Page 487

PUBLIC LAW 111–203—JULY 21, 2010 124 STAT. 1861

‘‘(B) EXCEPTION.—The provisions of subparagraph (A)
shall not apply to a self-regulatory organization or the
Public Company Accounting Oversight Board with respect
to information used by the Commission in an action against
such organization.
‘‘(4) DEFINITIONS.—For purposes of this subsection—
‘‘(A) the term ‘privilege’ includes any work-product
privilege, attorney-client privilege, governmental privilege,
or other privilege recognized under Federal, State, or for-
eign law;
‘‘(B) the term ‘foreign law enforcement authority’
means any foreign authority that is empowered under for-
eign law to detect, investigate or prosecute potential viola-
tions of law; and
‘‘(C) the term ‘State securities or law enforcement
authority’ means the authority of any State or territory
that is empowered under State or territory law to detect,
investigate, or prosecute potential violations of law.’’.

SEC. 929L. ENHANCED APPLICATION OF ANTIFRAUD PROVISIONS.
The Securities Exchange Act of 1934 (15 U.S.C. 78a et seq.)
is amended—
(1) in section 9— 15 USC 78i.
(A) by striking ‘‘registered on a national securities
exchange’’ each place that term appears and inserting
‘‘other than a government security’’;
(B) in subsection (b), by striking ‘‘by use of any facility
of a national securities exchange,’’; and
(C) in subsection (c), by inserting after ‘‘unlawful for
any’’ the following: ‘‘broker, dealer, or’’;
(2) in section 10(a)(1), by striking ‘‘registered on a national 15 USC 78j.
securities exchange’’ and inserting ‘‘other than a government
security’’; and
(3) in section 15(c)(1)(A), by striking ‘‘otherwise than on 15 USC 78o.
a national securities exchange of which it is a member’’.

SEC. 929M. AIDING AND ABETTING AUTHORITY UNDER THE SECURI-
TIES ACT AND THE INVESTMENT COMPANY ACT.
(a) UNDER THE SECURITIES ACT OF 1933.—Section 15 of the
Securities Act of 1933 (15 U.S.C. 77o) is amended—
(1) by striking ‘‘Every person who’’ and inserting ‘‘(a)
CONTROLLING PERSONS.—Every person who’’; and
(2) by adding at the end the following:
‘‘(b) PROSECUTION OF PERSONS WHO AID AND ABET VIOLA-
TIONS.—For purposes of any action brought by the Commission
under subparagraph (b) or (d) of section 20, any person that know-
ingly or recklessly provides substantial assistance to another person
in violation of a provision of this Act, or of any rule or regulation
issued under this Act, shall be deemed to be in violation of such
provision to the same extent as the person to whom such assistance
is provided.’’.
(b) UNDER THE INVESTMENT COMPANY ACT OF 1940.—Section
48 of the Investment Company Act of 1940 (15 U.S.C. 80a–48) 15 USC 80a–47.
is amended by redesignating subsection (b) as subsection (c) and
inserting after subsection (a) the following:

LAWS ‘‘(b) For purposes of any action brought by the Commission under subsection (d) or (e) of section 42, any person that knowingly or recklessly provides substantial assistance to another person inPUBLIC with on anorris VerDate Nov 24 2008 00:49 Aug 26, 2010 Jkt 089139 PO 00203 Frm 00487 Fmt 6580 Sfmt 6581 E:\PUBLAW\PUBL203.111 GPO1 PsN: PUBL203