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15 U.S.C. § 77t — Injunctions and prosecution of offenses
Federal law — U.S. Code and appendices · legal_authorities
**(a) Investigation of violations** Whenever it shall appear to the Commission, either upon complaint or otherwise, that the provisions of this subchapter, or of any rule or regulation prescribed under authority thereof, have been or are about to be violated, it may, in its discretion, either require or permit such person to file with it a statement in writing, under oath, or otherwise, as to all the facts and circumstances concerning the subject matter which it believes to be in the public interest to investigate, and may investigate such facts.
**(b) Action for injunction or criminal prosecution in district court** Whenever it shall appear to the Commission that any person is engaged or about to engage in any acts or practices which constitute or will constitute a violation of the provisions of this subchapter, or of any rule or regulation prescribed under authority thereof, the Commission may, in its discretion, bring an action in any district court of the United States, or United States court of any Territory, to enjoin such acts or practices, and upon a proper showing, a permanent or temporary injunction or restraining order shall be granted without bond. The Commission may transmit such evidence as may be available concerning such acts or practices to the Attorney General who may, in his discretion, institute the necessary criminal proceedings under this subchapter. Any such criminal proceeding may be brought either in the district wherein the transmittal of the prospectus or security complained of begins, or in the district wherein such prospectus or security is received.
**(c) Writ of mandamus** Upon application of the Commission, the district courts of the United States and the United States courts of any Territory shall have jurisdiction to issue writs of ma
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Source file: Laws/federal/codes/united-states-code/title-15/section-77t-injunctions-and-prosecution-of-offenses--af5ace26d5.md
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Source location: Title 15, Chapter 2A, § 77t; chapter-2a-securities-and-trust-indentures.md
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**(a) Investigation of violations** Whenever it shall appear to the Commission, either upon complaint or otherwise, that the provisions of this subchapter, or of any rule or regulation prescribed under authority thereof, have been or are about to be violated, it may, in its discretion, either require or permit such person to file with it a statement in writing, under oath, or otherwise, as to all the facts and circumstances concerning the subject matter which it believes to be in the public interest to investigate, and may investigate such facts.
**(b) Action for injunction or criminal prosecution in district court** Whenever it shall appear to the Commission that any person is engaged or about to engage in any acts or practices which constitute or will constitute a violation of the provisions of this subchapter, or of any rule or regulation prescribed under authority thereof, the Commission may, in its discretion, bring an action in any district court of the United States, or United States court of any Territory, to enjoin such acts or practices, and upon a proper showing, a permanent or temporary injunction or restraining order shall be granted without bond. The Commission may transmit such evidence as may be available concerning such acts or practices to the Attorney General who may, in his discretion, institute the necessary criminal proceedings under this subchapter. Any such criminal proceeding may be brought either in the district wherein the transmittal of the prospectus or security complained of begins, or in the district wherein such prospectus or security is received.
**(c) Writ of mandamus** Upon application of the Commission, the district courts of the United States and the United States courts of any Territory shall have jurisdiction to issue writs of mandamus commanding any person to comply with the provisions of this subchapter or any order of the Commission made in pursuance thereof.
**(d) Money penalties in civil actions**
(1) **Authority of Commission** — Whenever it shall appear to the Commission that any person has violated any provision of this subchapter, the rules or regulations thereunder, or a cease-and-desist order entered by the Commission pursuant to [section 77h–1 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section77h-1&num=0&edition=prelim), other than by committing a violation subject to a penalty pursuant to [section 78u–1 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section78u-1&num=0&edition=prelim), the Commission may bring an action in a United States district court to seek, and the court shall have jurisdiction to impose, upon a proper showing, a civil penalty to be paid by the person who committed such violation.
(2) **Amount of penalty**
(A) *First tier* — The amount of the penalty shall be determined by the court in light of the facts and circumstances. For each violation, the amount of the penalty shall not exceed the greater of (i) $5,000 for a natural person or $50,000 for any other person, or (ii) the gross amount of pecuniary gain to such defendant as a result of the violation.
