H.R. 6069 – Reading Mode

110th CONGRESS

2d Session

H. R. 6069

IN THE HOUSE OF REPRESENTATIVES

May 15, 2008

Mr. Campbell of California introduced the following bill; which was referred to the Committee on Financial Services

A BILL

To provide additional emergency and enhanced enforcement authority to the Securities and Exchange Commission.

Short title

This Act may be cited as the Enhanced Emergency and Enforcement Authority Act.

Emergency orders related to compliance during an emergency

Section 12(k) of the Securities Exchange Act of 1934 (15 U.S.C. 78l(k)) is amended—

(1)

in paragraph (2)(A)(iii)—

(A)

in subclause (I), by striking ; or and inserting a semicolon;

(B)

in subclause (II), by striking the period and inserting ; or; and

(C)

by inserting after subclause (II) the following:

(III)

the ability of investors, issuers, brokers or dealers, transfer agents, investment advisers, or other market participants to conduct securities activities or comply with filing, reporting, delivery, or other obligations under the securities laws in a timely, orderly, or efficient manner.

; and

(2)

in paragraph (7)(A)(ii)—

(A)

in subclause (I), by striking ; or and inserting a semicolon;

(B)

in subclause (II), by striking ; and and inserting ; or; and

(C)

by inserting after subclause (II) the following:

(III)

Nationwide service of process

(a)

Securities Act of 1933

Section 22(a) of the Securities Act of 1933 (15 U.S.C. 77v(a)) is amended by inserting after the second sentence the following: In any action or proceeding instituted by the Commission under this title in a United States district court for any judicial district, subpoenas issued by or on behalf of such court to compel the attendance of witnesses or the production of documents or tangible things (or both) may be served in any other district. Such subpoenas may be served and enforced without application to the court or a showing of cause, notwithstanding the provisions of rule 45(b)(2), (c)(3)(A)(ii), and (c)(3)(B)(iii) of the Federal Rules of Civil Procedure..

(b)

Securities Exchange Act of 1934

Section 27 of the Securities Exchange Act of 1934 (15 U.S.C. 78aa) is amended by inserting after the third sentence the following: In any action or proceeding instituted by the Commission under this title in a United States district court for any judicial district, subpoenas issued by or on behalf of such court to compel the attendance of witnesses or the production of documents or tangible things (or both) may be served in any other district. Such subpoenas may be served and enforced without application to the court or a showing of cause, notwithstanding the provisions of rule 45(b)(2), (c)(3)(A)(ii), and (c)(3)(B)(iii) of the Federal Rules of Civil Procedure..

(c)

Investment Company Act of 1940

Section 44 of the Investment Company Act of 1940 (15 U.S.C. 80a–43) is amended by inserting after the fourth sentence the following: In any action or proceeding instituted by the Commission under this title in a United States district court for any judicial district, subpoenas issued by or on behalf of such court to compel the attendance of witnesses or the production of documents or tangible things (or both) may be served in any other district. Such subpoenas may be served and enforced without application to the court or a showing of cause, notwithstanding the provisions of rule 45(b)(2), (c)(3)(A)(ii), and (c)(3)(B)(iii) of the Federal Rules of Civil Procedure..

(d)

Investment Advisers Act of 1940

Section 214 of the Investment Advisers Act of 1940 (15 U.S.C. 80b–14) is amended by inserting after the third sentence the following: In any action or proceeding instituted by the Commission under this title in a United States district court for any judicial district, subpoenas issued by or on behalf of such court to compel the attendance of witnesses or the production of documents or tangible things (or both) may be served in any other district. Such subpoenas may be served and enforced without application to the court or a showing of cause, notwithstanding the provisions of rule 45(b)(2), (c)(3)(A)(ii), and (c)(3)(B)(iii) of the Federal Rules of Civil Procedure..