U.S. Code > Title 15 Commerce and Trade > CHAPTER 98—PUBLIC COMPANY ACCOUNTING REFORM AND CORPORATE RESPONSIBILITY (§§ 7201—7266) > SUBCHAPTER III—CORPORATE RESPONSIBILITY (§§ 7241—7246) > § 7246. Fair funds for investors

§ 7246. Fair funds for investors

(a) Civil penalties added to disgorgement funds for the relief of victims
If in any judicial or administrative action brought by the Commission under the securities laws (as such term is defined in section 78c (a)(47) of this title) the Commission obtains an order requiring disgorgement against any person for a violation of such laws or the rules or regulations thereunder, or such person agrees in settlement of any such action to such disgorgement, and the Commission also obtains pursuant to such laws a civil penalty against such person, the amount of such civil penalty shall, on the motion or at the direction of the Commission, be added to and become part of the disgorgement fund for the benefit of the victims of such violation.
(b) Acceptance of additional donations
The Commission is authorized to accept, hold, administer, and utilize gifts, bequests and devises of property, both real and personal, to the United States for a disgorgement fund described in subsection (a) of this section. Such gifts, bequests, and devises of money and proceeds from sales of other property received as gifts, bequests, or devises shall be deposited in the disgorgement fund and shall be available for allocation in accordance with subsection (a) of this section.
(c) Study required
(1) Subject of study
The Commission shall review and analyze—
(A) enforcement actions by the Commission over the five years preceding July 30, 2002, that have included proceedings to obtain civil penalties or disgorgements to identify areas where such proceedings may be utilized to efficiently, effectively, and fairly provide restitution for injured investors; and
(B) other methods to more efficiently, effectively, and fairly provide restitution to injured investors, including methods to improve the collection rates for civil penalties and disgorgements.
(2) Report required
The Commission shall report its findings to the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate within 180 days after of [1] July 30, 2002, and shall use such findings to revise its rules and regulations as necessary. The report shall include a discussion of regulatory or legislative actions that are recommended or that may be necessary to address concerns identified in the study.
(d) Omitted
(e) Definition
As used in this section, the term “disgorgement fund” means a fund established in any administrative or judicial proceeding described in subsection (a) of this section.

[1] So in original. The word “of” probably should not appear.