Sarbanes Oxley Act Section 305

Sarbanes Oxley Act Section 305

SEC. 305. OFFICER AND DIRECTOR BARS AND PENALTIES.

(a) UNFITNESS STANDARD.—

(1) SECURITIES EXCHANGE ACT OF 1934.—Section 21(d)(2)

of the Securities Exchange Act of 1934 (15 U.S.C. 78u(d)(2))

is amended by striking ‘‘substantial unfitness’’ and inserting

‘‘unfitness’’.

(2) SECURITIES ACT OF 1933.—Section 20(e) of the Securities

Act of 1933 (15 U.S.C. 77t(e)) is amended by striking ‘‘substantial

unfitness’’ and inserting ‘‘unfitness’’.

(b) EQUITABLE RELIEF.—Section 21(d) of the Securities

Exchange Act of 1934 (15 U.S.C. 78u(d)) is amended by adding

at the end the following:

‘‘(5) EQUITABLE RELIEF.—In any action or proceeding brought

or instituted by the Commission under any provision of the securities

laws, the Commission may seek, and any Federal court may

grant, any equitable relief that may be appropriate or necessary

for the benefit of investors.’’.

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