Page 478 — Public Law 111-203 including PTFA amendments

124 STAT. 1852 PUBLIC LAW 111–203—JULY 21, 2010

SEC. 927. EQUAL TREATMENT OF SELF-REGULATORY ORGANIZATION
RULES.
Section 29(a) of the Securities Exchange Act of 1934 (15 U.S.C.
78cc(a)) is amended by striking ‘‘an exchange required thereby’’
and inserting ‘‘a self-regulatory organization,’’.

SEC. 928. CLARIFICATION THAT SECTION 205 OF THE INVESTMENT
ADVISERS ACT OF 1940 DOES NOT APPLY TO STATE-REG-
ISTERED ADVISERS.
Section 205(a) of the Investment Advisers Act of 1940 (15
U.S.C. 80b–5(a)) is amended, in the matter preceding paragraph
(1)—
(1) by striking ‘‘, unless exempt from registration pursuant
to section 203(b),’’ and inserting ‘‘registered or required to be
registered with the Commission’’;
(2) by striking ‘‘make use of the mails or any means or
instrumentality of interstate commerce, directly or indirectly,
to’’; and
(3) by striking ‘‘to’’ after ‘‘in any way’’.

SEC. 929. UNLAWFUL MARGIN LENDING.
Section 7(c)(1)(A) of the Securities Exchange Act of 1934 (15
U.S.C. 78g(c)(1)(A)) is amended by striking ‘‘; and’’ and inserting
‘‘; or’’.

SEC. 929A. PROTECTION FOR EMPLOYEES OF SUBSIDIARIES AND
AFFILIATES OF PUBLICLY TRADED COMPANIES.
Section 1514A of title 18, United States Code, is amended
by inserting ‘‘including any subsidiary or affiliate whose financial
information is included in the consolidated financial statements
of such company’’ after ‘‘the Securities Exchange Act of 1934 (15
U.S.C. 78o(d))’’.

SEC. 929B. FAIR FUND AMENDMENTS.
Section 308 of the Sarbanes-Oxley Act of 2002 (15 U.S.C.
7246(a)) is amended—
(1) by striking subsection (a) and inserting the following:
‘‘(a) CIVIL PENALTIES TO BE USED FOR THE RELIEF OF VICTIMS.—
If, in any judicial or administrative action brought by the Commis-
sion under the securities laws, the Commission obtains a civil
penalty against any person for a violation of such laws, or such
person agrees, in settlement of any such action, to such civil penalty,
the amount of such civil penalty shall, on the motion or at the
direction of the Commission, be added to and become part of a
disgorgement fund or other fund established for the benefit of
the victims of such violation.’’;
(2) in subsection (b)—
(A) by striking ‘‘for a disgorgement fund described in
subsection (a)’’ and inserting ‘‘for a disgorgement fund or
other fund described in subsection (a)’’; and
(B) by striking ‘‘in the disgorgement fund’’ and
inserting ‘‘in such fund’’; and
(3) by striking subsection (e).

SEC. 929C. INCREASING THE BORROWING LIMIT ON TREASURY LOANS.

LAWS Section 4(h) of the Securities Investor Protection Act of 1970 (15 U.S.C. 78ddd(h)) is amended in the first sentence, by striking ‘‘$1,000,000,000’’ and inserting ‘‘$2,500,000,000’’.PUBLIC with on anorris VerDate Nov 24 2008 00:49 Aug 26, 2010 Jkt 089139 PO 00203 Frm 00478 Fmt 6580 Sfmt 6581 E:\PUBLAW\PUBL203.111 GPO1 PsN: PUBL203