Adjustments to Civil Monetary Penalty Amounts, 14179-14183 [2013-04931]
Download as PDF
<![CDATA[
Federal Register / Vol. 78, No. 43 / Tuesday, March 5, 2013 / Rules and Regulations
FDP ‘‘infringe[s] on the window of
circadian low’’ for the purposes of
§ 117.27 if any portion of that FDP takes
place during the WOCL.
Thus, an operation that begins during
the WOCL would ‘‘infringe on the
window of circadian low’’ and be
subject to § 117.27 because a portion of
that operation would be conducted
during the WOCL. An operation that
remains entirely free of the WOCL
would not ‘‘infringe on the window of
circadian low’’ for the purposes of
§ 117.27 because no portion of that
operation would be conducted during
the WOCL.
iii. How Often the Mid-Duty Break Must
Be Provided
ALPA asked whether the two-hour
mid duty rest break must be given on
the day a pilot first reports for duty if
he or she is scheduled for five days of
flight that infringe on the WOCL.
Section 117.27 requires that, in order
to exceed three consecutive nighttime
FDPs, the two-hour mid-duty rest break
be given ‘‘during each of the
consecutive nighttime duty periods’’
that infringe on the WOCL. Accordingly,
if a pilot is scheduled for five
consecutive FDPs that infringe on the
WOCL, that pilot must be provided with
a two-hour mid-duty break during each
of those FDPs. This would include the
first FDP in the series that infringes on
the WOCL.
emcdonald on DSK67QTVN1PROD with RULES
iv. Whether Reserve Triggers § 117.27
SWAPA asked whether a RAP that
infringes on the WOCL would trigger
the requirements of § 117.27. Horizon
and RAA asked whether a pilot can be
scheduled for more than 3 consecutive
airport reserve periods that infringe on
the WOCL.
Section 117.27 only applies to ‘‘flight
duty periods that infringe on the
window of circadian low.’’ Because a
reserve availability period is not a flight
duty period, a RAP does not trigger the
requirements of § 117.27. However, if a
flightcrew member on short-call reserve
is assigned an FDP at least a portion of
which takes place during the WOCL,
that FDP would infringe on the WOCL
for purposes of § 117.27.
Turning to airport/standby reserve,
§ 117.21(a) states that ‘‘[f]or airport/
standby reserve, all time spent in a
reserve status is part of the flightcrew
member’s flight duty period.’’ Because
time spent in airport/standby reserve is
considered to be part of an FDP,
consecutive airport reserve periods that
infringe on the WOCL would trigger the
requirements of § 117.27.
VerDate Mar<15>2010
13:43 Mar 04, 2013
Jkt 229001
O. Applicability to Flight Attendants
Alaska Air asked whether flight
attendants operating under part 117
must comply with the fatigue education
and awareness training program
provisions of § 117.9. Alaska Air also
asked whether these flight attendants
must declare their fitness for duty
pursuant to the provisions of § 117.5.
If a flight attendant operates under
part 117, that flight attendant must
comply with the provisions of part 117
that apply to flightcrew members.
Flightcrew members are required to
declare their fitness for duty pursuant to
§ 117.5(d) and go through fatigue
education and awareness training
pursuant to § 117.9. Accordingly, these
requirements would also extend to flight
attendants operating under part 117.
Issued in Washington, DC, on February 28,
2013.
Mark Bury,
Acting Assistant Chief Counsel for
International Law, Legislation, and
Regulations Division, AGC–200.
[FR Doc. 2013–05083 Filed 3–4–13; 8:45 am]
BILLING CODE 4910–13–P
SECURITIES AND EXCHANGE
COMMISSION
17 CFR Part 201
[Release Nos. 33–9387; 34–68994; IA–3557;
IC–30408]
Adjustments to Civil Monetary Penalty
Amounts
Securities and Exchange
Commission.
ACTION: Final rule.
AGENCY:
SUMMARY: This rule implements the
Federal Civil Penalties Inflation
Adjustment Act of 1990, as amended by
the Debt Collection Improvement Act of
1996. The Commission is adopting a
rule adjusting for inflation the
maximum amount of civil monetary
penalties under the Securities Act of
1933, the Securities Exchange Act of
1934, the Investment Company Act of
1940, the Investment Advisers Act of
1940, and certain penalties under the
Sarbanes-Oxley Act of 2002.
DATES: Effective Date: March 5, 2013.
FOR FURTHER INFORMATION CONTACT:
James A. Cappoli, Senior Special
Counsel, Office of the General Counsel,
at (202) 551–7923, or Miles S. Treakle,
Senior Counsel, Office of the General
Counsel, at (202) 551–3609.
