per annum’’ and inserting the following: ‘‘0.02 percent of the gross revenues from the securities business of such member of SIPC’’. (b) INCREASING THE FINE FOR PROHIBITED ACTS UNDER SIPA.— Section 14(c) of the Securities Investor Protection Act of 1970 (15 U.S.C. 78jjj(c)) is amended— (1) in paragraph (1), by striking ‘‘$50,000’’ and inserting ‘‘$250,000’’; and (2) in paragraph (2), by striking ‘‘$50,000’’ and inserting ‘‘$250,000’’. (c) PENALTY FOR MISREPRESENTATION OF SIPC MEMBERSHIP OR PROTECTION.—Section 14 of the Securities Investor Protection Act of 1970 (15 U.S.C. 78jjj) is amended by adding at the end the following new subsection: ‘‘(d) MISREPRESENTATION OF SIPC MEMBERSHIP OR PROTEC- TION.— ‘‘(1) IN GENERAL.—Any person who falsely represents by any means (including, without limitation, through the Internet or any other medium of mass communication), with actual Time period. Notification.