Investment News reports that the U.S. Senate has “failed to take up” a House-passed bill that would have expanded the SEC’s enforcement authority, and that the bill has “died.” Key provisions of HR 6513 (previously discussed in detail here), included:
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authorizing the SEC to assess and impose civil penalties in a cease and desist proceeding;
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creating three tiers of increasing civil penalties for acts or omissions of increasing gravity;
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requiring the SEC, the Financial Accounting Standards Board, and the Public Company Accounting Oversight Board to give oral testimony annually to certain congressional committees on efforts to reduce the complexity in financial reporting to provide more accurate and clear financial information to investors; and
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allowing nationwide service of subpoenas, without application to the court or a showing of cause, in any action instituted by the SEC.
