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Inflation Adjustments to the Civil Monetary Penalties Administered by the Securities and Exchange Commission (as of January 15, 2020)

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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

$8,824

For any other person

N/A

N/A

N/A

75,000vii

80,000

88,248

For natural person / fraud

N/A

N/A

N/A

75,000vii

80,000

88,248

For any other person / fraud

N/A

N/A

N/A

375,000vii

400,000

441,240

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

176,496

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

853,062

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

For natural person

$5,500

$6,500

$6,500

7,500

7,500

9,639

For any other person

55,000

60,000

65,000

75,000

80,000

96,384

For natural person / fraud

55,000

60,000

65,000

75,000

80,000

96,384

For any other person / fraud

275,000

300,000

325,000

375,000

400,000

481,920

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

110,000

120,000

130,000

150,000

160,000

192,768

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

550,000

600,000

650,000

725,000

775,000

963,837

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

9,639

For any other person

55,000

60,000

65,000

75,000

80,000

96,384

For natural person / fraud

55,000

60,000

65,000

75,000

80,000

96,384

For any other person / fraud

275,000

300,000

325,000

375,000

400,000

481,920

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

192,768

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

963,837

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

2,140,973

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

For natural person

5,500

6,500

6,500

7,500

7,500

9,639

For any other person

55,000

60,000

65,000

75,000

80,000

96,384

For natural person / fraud

55,000

60,000

65,000

75,000

80,000

96,384

For any other person / fraud

275,000

300,000

325,000

375,000

400,000

481,920

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

110,000

120,000

130,000

150,000

160,000

192,768

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

550,000

600,000

650,000

725,000

775,000

963,837

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

Exchange Act / failure to file information documents, reports

110

110

110

110

210

569

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

21,410

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

21,410

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

9,639

For any other person

55,000

60,000

65,000

75,000

80,000

96,384

For natural person / fraud

55,000

60,000

65,000

75,000

80,000

96,384

For any other person / fraud

275,000

300,000

325,000

375,000

400,000

481,920

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

192,768

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

963,837

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

9,639

For any other person

55,000

60,000

65,000

75,000

80,000

96,384

For natural person / fraud

55,000

60,000

65,000

75,000

80,000

96,384

For any other person / fraud

275,000

300,000

325,000

375,000

400,000

481,920

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

110,000

120,000

130,000

150,000

160,000

192,768

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

550,000

600,000

650,000

725,000

775,000

963,837

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

9,639

For any other person

55,000

60,000

65,000

75,000

80,000

96,384

For natural person / fraud

55,000

60,000

65,000

75,000

80,000

96,384

For any other person / fraud

275,000

300,000

325,000

375,000

400,000

481,920

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

192,768

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

963,837

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

9,639

For any other person

55,000

60,000

65,000

75,000

80,000

96,384

For natural person / fraud

55,000

60,000

65,000

75,000

80,000

96,384

For any other person / fraud

275,000

300,000

325,000

375,000

400,000

481,920

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

110,000

120,000

130,000

150,000

160,000

192,768

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

550,000

600,000

650,000

725,000

775,000

963,837

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

141,943

For any other person

N/A

2,000,000viii

2,100,000

2,375,000

2,525,000

2,838,885

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

1,064,582

For any other person

N/A

15,000,000viii

15,825,000

17,800,000

18,925,000

21,291,632


[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. 33-10740, 34-87905, IA-5428, IC-33740, dated January 8, 2020 (effective January 15, 2020). The adjusted penalty amounts in this release apply to all penalties imposed after January 15, 2020, 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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