(B) *Second tier* — Notwithstanding subparagraph (A), the amount of penalty for each such violation shall not exceed the greater of (i) $50,000 for a natural person or $250,000 for any other person, or (ii) the gross amount of pecuniary gain to such defendant as a result of the violation, if the violation described in paragraph (1) involved fraud, deceit, manipulation, or deliberate or reckless disregard of a regulatory requirement.
(C) *Third tier* — Notwithstanding subparagraphs (A) and (B), the amount of penalty for each such violation shall not exceed the greater of (i) $100,000 for a natural person or $500,000 for any other person, or (ii) the gross amount of pecuniary gain to such defendant as a result of the violation, if—
(I) the violation described in paragraph (1) involved fraud, deceit, manipulation, or deliberate or reckless disregard of a regulatory requirement; and
(II) such violation directly or indirectly resulted in substantial losses or created a significant risk of substantial losses to other persons.
(3) **Procedures for collection**
(A) *Payment of penalty to Treasury* — A penalty imposed under this section shall be payable into the Treasury of the United States, except as otherwise provided in [section 7246 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section7246&num=0&edition=prelim) and [section 78u–6 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section78u-6&num=0&edition=prelim).
(B) *Collection of penalties* — If a person upon whom such a penalty is imposed shall fail to pay such penalty within the time prescribed in the court’s order, the Commission may refer the matter to the Attorney General who shall recover such penalty by action in the appropriate United States district court.
(C) *Remedy not exclusive* — The actions authorized by this subsection may be brought in addition to any other action that the Commission or the Attorney General is entitled to bring.
(D) *Jurisdiction and venue* — For purposes of [section 77v of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section77v&num=0&edition=prelim), actions under this section shall be actions to enforce a liability or a duty created by this subchapter.
(4) **Special provisions relating to a violation of a cease-and-desist order** — In an action to enforce a cease-and-desist order entered by the Commission pursuant to [section 77h–1 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section77h-1&num=0&edition=prelim), each separate violation of such order shall be a separate offense, except that in the case of a violation through a continuing failure to comply with such an order, each day of the failure to comply with the order shall be deemed a separate offense.
**(e) Authority of court to prohibit persons from serving as officers and directors** In any proceeding under subsection (b), the court may prohibit, conditionally or unconditionally, and permanently or for such period of time as it shall determine, any person who violated [section 77q(a)(1) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section77q/a/1&num=0&edition=prelim) from acting as an officer or director of any issuer that has a class of securities registered pursuant to section 78l of this title or that is required to file reports pursuant to section 78o(d) of this title if the person’s conduct demonstrates unfitness to serve as an officer or director of any such issuer.
**(f) Prohibition of attorneys’ fees paid from Commission disgorgement funds** Except as otherwise ordered by the court upon motion by the Commission, or, in the case of an administrative action, as otherwise ordered by the Commission, funds disgorged as the result of an action brought by the Commission in Federal court, or as a result of any Commission administrative action, shall not be distributed as payment for attorneys’ fees or expenses incurred by private parties seeking distribution of the disgorged funds.
**(g) Authority of a court to prohibit persons from participating in an offering of penny stock**
(1) **In general** — In any proceeding under subsection (a) against any person participating in, or, at the time of the alleged misconduct, who was participating in, an offering of penny stock, the court may prohibit that person from participating in an offering of penny stock, conditionally or unconditionally, and permanently or for such period of time as the court shall determine.
(2) **Definition** — For purposes of this subsection, the term “person participating in an offering of penny stock” includes any person engaging in activities with a broker, dealer, or issuer for purposes of issuing, trading, or inducing or attempting to induce the purchase or sale of, any penny stock. The Commission may, by rule or regulation, define such term to include other activities, and may, by rule, regulation, or order, exempt any person or class of persons, in whole or in part, conditionally or unconditionally, from inclusion in such term.
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Federal law — U.S. Code and appendices · legal_authorities
**(a) In general** The Secretary is authorized to promulgate regulations to implement and administer the grant programs and undertakings authorized by this subchapter.
