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Inflation Adjustments to the Civil Monetary Penalties Administered by the Securities and Exchange Commission (as of January 15, 2019)

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Date of Violation and Corresponding Penalty

U.S. Code citation

Civil monetary penalty description

Dec. 10, 1996 — Feb. 2, 2001[i]

Feb. 3, 2001 — Feb 14, 2005[ii]

Feb. 15, 2005 — Mar. 3, 2009[iii]

Mar. 4, 2009 — Mar. 5, 2013[iv]

Mar. 6, 2013 — Nov. 2, 2015[v]

Nov. 3, 2015 — Present[vi]

15 U.S.C. 77h-1(g)
(Securities Act Sec. 8A(g))

For natural person

N/A

N/A

N/A

$7,500[vii]

$7,500

$8,671

For any other person

N/A

N/A

N/A

75,000vii

80,000

86,718

For natural person / fraud

N/A

N/A

N/A

75,000vii

80,000

86,718

For any other person / fraud

N/A

N/A

N/A

375,000vii

400,000

433,591

For natural person / fraud / substantial losses or risk of losses to others or gains to self

N/A

N/A

N/A

150,000vii

160,000

173,437

For any other person / fraud / substantial losses or risk of losses to others or gain to self

N/A

N/A

N/A

725,000vii

775,000

838,275

15 U.S.C. 77t(d)
(Securities Act Sec. 20(d)) 

For natural person

$5,500

     $6,500

     $6,500

7,500

7,500

9,472

For any other person

55,000

     60,000

     65,000

75,000

80,000

94,713

For natural person / fraud

55,000

     60,000

     65,000

75,000

80,000

94,713

For any other person / fraud

275,000

   300,000

   325,000

375,000

400,000

473,566

For natural person / fraud / substantial losses or risk of losses to others

110,000

   120,000

   130,000

150,000

160,000

189,427

For any other person / fraud / substantial losses or risk of losses to others

550,000

   600,000

   650,000

725,000

775,000

947,130

15 U.S.C. 78u(d)(3)
(Exchange Act Sec. 21(d)(3)) 

For natural person

5,500

       6,500

       6,500

7,500

7,500

9,472

For any other person

55,000

     60,000

     65,000

75,000

80,000

94,713

For natural person / fraud

55,000

     60,000

     65,000

75,000

80,000

94,713

For any other person / fraud

275,000

   300,000

   325,000

375,000

400,000

473,566

For natural person / fraud / substantial losses or risk of losses to others or gains to self

110,000

   120,000

   130,000

150,000

160,000

189,427

For any other person / fraud / substantial losses or risk of losses to others or gain to self

550,000

   600,000

   650,000

725,000

775,000

947,130

15 U.S.C. 78u-1(a)(3)
(Exchange Act Sec. 21A(a)(3))

Insider Trading – controlling person

1,100,000

1,200,000

1,275,000

1,425,000

1,525,000

2,103,861

15 U.S.C. 78u-2
(Exchange Act Sec. 21B) 

For natural person

5,500

       6,500

       6,500

7,500

7,500

9,472

For any other person

55,000

     60,000

     65,000

75,000

80,000

94,713

For natural person / fraud

55,000

     60,000

     65,000

75,000

80,000

94,713

For any other person / fraud

275,000

   300,000

   325,000

375,000

400,000

473,566

For natural person / fraud / substantial losses or risk of losses to others

110,000

   120,000

   130,000

150,000

160,000

189,427

For any other person / fraud / substantial losses or risk of losses to others

550,000

   600,000

   650,000

725,000

775,000

947,130

15 U.S.C. 78ff(b)
(Exchange Act Sec. 32(b))

Exchange Act / failure to file information documents, reports

110

          110

          110

110

210

559

15 U.S.C. 78ff(c)(1)(B)
(Exchange Act Sec. 32(c)(1)(B))

Foreign Corrupt Practices – any issuer

11,000

     11,000

     11,000

16,000

16,000

21,039

15 U.S.C. 78ff(c)(2)(B)
(Exchange Act Sec. 32(c)(2)(B))

Foreign Corrupt Practices – any agent or stockholder acting on behalf of issuer

11,000

     11,000

     11,000

16,000

16,000

21,039

15 U.S.C. 80a-9(d)
(Investment Company Act Sec. 9(d))

For natural person

5,500

   6,500

   6,500

7,500

7,500

9,472

For any other person

55,000

   60,000

   65,000

75,000

80,000

94,713

For natural person / fraud

55,000

   60,000

   65,000

75,000

80,000

94,713

For any other person / fraud

275,000

 300,000

 325,000

375,000

400,000

473,566

For natural person / fraud / substantial losses or risk of losses to others or gains to self

