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Sarbanes Oxley
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SEC. 1105.
AUTHORITY OF THE COMMISSION TO PROHIBIT
PERSONS
FROM SERVING
AS OFFICERS OR DIRECTORS.
(a) SECURITIES
EXCHANGE ACT OF 1934.—Section 21C
of the
Securities
Exchange Act of 1934 (15 U.S.C. 78u–3) is
amended
by adding at
the end the following:
‘‘(f) AUTHORITY OF THE COMMISSION TO PROHIBIT
PERSONS FROM
SERVING AS OFFICERS
OR DIRECTORS.—In any
cease-and-desist proceeding
under
subsection (a), the Commission may issue an
order
to prohibit,
conditionally or unconditionally, and
permanently or
for such
period of time as it shall determine, any
person who
has violated
section 10(b) or the rules or regulations
thereunder,
from acting
as an officer or director of any issuer that
has a
class of
securities registered pursuant to section 12,
or that is
required to
file reports pursuant to section 15(d), if the
conduct
of that
person demonstrates unfitness to serve as an
officer or
director of
any such issuer.’’.
(b) SECURITIES ACT OF
1933.—Section 8A of the Securities
Act of 1933
(15 U.S.C. 77h–1) is amended by adding at the
end
of the
following:
‘‘(f) AUTHORITY OF THE COMMISSION TO PROHIBIT
PERSONS FROM
SERVING AS OFFICERS
OR DIRECTORS.—In any
cease-and-desist proceeding
under
subsection (a), the Commission may issue an
order
to prohibit,
conditionally or unconditionally, and
permanently or
for such
period of time as it shall determine, any
person who
has violated
section 17(a)(1) or the rules or regulations
thereunder,
from acting
as an officer or director of any issuer that
has a
class of
securities registered pursuant to section 12
of the Securities
Exchange Act
of 1934, or that is required to file reports
pursuant
to section
15(d) of that Act, if the conduct of that
person demonstrates
unfitness to
serve as an officer or director of any such
issuer.’’.
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