PUBLIC LAW 101-429—OCT. 15, 1990 104 STAT. 931 Public Law 101-429 101st Congress An Act To amend the FederaQ securities laws in order to provide additional enforcement Q^ ^^ ^^^^ remedies for violations of those laws and to eliminate abuses in transactions in ' penny stocks, and for other purposes. 1^^" ""^' J Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, Securities Enforcement SECTION 1. SHORT TITLE; TABLE OF CONTENTS; EFFECTIVE DATE. Remedies and Penny Stock (a) SHORT TITLE.—T h is Act may be cited as the "Securities Reform Act of Enforcement Remedies and Penny Stock Reform Act of 1990". ^^ (b) TABLE OF CONTENTS. - _ fnSent Sec. 1. Short title; table of contents; effective dates. companies. Fraud. TITLE I—AMENDMENTS TO THE SECURITIES ACT OF 1933 15 USC 78a note. Sec. 101. Authority of a court to impose money penalties and to prohibit persons from serving as officers and directors. Sec. 102. Cease-and-desist authority. TITLE II—AMENDMENTS TO THE SECURITIES EXCHANGE ACT OF 1934 Sec. 201. Enforcement of title. Sec. 202. Civil remedies in administrative proceedings. Sec. 203. Cease-and-desist authority. Sec. 204. Procedural rules for cease-and-desist proceedings. Sec. 205. Conforming amendments to section 15B. Sec. 206. Signature guarantees. TITLE III—AMENDMENTS TO THE INVESTMENT COMPANY ACT OF 1940 Sec. 301. Civil remedies in administrative proceedings. Sec. 302. Money penalties in civil actions. TITLE IV—AMENDMENTS TO THE INVESTMENT ADVISERS ACT OF 1940 Sec. 401. Civil remedies in administrative proceedings. Sec. 402. Money penalties in civil actions. Sec. 403. Conforming amendment to section 214. TITLE V—PENNY STOCK REFORM Sec. 501. Short title. Sec. 502. Findings. Sec. 503. Definition of penny stock. Sec. 504. Expansion of section 15(b) sanction authority with respect to penny stocks. Sec. 505. Requirements for brokers and dealers of penny stocks. Sec. 506. Development of automated quotation systems for penny stocks. Sec. 507. Voidability of contracts in violation of section 15(c)(2). Sec. 508. Restrictions on blank check offerings. Sec. 509. Broker/dealer disciplinary history. Sec. 510. Review of regulatory structures and procedures. (c) EFFECTIVE DATES. — 15 USC 77g note. (1) IN GENERAL.—Except as provided in paragraphs (2) and (3), the amendments made by this Act shall be effective upon enactment. (2) CIVIL PENALTIES.— (A) IN GENERAL. —No civil penalty may be imposed pursuant to the amendments made by this Act on the basis of conduct occurring before the date of enactment of this Act. 49-139 O - 90 (429)
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