110,000

 120,000

 130,000

150,000

160,000

189,427

For any other person / fraud / substantial losses or risk of losses to others or gain to self

550,000

 600,000

 650,000

725,000

775,000

947,130

15 U.S.C. 80a-41(e)
(Investment Company Act Sec. 42(e))

For natural person

5,500

     6,500

     6,500

7,500

7,500

9,472

For any other person

55,000

   60,000

   65,000

75,000

80,000

94,713

For natural person / fraud

55,000

   60,000

   65,000

75,000

80,000

94,713

For any other person / fraud

275,000

 300,000

 325,000

375,000

400,000

473,566

For natural person / fraud / substantial losses or risk of losses to others

110,000

 120,000

 130,000

150,000

160,000

189,427

For any other person / fraud / substantial losses or risk of losses to others

550,000

 600,000

 650,000

725,000

775,000

947,130

15 U.S.C. 80b-3(i)
(Investment Advisers Act Sec. 203(i))

For natural person

5,500

     6,500

     6,500

7,500

7,500

9,472

For any other person

55,000

   60,000

   65,000

75,000

80,000

94,713

For natural person / fraud

55,000

   60,000

   65,000

75,000

80,000

94,713

For any other person / fraud

275,000

 300,000

 325,000

375,000

400,000

473,566

For natural person / fraud / substantial losses or risk of losses to others or gains to self

110,000

 120,000

 130,000

150,000

160,000

189,427

For any other person / fraud / substantial losses or risk of losses to others or gain to self

550,000

 600,000

 650,000

725,000

775,000

947,130

15 U.S.C. 80b-9(e)
(Investment Advisers Act Sec. 209(e))

For natural person

5,500

     6,500

     6,500

7,500

7,500

9,472

For any other person

55,000

   60,000

   65,000

75,000

80,000

94,713

For natural person / fraud

55,000

   60,000

   65,000

75,000

80,000

94,713

For any other person / fraud

275,000

 300,000

 325,000

375,000

400,000

473,566

For natural person / fraud / substantial losses or risk of losses to others

110,000

 120,000

 130,000

150,000

160,000

189,427

For any other person / fraud / substantial losses or risk of losses to others

550,000

 600,000

 650,000

725,000

775,000

947,130

15 U.S.C. 7215(c)(4)(D)(i)
(Sarbanes-Oxley Act Sec. 105(c)(4)(D)(i)) 

For natural person

N/A

100,000[viii]

110,000

120,000

130,000

139,483

For any other person

N/A

2,000,000viii

2,100,000

2,375,000

2,525,000

2,789,675

15 U.S.C. 7215(c)(4)(D)(ii)
(Sarbanes-Oxley Act Sec. 105(c)(4)(D)(ii))

For natural person

N/A

750,000viii

800,000

900,000

950,000

1,046,128

For any other person

N/A

15,000,000viii

15,825,000

17,800,000

18,925,000

20,922,558

 

[i] Release Nos. 33-7361, 34-37912, IA-1596, IC-22310, dated November 1, 1996 (effective December 9, 1996), previously found at 17 CFR 201.1001 and Table I to Subpart E of Part 201.

[ii] Release Nos. 33-7946, 34-43897, IA-1921, IC-24846, dated January 31, 2001 (effective February 2, 2001), previously found at 17 CFR 201.1002 and Table II to Subpart E of Part 201.

[iii] Release Nos. 33-8530, 34-51136, IA-2348, IC-26748, dated February 9, 2005 (effective February 14, 2005), previously found at 17 CFR 201.1003 and Table III to Subpart E of Part 201.

[iv] Release Nos. 33-9009, 34-59449, IA-2845, IC-28635, dated February 25, 2009 (effective March 3, 2009), previously found at 17 CFR 201.1004 and Table IV to Subpart E of Part 201.

[v] Release Nos. 33-9387, 34-68994, IA-3557, IC-30408, dated February 27, 2013 (effective March 5, 2013), previously found at 17 CFR 201.1005 and Table V to Subpart E of Part 201.

[vi] Release Nos. 33-10604, 34-85118, IA-5111, IC-33373, dated January 15, 2019 (effective January 15, 2019).  The adjusted penalty amounts in this release apply to all penalties imposed after January 15, 2019, for violations that occurred after November 2, 2015.

[vii] Effective from July 21, 2010 (enactment of the Dodd-Frank Wall Street Reform and Consumer Protection Act, Pub. L. 111-203), through March 5, 2013.

[viii] Effective from July 30, 2002 (enactment of the Sarbanes-Oxley Act of 2002, Pub. L. 107-204), through February 14, 2005.

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