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Sarbanes Oxley
Act |
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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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