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
SecuritiesAct of 1933
(15 U.S.C. 77t(e)) is amended by striking
‘‘substantialunfitness’’
and inserting ‘‘unfitness’’.(b) EQUITABLE
RELIEF.—Section 21(d) of the
SecuritiesExchange Act
of 1934 (15 U.S.C. 78u(d)) is amended by
addingat the end
the following:‘‘(5) EQUITABLE
RELIEF.—In any action or proceeding
broughtor instituted
by the Commission under any provision of the
securitieslaws, the
Commission may seek, and any Federal court maygrant, any
equitable relief that may be appropriate or
necessaryfor the
benefit of investors.’’.
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