Laws: Cases and Codes : U.S. Code : Title 15 : Section 78ff
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U.S. Code as of:
01/19/04
Section 78ff - Notes
SOURCE
(June 6, 1934, ch. 404, title I, Sec. 32, 48 Stat. 904; May 27,
1936, ch. 462, Sec. 9, 49 Stat. 1380; June 25, 1938, ch. 677, Sec.
4, 52 Stat. 1076; Pub. L. 88-467, Sec. 11, Aug. 20, 1964, 78 Stat.
580; Pub. L. 94-29, Secs. 23, 27(b), June 4, 1975, 89 Stat. 162,
163; Pub. L. 95-213, title I, Sec. 103(b), Dec. 19, 1977, 91 Stat.
1496; Pub. L. 98-376, Sec. 3, Aug. 10, 1984, 98 Stat. 1265; Pub. L.
100-418, title V, Sec. 5003(b), Aug. 23, 1988, 102 Stat. 1419; Pub.
L. 100-704, Sec. 4, Nov. 19, 1988, 102 Stat. 4680; Pub. L. 105-366,
Sec. 2(d), Nov. 10, 1998, 112 Stat. 3303; Pub. L. 107-204, title
XI, Sec. 1106, July 30, 2002, 116 Stat. 810.)
REFERENCES IN TEXT
This chapter, referred to in subsec. (a), was in the original
"this title". See References in Text note set out under section 78a
of this title.
AMENDMENTS
2002 - Subsec. (a). Pub. L. 107-204 substituted "$5,000,000, or
imprisoned not more than 20 years" for "$1,000,000, or imprisoned
not more than 10 years" and "$25,000,000" for "$2,500,000".
1998 - Subsec. (c)(1). Pub. L. 105-366, Sec. 2(d)(1), (2),
substituted "subsection (a) or (g) of section 78dd-1" for "section
78dd-1(a)" in subpars. (A) and (B).
Subsec. (c)(2). Pub. L. 105-366, Sec. 2(d)(3), amended par. (2)
generally. Prior to amendment, par. (2) read as follows:
"(2)(A) Any officer or director of an issuer, or stockholder
acting on behalf of such issuer, who willfully violates section
78dd-1(a) of this title shall be fined not more than $100,000, or
imprisoned not more than 5 years, or both.
"(B) Any employee or agent of an issuer who is a United States
citizen, national, or resident or is otherwise subject to the
jurisdiction of the United States (other than an officer, director,
or stockholder acting on behalf of such issuer), and who willfully
violates section 78dd-1(a) of this title, shall be fined not more
than $100,000, or imprisoned not more than 5 years, or both.
"(C) Any officer, director, employee, or agent of an issuer, or
stockholder acting on behalf of such issuer, who violates section
78dd-1(a) of this title shall be subject to a civil penalty of not
more than $10,000 imposed in an action brought by the Commission."
1988 - Subsec. (a). Pub. L. 100-704 substituted "$1,000,000" for
"$100,000", "10 years" for "five years", "is a person other than a
natural person" for "is an exchange", and "$2,500,000" for
"$500,000".
Subsec. (c). Pub. L. 100-418 amended subsec. (c) generally. Prior
to amendment, subsec. (c) read as follows:
"(1) Any issuer which violates section 78dd-1(a) of this title
shall, upon conviction, be fined not more than $1,000,000.
"(2) Any officer or director of an issuer, or any stockholder
acting on behalf of such issuer, who willfully violates section
78dd-1(a) of this title shall, upon conviction, be fined not more
than $10,000, or imprisoned not more than five years, or both.
"(3) Whenever an issuer is found to have violated section
78dd-1(a) of this title, any employee or agent of such issuer who
is a United States citizen, national, or resident or is otherwise
subject to the jurisdiction of the United States (other than an
officer, director, or stockholder of such issuer), and who
willfully carried out the act or practice constituting such
violation shall, upon conviction, be fined not more than $10,000,
or imprisoned not more than five years, or both.
"(4) Whenever a fine is imposed under paragraph (2) or (3) of
this subsection upon any officer, director, stockholder, employee,
or agent of an issuer, such fine shall not be paid, directly or
indirectly, by such issuer."
1984 - Subsec. (a). Pub. L. 98-376 substituted "$100,000" for
"$10,000".
1977 - Subsec. (a). Pub. L. 95-213, Sec. 103(b)(1), inserted
"(other than section 78dd-1 of this title)" after "Any person who
willfully violates any provision of this chapter".
Subsec. (c). Pub. L. 95-213, Sec. 103(b)(2), added subsec. (c).
1975 - Subsec. (a). Pub. L. 94-29, Secs. 23(1), 27(b), inserted
"or by any self-regulatory organization in connection with an
application for membership or participation therein or to become
associated with a member thereof," and substituted "or imprisoned
not more than five years" for "or imprisoned not more than two
years".
Subsec. (c). Pub. L. 94-29, Sec. 23(2), struck out subsec. (c)
which rendered this section inapplicable to violations of any rule
or regulation prescribed pursuant to paragraph (3) of subsection
(c) of section 78o of this title.
1964 - Subsec. (b). Pub. L. 88-467 substituted "required to be
filed under" for "pursuant to an undertaking contained in a
registration statement as provided in" and inserted "or any rule or
regulation thereunder" after "section 78o of this title."
1938 - Subsec. (c). Act June 25, 1938, added subsec. (c).
1936 - Subsec. (a). Act May 27, 1936, inserted "or any
undertaking contained in a registration statement as provided in
subsection (d) of section 78o of this title".
Subsec. (b). Act May 27, 1936, added subsec. (b).
SECTION REFERRED TO IN OTHER SECTIONS
This section is referred to in title 7 section 12a; title 22
section 2197; title 26 sections 162, 952, 964.
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