Skip to main content

Inflation Adjustments to the Civil Monetary Penalties Administered by the Securities and Exchange Commission (as of January 15, 2018)

See also: PDF version

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 $8,458
For any other person N/A N/A N/A 75,000vii 80,000 84,585
For natural person / fraud N/A N/A N/A 75,000vii 80,000 84,585
For any other person / fraud N/A N/A N/A 375,000vii 400,000 422,925
For natural person / fraud / substantial losses or risk of losses to others or gains to self N/A N/A N/A 150,000vii 160,000 169,171
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 775,000 817,654
15 U.S.C. 77t(d)
(Securities Act Sec. 20(d))
For natural person $5,500 $6,500 $6,500 7,500 7,500 9,239
For any other person 55,000 60,000 65,000 75,000 80,000 92,383
For natural person / fraud 55,000 60,000 65,000 75,000 80,000 92,383
For any other person / fraud 275,000 300,000 325,000 375,000 400,000 461,916
For natural person / fraud / substantial losses or risk of losses to others 110,000 120,000 130,000 150,000 160,000 184,767
For any other person / fraud / substantial losses or risk of losses to others 550,000    600,000    650,000 725,000 775,000 923,831

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 9,239
For any other person 55,000 60,000 65,000 75,000 80,000 92,383
For natural person / fraud 55,000 60,000 65,000 75,000 80,000 92,383
For any other person / fraud 275,000 300,000 325,000 375,000 400,000 461,916
For natural person / fraud / substantial losses or risk of losses to others or gains to self 110,000 120,000 130,000 150,000 160,000 184,767
For any other person / fraud / substantial losses or risk of losses to others or gain to self 550,000 600,000 650,000 725,000 775,000 923,831
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 2,052,107
15 U.S.C. 78u-2
(Exchange Act Sec. 21B)
For natural person 5,500 6,500 6,500 7,500 7,500 9,239
For any other person 55,000 60,000 65,000 75,000 80,000 92,383
For natural person / fraud 55,000 60,000 65,000 75,000 80,000 92,383
For any other person / fraud 275,000 300,000 325,000 375,000 400,000 461,916
For natural person / fraud / substantial losses or risk of losses to others 110,000 120,000 130,000 150,000 160,000 184,767
For any other person / fraud / substantial losses or risk of losses to others 550,000 600,000 650,000 725,000 775,000 923,831
15 U.S.C. 78ff(b)
(Exchange Act Sec. 32(b))
Exchange Act / failure to file information documents, reports 110 110 110 110 210 545
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 20,521
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 20,521
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 9,239
For any other person 55,000 60,000 65,000 75,000 80,000 92,383
For natural person / fraud 55,000 60,000 65,000 75,000 80,000 92,383
For any other person / fraud 275,000 300,000 325,000 375,000 400,000 461,916
For natural person / fraud / substantial losses or risk of losses to others or gains to self 110,000 120,000 130,000 150,000 160,000 184,767
For any other person / fraud / substantial losses or risk of losses to others or gain to self 550,000 600,000 650,000 725,000 775,000 923,831
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 9,239
For any other person 55,000 60,000 65,000 75,000 80,000 92,383
For natural person / fraud 55,000 60,000 65,000 75,000 80,000 92,383
For any other person / fraud 275,000 300,000 325,000 375,000 400,000 461,916
For natural person / fraud / substantial losses or risk of losses to others 110,000 120,000 130,000 150,000 160,000 184,767
For any other person / fraud / substantial losses or risk of losses to others 550,000 600,000 650,000 725,000 775,000 923,831
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 9,239
For any other person 55,000 60,000 65,000 75,000 80,000 92,383
For natural person / fraud 55,000 60,000 65,000 75,000 80,000 92,383
For any other person / fraud 275,000 300,000 325,000 375,000 400,000 461,916
For natural person / fraud / substantial losses or risk of losses to others or gains to self 110,000 120,000 130,000 150,000 160,000 184,767
For any other person / fraud / substantial losses or risk of losses to others or gain to self 550,000 600,000 650,000 725,000 775,000 923,831
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 9,239
For any other person 55,000 60,000 65,000 75,000 80,000 92,383
For natural person / fraud 55,000 60,000 65,000 75,000 80,000 92,383
For any other person / fraud 275,000 300,000 325,000 375,000 400,000 461,916
For natural person / fraud / substantial losses or risk of losses to others 110,000 120,000 130,000 150,000 160,000 184,767
For any other person / fraud / substantial losses or risk of losses to others 550,000 600,000 650,000 725,000 775,000 923,831
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] 110,000 120,000 130,000 136,052
For any other person N/A 2,000,000viii 2,100,000 2,375,000 2,525,000 2,721,050
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 1,020,394
For any other person N/A 15,000,000viii 15,825,000 17,800,000 18,925,000 20,407,871


[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. 33-10276, 34-79749, IA-4599, IC-32414, dated January 18, 2017 (effective January 18, 2017). The adjusted penalty amounts in this release apply to all penalties imposed after January 18, 2017, 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.

Return to Top