SUPPLEMENTARY INFORMATION:
PO 00000
Frm 00025
Fmt 4700
Sfmt 4700
14179
I. Background
This rule implements the Debt
Collection Improvement Act of 1996
(‘‘DCIA’’).1 The DCIA amended the
Federal Civil Penalties Inflation
Adjustment Act of 1990 (‘‘FCPIAA’’) 2 to
require each federal agency to adopt
regulations at least once every four years
that adjust for inflation the maximum
amount of the civil monetary penalties
(‘‘CMPs’’) under the statutes
administered by the agency.3
A civil monetary penalty (‘‘CMP’’) is
defined in relevant part as any penalty,
fine, or other sanction that: (1) Is for a
specific amount, or has a maximum
amount, as provided by federal law; and
(2) is assessed or enforced by an agency
in an administrative proceeding or by a
federal court pursuant to federal law.4
This definition covers the monetary
penalty provisions contained in the
statutes administered by the
Commission. In addition, this definition
encompasses the civil monetary
penalties that may be imposed by the
Public Company Accounting Oversight
Board (the ‘‘PCAOB’’) in its disciplinary
proceedings pursuant to 15 U.S.C.
7215(c)(4)(D).5
The DCIA requires that the penalties
be adjusted by the cost-of-living
adjustment set forth in Section 5 of the
FCPIAA.6 The cost-of-living adjustment
is defined in the FCPIAA as the
percentage by which the U.S.
Department of Labor’s Consumer Price
Index for all-urban consumers (‘‘CPI–
U’’) 7 for the month of June for the year
preceding the adjustment exceeds the
CPI–U for the month of June for the year
in which the amount of the penalty was
last set or adjusted pursuant to law.8
The statute contains specific rules for
rounding each increase based on the
size of the penalty.9 Agencies do not
have discretion over whether to adjust
a maximum CMP, or the method used
1 Public Law 104–134, 110 Stat. 1321–373 (1996)
(codified at 28 U.S.C. 2461 note).
2 28 U.S.C. 2461 note.
3 Increased CMPs apply only to violations that
occur after the increase takes effect.
4 28 U.S.C. 2461 note (3)(2).
5 The Commission may by order affirm, modify,
remand, or set aside sanctions, including civil
monetary penalties, imposed by the PCAOB. See
Section 107(c) of the Sarbanes-Oxley Act of 2002,
15 U.S.C. 7217. The Commission may enforce such
orders in federal district court pursuant to Section
21(e) of the Securities Exchange Act of 1934. As a
result, penalties assessed by the PCAOB in its
disciplinary proceedings are penalties ‘‘enforced’’
by the Commission for purposes of the Act. See
Adjustments to Civil Monetary Penalty Amounts,
Release No. 33–8530 (Feb. 4, 2005) [70 FR 7606
(Feb. 14, 2005)].
6 28 U.S.C. 2461 note (5).
7 28 U.S.C. 2461 note (3)(3).
8 28 U.S.C. 2461 note (5)(b).
9 28 U.S.C. 2461 note (5)(a)(1)–(6).
E:\FR\FM\05MRR1.SGM
05MRR1
14180
Federal Register / Vol. 78, No. 43 / Tuesday, March 5, 2013 / Rules and Regulations
to determine the adjustment. Although
the DCIA imposes a 10 percent
maximum increase for each penalty for
the first adjustment pursuant thereto,
that limitation does not apply to
subsequent adjustments.
The Commission administers four
statutes that provide for civil monetary
penalties: The Securities Act of 1933;
the Securities Exchange Act of 1934; the
Investment Company Act of 1940; and
the Investment Advisers Act of 1940. In
addition, the Sarbanes-Oxley Act of
2002 provides the PCAOB (over which
the Commission has jurisdiction)
authority to levy civil monetary
penalties in its disciplinary
proceedings.10 Penalties administered
by the Commission were last adjusted
by rules effective March 3, 2009.11 The
DCIA requires the civil monetary
penalties to be adjusted for inflation at
least once every four years. The
Commission is therefore obligated by
statute to increase the maximum
amount of each penalty by the
appropriate formulated amount.
Accordingly, the Commission is
adopting an amendment to 17 CFR part
201 to add § 201.1005 and Table V to
Subpart E, increasing the amount of
each civil monetary penalty authorized
by the Securities Act of 1933, the
Securities Exchange Act of 1934, the
Investment Company Act of 1940, the
Investment Advisers Act of 1940, and
certain penalties under the SarbanesOxley Act of 2002.12 The adjustments
set forth in the amendment apply to
violations occurring after the effective
date of the amendment.
emcdonald on DSK67QTVN1PROD with RULES
II. Summary of the Calculation
To explain the inflation adjustment
calculation for CMP amounts that were
last adjusted in 2009, we will use the
following example. Under the current
provisions, the Commission may impose
a maximum CMP of $1,425,000 for
certain insider trading violations by a
controlling person. To determine the
new CMP amounts under the
amendment, first we determine the
appropriate CPI–U for June of the
calendar year preceding the year of
adjustment. Because we are adjusting
CMPs in 2013, we use the CPI–U for
June of 2012, which was 229.478. We
must also determine the CPI–U for June
of the year the CMP was last adjusted
10 15
U.S.C. 7215(c)(4)(D).