**(b) Regulatory authority** Regulations prescribed under this section may contain such classifications, differentiations, or other provisions, and may provide for such adjustments and exceptions for any class of grant programs, undertakings, or eligible entities, as, in the judgment of the Secretary, are necessary or proper to effectuate the purposes of this subchapter, to prevent circumvention or evasion of this subchapter, or to facilitate compliance with this subchapter.
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Federal law — U.S. Code and appendices · legal_authorities
This chapter may be cited as the “Securities Exchange Act of 1934.”
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Prohibition of insider trading during pension fund blackout periods**
(1) **In general** — Except to the extent otherwise provided by rule of the Commission pursuant to paragraph (3), it shall be unlawful for any director or executive officer of an issuer of any equity security (other than an exempted security), directly or indirectly, to purchase, sell, or otherwise acquire or transfer any equity security of the issuer (other than an exempted security) during any blackout period with respect to such equity security if such director or officer acquires such equity security in connection with his or her service or employment as a director or executive officer.
(2) **Remedy**
(A) *In general* — Any profit realized by a director or executive officer referred to in paragraph (1) from any purchase, sale, or other acquisition or transfer in violation of this subsection shall inure to and be recoverable by the issuer, irrespective of any intention on the part of such director or executive officer in entering into the transaction.
(B) *Actions to recover profits* — An action to recover profits in accordance with this subsection may be instituted at law or in equity in any court of competent jurisdiction by the issuer, or by the owner of any security of the issuer in the name and in behalf of the issuer if the issuer fails or refuses to bring such action within 60 days after the date of request, or fails diligently to prosecute the action thereafter, except that no such suit shall be brought more than 2 years after the date on which such profit was realized.
(3) **Rulemaking authorized** — The Commission shall, in consultation with the Secretary of Labor, issue rules to clarify the application of this subsection and to prevent evasion thereof. Such rules shall pro
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Federal and State courts; venue; service of process; review; removal; costs** The district courts of the United States and the United States courts of any Territory shall have jurisdiction of offenses and violations under this subchapter and under the rules and regulations promulgated by the Commission in respect thereto, and, concurrent with State and Territorial courts, except as provided in [section 77p of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section77p&num=0&edition=prelim) with respect to covered class actions, of all suits in equity and actions at law brought to enforce any liability or duty created by this subchapter. Any such suit or action may be brought in the district wherein the defendant is found or is an inhabitant or transacts business, or in the district where the offer or sale took place, if the defendant participated therein, and process in such cases may be served in any other district of which the defendant is an inhabitant or wherever the defendant may be found. In any action or proceeding instituted by the Commission under this subchapter in a United States district court for any judicial district, a subpoena issued to compel the attendance of a witness or the production of documents or tangible things (or both) at a hearing or trial may be served at any place within the United States. Rule 45(c)(3)(A)(ii) of the Federal Rules of Civil Procedure shall not apply to a subpoena issued under the preceding sentence. Judgments and decrees so rendered shall be subject to review as provided in sections 1254, 1291, 1292, and 1294 of title 28. Except as provided in [section 77p(c) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section77p/c&num=0&edition=prelim), no case ar
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Information required in registration statement**
(1) **In general** — The registration statement, when relating to a security other than a security issued by a foreign government, or political subdivision thereof, shall contain the information, and be accompanied by the documents, specified in Schedule A of [section 77aa of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section77aa&num=0&edition=prelim), and when relating to a security issued by a foreign government, or political subdivision thereof, shall contain the information, and be accompanied by the documents, specified in Schedule B of [section 77aa of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section77aa&num=0&edition=prelim); except that the Commission may by rules or regulations provide that any such information or document need not be included in respect of any class of issuers or securities if it finds that the requirement of such information or document is inapplicable to such class and that disclosure fully adequate for the protection of investors is otherwise required to be included within the registration statement. If any accountant, engineer, or appraiser, or any person whose profession gives authority to a statement made by him, is named as having prepared or certified any part of the registration statement, or is named as having prepared or certified a report or valuation for use in connection with the registration statement, the written consent of such person shall be filed with the registration statement. If any such person is named as having prepared or certified a report or valuation (other than a public official document or statement) which is used in connection with the registration statement, but is not named as h
