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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