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dealer, municipal advisor, transfer agent, or nationally recog- nized statistical rating organization,’’. (3) SECTION 17A.—Section 17A(c)(4)(C) of the Securities Exchange Act of 1934 (15 U.S.C. 78q–1(c)(4)(C)) is amended by striking ‘‘twelve months or bar any such person from being associated with the transfer agent,’’ and inserting ‘‘12 months or bar any such person from being associated with any transfer agent, broker, dealer, investment adviser, municipal securities dealer, municipal advisor, or nationally recognized statistical rating organization,’’. (b) INVESTMENT ADVISERS ACT OF 1940.—Section 203(f) of the Investment Advisers Act of 1940 (15 U.S.C. 80b–3(f)) is amended by striking ‘‘twelve months or bar any such person from being associated with an investment adviser,’’ and inserting ‘‘12 months or bar any such person from being associated with an investment adviser, broker, dealer, municipal securities dealer, municipal advisor, transfer agent, or nationally recognized statistical rating organization,’’.

SEC. 926. DISQUALIFYING FELONS AND OTHER ‘‘BAD ACTORS’’ FROM 15 USC 77d note.
REGULATION D OFFERINGS.
Not later than 1 year after the date of enactment of this Deadline.
Act, the Commission shall issue rules for the disqualification of
offerings and sales of securities made under section 230.506 of
title 17, Code of Federal Regulations, that—
(1) are substantially similar to the provisions of section
230.262 of title 17, Code of Federal Regulations, or any suc-
cessor thereto; and
(2) disqualify any offering or sale of securities by a person
that—
(A) is subject to a final order of a State securities
commission (or an agency or officer of a State performing
like functions), a State authority that supervises or exam-
ines banks, savings associations, or credit unions, a State
insurance commission (or an agency or officer of a State
performing like functions), an appropriate Federal banking
agency, or the National Credit Union Administration,
that—
(i) bars the person from—
(I) association with an entity regulated by such
commission, authority, agency, or officer;
(II) engaging in the business of securities,
insurance, or banking; or
(III) engaging in savings association or credit
union activities; or
(ii) constitutes a final order based on a violation
of any law or regulation that prohibits fraudulent,
manipulative, or deceptive conduct within the 10-year
period ending on the date of the filing of the offer
or sale; or
(B) has been convicted of any felony or misdemeanor
in connection with the purchase or sale of any security

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