USA: Securities Act (2008) passed by House of Representatives

The House of Representatives has passed the Securities Act (2008), which now proceeds to the Senate Committee on Banking, Housing, and Urban Affairs for consideration. The Act makes amendments to the Securities Act (1933), Securities Exchange Act (1934), and the Investment Company Act (1940). Its purpose is to provide the SEC with increased enforcement powers and to increase investor protection. The Act will, for example, give the SEC authority to obtain financial penalties from wrongdoers in administrative proceedings without the need to file a separate civil action.