17 CFR 201.1004.
12 The Commission also is adopting technical
corrections to Table I, Table II, Table III, and Table
IV of 17 CFR Part 201. 17 CFR 201.1001–1004. Each
of these tables referenced 15 U.S.C. 78ff(c)(2)(C),
rather than 15 U.S.C. 78ff(c)(2)(B). The technical
corrections will amend each table to refer to the
correct paragraph.
11 See
VerDate Mar<15>2010
13:43 Mar 04, 2013
Jkt 229001
for inflation. Because the Commission
last adjusted this CMP in 2009, we use
the CPI–U for June of 2009, which was
215.693.
Second, we calculate the cost-ofliving adjustment or inflation factor. To
do this we divide the CPI for June of
2012 (229.478) by the CPI for June of
2009 (215.693). Our result is 1.0639.
Third, we calculate the raw inflation
adjustment (the inflation adjustment
before rounding). To do this, we
multiply the maximum penalty amounts
by the inflation factor. In our example,
$1,425,000 multiplied by the inflation
factor of 1.0639 equals $1,516,058.
Fourth, we round the raw inflation
amounts according to the rounding rules
in Section 5(a) of the FCPIAA. Since we
round only the increase amount, we
calculate the increased amount by
subtracting the current maximum
penalty amounts from the raw
maximum inflation adjustments.
Accordingly, the increase amount for
the maximum penalty in our example is
$91,072 (i.e., $1,516,058 less
$1,425,000). Under the rounding rules,
if the penalty is greater than $200,000,
we round the increase to the nearest
multiple of $25,000. Therefore, the
maximum penalty increase in our
example is $100,000.
Fifth, we add the rounded increase to
the maximum penalty amount last set or
adjusted. In our example, $1,425,000
plus $100,000 yields a maximum
inflation adjustment penalty amount of
$1,525,000.13
III. Related Matters
Administrative Procedure Act—
Immediate Effectiveness of Final Rule
Under the Administrative Procedure
Act (‘‘APA’’), a final rule may be issued
without public notice and comment if
the agency finds good cause that notice
and comment are impractical,
unnecessary, or contrary to public
interest.14 Because the Commission is
required by statute to adjust the civil
monetary penalties within its
jurisdiction by the cost-of-living
adjustment formula set forth in Section
5 of the FCPIAA, the Commission finds
that good cause exists to dispense with
public notice and comment pursuant to
13 The adjustments in Table V to Subpart E of Part
201 reflect that the operation of the statutorily
mandated computation, together with rounding
rules, does not result in any adjustment to ten
penalties. These particular penalties will be subject
to slightly different treatment when calculating the
next adjustment. Under the statute, when we next
adjust these penalties, we will be required to use
the CPI–U for June of the year when these particular
penalties were ‘‘last adjusted,’’ rather than the
CPI–U for 2013.
14 5 U.S.C. 553(b)(3)(B).
PO 00000
Frm 00026
Fmt 4700
Sfmt 4700
the notice and comment provisions of
the APA.15 Specifically, the
Commission finds that because the
adjustment is mandated by Congress
and does not involve the exercise of
Commission discretion or any policy
judgments, public notice and comment
is unnecessary.16
Under the DCIA, agencies must make
the required inflation adjustment to
civil monetary penalties: (1) According
to a very specific formula in the statute;
and (2) within four years of the last
inflation adjustment. Agencies have no
discretion as to the amount of the
adjustment and have limited discretion
as to the timing of the adjustment, in
that agencies are required to make the
adjustment at least once every four
years. The regulation discussed herein
is ministerial, technical, and
noncontroversial. Furthermore, because
the regulation concerns penalties for
conduct that is already illegal under
existing law, there is no need for
affected parties to have thirty days prior
to the effectiveness of the regulation and
amendments to adjust their conduct.