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Establishment; composition; limitations on commissioners; terms of office** There is hereby established a Securities and Exchange Commission (hereinafter referred to as the “Commission”) to be composed of five commissioners to be appointed by the President by and with the advice and consent of the Senate. Not more than three of such commissioners shall be members of the same political party, and in making appointments members of different political parties shall be appointed alternately as nearly as may be practicable. No commissioner shall engage in any other business, vocation, or employment than that of serving as commissioner, nor shall any commissioner participate, directly or indirectly, in any stock-market operations or transactions of a character subject to regulation by the Commission pursuant to this chapter. Each commissioner shall hold office for a term of five years and until his successor is appointed and has qualified, except that he shall not so continue to serve beyond the expiration of the next session of Congress subsequent to the expiration of said fixed term of office, and except (1) any commissioner appointed to fill a vacancy occurring prior to the expiration of the term for which his predecessor was appointed shall be appointed for the remainder of such term, and (2) the terms of office of the commissioners first taking office after June 6, 1934, shall expire as designated by the President at the time of nomination, one at the end of one year, one at the end of two years, one at the end of three years, one at the end of four years, and one at the end of five years, after June 6, 1934.
**(b) Appointment and compensation of staff and leasing authority**
(1) **Appointment and compensation** — The Commission shall appoint and compensate offic
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Controlling persons** Every person who, by or through stock ownership, agency, or otherwise, or who, pursuant to or in connection with an agreement or understanding with one or more other persons by or through stock ownership, agency, or otherwise, controls any person liable under sections 77k or 77l of this title, shall also be liable jointly and severally with and to the same extent as such controlled person to any person to whom such controlled person is liable, unless the controlling person had no knowledge of or reasonable ground to believe in the existence of the facts by reason of which the liability of the controlled person is alleged to exist.
**(b) Prosecution of persons who aid and abet violations** For purposes of any action brought by the Commission under subparagraph (b) or (d) of [section 77t of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section77t&num=0&edition=prelim), any person that knowingly or recklessly provides substantial assistance to another person in violation of a provision of this subchapter, or of any rule or regulation issued under this subchapter, shall be deemed to be in violation of such provision to the same extent as the person to whom such assistance is provided.
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Federal law — U.S. Code and appendices · legal_authorities
Page 162
TITLE 15—COMMERCE AND TRADE
§ 77t
Executive Documents
TRANSFER OF FUNCTIONS
For transfer of functions of Securities and Exchange
Commission, with certain exceptions, to Chairman of
such Commission, see Reorg. Plan No. 10 of 1950, §§ 1, 2,
eff. May 24, 1950, 15 F.R. 3175, 64 Stat. 1265, set out under
section 78d of this title.
§ 77t. Injunctions and prosecution of offenses
(a) Investigation of violations
Whenever it shall appear to the Commission,
either upon complaint or otherwise, that the
provisions of this subchapter, or of any rule or
regulation prescribed under authority thereof,
have been or are about to be violated, it may, in
its discretion, either require or permit such per-
son to file with it a statement in writing, under
oath, or otherwise, as to all the facts and cir-
cumstances
concerning
the
subject
matter
which it believes to be in the public interest to
investigate, and may investigate such facts.
(b) Action for injunction or criminal prosecution
in district court
Whenever it shall appear to the Commission
that any person is engaged or about to engage in
any acts or practices which constitute or will
constitute a violation of the provisions of this
subchapter, or of any rule or regulation pre-
scribed under authority thereof, the Commission
may, in its discretion, bring an action in any
district court of the United States, or United
States court of any Territory, to enjoin such
acts or practices, and upon a proper showing, a
permanent or temporary injunction or restrain-
ing order shall be granted without bond. The
Commission may transmit such evidence as may
be available concerning such acts or practices to
the Attorney General who may, in his discre-
tion, institute the necessary criminal pro-
ceedings und
Source: Supplied 2024 U.S. Code historical extraction · 15 U.S.C. § 77t
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