TITLE VIII - CORPORATE AND CRIMINAL FRAUD ACCOUNTABILITY
SEC. 804. STATUTE OF LIMITATIONS FOR SECURITIES FRAUD.
(a) IN GENERAL. - Section 1658 of title 28, United States Code, is amended
-
(1) by inserting "(a)" before "Except";
and
(2) by adding at the end the following:
"(b) Notwithstanding subsection (a), a private right
of action that involves a claim of fraud, deceit, manipulation, or contrivance
in contravention of a regulatory requirement concerning the securities laws,
as defined in section 3(a)(47) of the Securities Exchange Act of 1934 (15 U.S.C.
78c(a)(47)), may be brought not later than the earlier of -
"(1) 2 years after the discovery of the facts constituting
the violation; or
"(2) 5 years after such violation.".
(b) EFFECTIVE DATE. - The limitations period provided by section 1658(b) of
title 28, United States Code, as added by this section, shall apply to all proceedings
addressed by this section that are commenced on or after the date of enactment
of this Act.
(c) NO CREATION OF ACTIONS. - Nothing in this section shall create a new, private
right of action.
About OpenPages
OpenPages is the leading provider of Governance, Compliance and Risk
Management solutions
for Sarbanes-Oxley Compliance, Financial Controls Management, General
Compliance Management, Operational
Risk Management and IT
Governance.
The company’s solutions provide the visibility, decision support and
control to improve accountability, better manage risk, achieve compliance
with numerous regulations, improve operational performance and align strategies
to ensure better results.
Market-leading corporations in financial services, manufacturing, telecommunications,
media/entertainment, retail/consumer, energy, high technology, health services
and life sciences rely on OpenPages to help them achieve sustainable governance,
risk and compliance management -- enabling them to become well-governed businesses.
Founded in 1996, the company is headquartered in Waltham, Massachusetts, with
regional offices throughout North America and international offices in London, Munich, Paris, Tokyo and Hong Kong.
For more information on OpenPages' suite of business governance software solutions
or to register for an online demonstration, please call 781-693-5999 or visit
www.openpages.com.
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