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15 U.S.C. § 77yyy — Penalties

Federal law — U.S. Code and appendices · legal_authorities

15 U.S.C. § 77yyy — Penalties

Any person who willfully violates any provision of this subchapter or any rule, regulation, or order thereunder, or any person who willfully, in any application, report, or document filed or required to be filed under the provisions of this subchapter or any rule, regulation, or order thereunder, makes any untrue statement of a material fact or omits to state any material fact required to be stated therein or necessary to make the statements therein not misleading, shall upon conviction be fined not more than $10,000 or imprisoned not more than five years, or both.

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Source location: Title 15, Chapter 2A, § 77yyy; chapter-2a-securities-and-trust-indentures.md

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Federal law — U.S. Code and appendices · legal_authorities

15 U.S.C. § 78b — Necessity for regulation

For the reasons hereinafter enumerated, transactions in securities as commonly conducted upon securities exchanges and over-the-counter markets are effected with a national public interest which makes it necessary to provide for regulation and control of such transactions and of practices and matters related thereto, including transactions by officers, directors, and principal security holders, to require appropriate reports, to remove impediments to and perfect the mechanisms of a national market system for securities and a national system for the clearance and settlement of securities transactions and the safeguarding of securities and funds related thereto, and to impose requirements necessary to make such regulation and control reasonably complete and effective, in order to protect interstate commerce, the national credit, the Federal taxing power, to protect and make more effective the national banking system and Federal Reserve System, and to insure the maintenance of fair and honest markets in such transactions: (1) Such transactions (a) are carried on in large volume by the public generally and in large part originate outside the States in which the exchanges and over-the-counter markets are located and/or are effected by means of the mails and instrumentalities of interstate commerce; (b) constitute an important part of the current of interstate commerce; (c) involve in large part the securities of issuers engaged in interstate commerce; (d) involve the use of credit, directly affect the financing of trade, industry, and transportation in interstate commerce, and directly affect and influence the volume of interstate commerce; and affect the national credit. (2) The prices established and offered in such transactions are generally disseminated and quoted thro

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Federal law — U.S. Code and appendices · legal_authorities

18 U.S.C. § 3301 — Securities fraud offenses

**(a) Definition.—** In this section, the term “securities fraud offense” means a violation of, or a conspiracy or an attempt to violate— (1) section 1348; (2) section 32(a) of the Securities Exchange Act of 1934 ([15 U.S.C. 78ff(a)](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section78ff/a&num=0&edition=prelim)); (3) section 24 of the Securities Act of 1933 ([15 U.S.C. 77x](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section77x&num=0&edition=prelim)); (4) section 217 of the Investment Advisers Act of 1940 ([15 U.S.C. 80b–17](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section80b–17&num=0&edition=prelim)); (5) section 49 of the Investment Company Act of 1940 ([15 U.S.C. 80a–48](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section80a–48&num=0&edition=prelim)); or (6) section 325 of the Trust Indenture Act of 1939 ([15 U.S.C. 77yyy](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section77yyy&num=0&edition=prelim)). **(b) Limitation.—** No person shall be prosecuted, tried, or punished for a securities fraud offense, unless the indictment is found or the information is instituted within 6 years after the commission of the offense.

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Federal law — U.S. Code and appendices · legal_authorities

15 U.S.C. § 77yyy — Penalties

Page 200 TITLE 15—COMMERCE AND TRADE § 77www eff. May 24, 1950, 15 F.R. 3175, 64 Stat. 1265, set out under section 78d of this title. § 77www. Liability for misleading statements (a) Any person who shall make or cause to be made any statement in any application, report, or document filed with the Commission pursu- ant to any provisions of this subchapter, or any rule, regulation, or order thereunder, which statement 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 who shall omit to state any material fact required to be stated therein or necessary to make the statements therein not misleading, shall be liable to any person (not knowing that such statement was false or misleading or of such omission) who, in reliance upon such state- ment or omission, shall have purchased or sold a security issued under the indenture to which such application, report, or document relates, for damages caused by such reliance, unless the person sued shall prove that he acted in good faith and had no knowledge that such statement was false or misleading or of such omission. A person seeking to enforce such liability may sue at law or in equity in any court of competent ju- risdiction. In any such suit the court may, in its discretion, require an undertaking for the pay- ment of the costs of such suit and assess reason- able costs, including reasonable attorneys’ fees, against either party litigant, having due regard to the merits and good faith of the suit or de- fense. No action shall be maintained to enforce any liability created under this section unless brought within one year after the discovery of the facts constituting the cause of action and within three years after

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