Sarbanes Oxley Act Section 804

 

SEC. 804. STATUTE OF LIMITATIONS FOR SECURITIES FRAUD.
 
(a) IN GENERAL.—Section 1658 of title 28, United States Code,
is amended—
 
(1) by inserting ‘‘(a)’’ before ‘‘Except’’; and
 
(2) by adding at the end the following:
 
‘‘(b) Notwithstanding subsection (a), a private right of action
that involves a claim of fraud, deceit, manipulation, or contrivance
in contravention of a regulatory requirement concerning the securities
laws, as defined in section 3(a)(47) of the Securities Exchange
Act of 1934 (15 U.S.C. 78c(a)(47)), may be brought not later than
the earlier of—
 
‘‘(1) 2 years after the discovery of the facts constituting
the violation; or
 
‘‘(2) 5 years after such violation.’’.
 
(b) EFFECTIVE DATE.—The limitations period provided by section
1658(b) of title 28, United States Code, as added by this
section, shall apply to all proceedings addressed by this section
that are commenced on or after the date of enactment of this
Act.
 
(c) NO CREATION OF ACTIONS.—Nothing in this section shall
create a new, private right of action.

 

 
   

 

 

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