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Waters Amendment to Financial Regulatory Bill

Waters Amendment to Financial Regulatory Bill

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Published by DealBook
An amendment by Representative Maxine Waters to the financial regulatory bill that would restore aiding and abetting liability for private securities fraud cases.
An amendment by Representative Maxine Waters to the financial regulatory bill that would restore aiding and abetting liability for private securities fraud cases.

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Published by: DealBook on Jun 18, 2010
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06/21/2010

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AMENDMENT TO THE ADDITIONAL PROPOSED
AMENDMENTS TOTITLEIX
OFFERED BYMS. WATERS OFCALIFORNIA

Page 14 of the proposal, after line 5, insert the fol- lowing new section (and redesignate subsequent sections accordingly):

SEC. 929P. TREATMENT OF PERSONS WHO AID AND ABET
1
FOR PURPOSES OF PRIVATE CIVIL ACTIONS.
2
Section 20(e) of the Securities Exchange Act of 1934
3
(15 U.S.C. 78t(e)) is further amended—
4
(1) in the heading, by striking ‘‘PROSECUTION
5
OF’’ and inserting ‘‘ACTIONSAGAINST’’;
6
(2) by striking ‘‘For purposes’’ and inserting
7
the following:
8
‘‘(1) ACTIONS BROUGHT BY THE COMMIS-
9
SION.—For purposes’’; and
10
(3) by adding at the end the following new
11
paragraph:
12
‘‘(2) PRIVATE CIVIL ACTIONS.—For purposes of
13
any private civil action implied under this title, any
14
person that knowingly or recklessly provides sub-
15
stantial assistance to another person in violation of
16
this title, or of any rule or regulation issued under
17
VerDate 0ct 09 2002 21:38 Jun 15, 2010 Jkt000000 PO00000 Frm00001 Fmt 6652 Sfmt 6201 C:\DOCUME~1\MWBARK~1\APPLIC~1\SOFTQUAD\XMETAL\5.5\GEN\C\WATERS~1.XML
June 15, 2010 (9:38 p.m.)
F:\P11\FSREFORM\WATERS_T9IP_01.XML
f:\VHLC\061510\061510.246.xml
(471052|1)

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