Accordingly, the Commission believes
that there is good cause to make this
regulation effective immediately upon
publication.17
A. Economic Analysis
The Commission is sensitive to the
costs and benefits that result from its
rules. This regulation merely adjusts
civil monetary penalties in accordance
with inflation as required by the DCIA,
and has no impact on disclosure or
compliance costs. The Commission
notes that the civil monetary penalties
ordered in SEC proceedings in fiscal
year 2012 totaled approximately
$1,021.0 million. Assuming that the
Commission is successful in obtaining
civil monetary penalties in fiscal years
subsequent to the enactment of the new
regulation in similar proportion to that
obtained in fiscal year 2012, the
inflationary adjustment pursuant to the
new regulation would result in a
maximum increase in the civil monetary
penalties ordered of approximately
6.4%, or $65.3 million. This figure
assumes that the Commission would
obtain a civil monetary penalty equal to
the maximum statutory amount in each
15 5
U.S.C. 553(b)(3)(B).
regulatory flexibility analysis under the
Regulatory Flexibility Act (‘‘RFA’’) is required only
when an agency must publish a general notice of
proposed rulemaking for notice and comment. See
5 U.S.C. 603. As noted above, notice and comment
are not required for this final rule. Therefore, the
RFA does not apply.
17 Additionally, this finding satisfies the
requirements for immediate effectiveness under the
Small Business Regulatory Enforcement Fairness
Act. See 5 U.S.C. 808(2); see also id. 801(a)(4).
16 A
E:\FR\FM\05MRR1.SGM
05MRR1
Federal Register / Vol. 78, No. 43 / Tuesday, March 5, 2013 / Rules and Regulations
case, which clearly overstates the effect
of the adjustment to the penalties. The
Commission further notes that, in many
cases in which it has obtained large civil
monetary penalties, such penalties were
calculated on the basis of the gross
pecuniary gain rather than the
maximum penalty dollar amount set by
statute that will be adjusted by this
rule.18 In addition, the Commission
notes that this figure includes penalties
imposed for insider trading, for which
the statutory maximum is stated as an
amount not to exceed three times the
profit gained or loss avoided as a result
of the violation, rather than by reference
to a statutory dollar amount that is
affected by this regulation.19 Therefore,
the Commission does not believe that
adjusting civil monetary penalties will
significantly affect the amount of
penalties it obtains.
The benefit provided by the
inflationary adjustment to the maximum
civil monetary penalties is that of
maintaining the level of deterrence
effectuated by the civil monetary
penalties, and not allowing such
deterrent effect to be diminished by
inflation. The costs of implementing
this rule should be negligible, because
the only change from the current,
baseline situation is determining
potential penalties using a new
maximum dollar amount. Furthermore,
Congress, in mandating the inflationary
adjustments, has already determined
that any possible increase in costs is
justified by the overall benefits of such
adjustments.
B. Paperwork Reduction Act
§ 201.1002
This rule does not contain any
collection of information requirements
as defined by the Paperwork Reduction
Act of 1995 as amended.20
■
C. Statutory Basis
The Commission is adopting these
amendments to 17 CFR Part 201,
Subpart E pursuant to the directives and
authority of the DCIA, Pub. L. No. 104–
134, 110 Stat. 1321–373 (1996).
List of Subjects in 17 CFR Part 201
Administrative practice and
procedure, Claims, Confidential
business information, Lawyers,
Securities.
Text of Amendment
For the reasons set forth in the
preamble, part 201, title 17, chapter II of
the Code of Federal Regulations is
amended as follows:
PART 201—RULES OF PRACTICE
Subpart E—Adjustment of Civil
Monetary Penalties
1. The authority citation for part 201,
Subpart E, continues to read as follows:
■
Authority: 28 U.S.C. 2461 note.
§ 201.1001
Civil monetary penalty inflation adjustments
U.S. Code citation
Civil monetary penalty description
Securities and Exchange Commission:
15 U.S.C. 77h–1(g) ........................................
emcdonald on DSK67QTVN1PROD with RULES
15 U.S.C. 77t(d) .............................................
VerDate Mar<15>2010
13:43 Mar 04, 2013
Jkt 229001
[Amended]
2. Section 201.1001 is amended in
Table 1 in the first column labeled ‘‘U.S.
code citation’’ by removing the
reference ‘‘15 U.S.C. 78ff(c)(2)(C)
* * *’’ and adding in its place ‘‘15
U.S.C. 78ff(c)(2)(B) * * *’’.
■
Table V to subpart E
18 For example, 15 U.S.C. 77t(d)(2)(A), after
adjusting for inflation as required by the DCIA,
provides that ‘‘the amount of the penalty shall not
exceed the greater of (i) [$7,500] for a natural person
14181
PO 00000
3. Section 201.1002 is amended in
Table II in the first column labeled
‘‘U.S. code citation’’ by removing the
reference ‘‘15 U.S.C. 78ff(c)(2)(C)
* * *’’ and adding in its place ‘‘15
U.S.C. 78ff(c)(2)(B) * * *’’.
§ 201.1003
Frm 00027
Fmt 4700
Sfmt 4700
[Amended]
4. Section 201.1003 is amended in
Table III in the first column labeled
‘‘U.S. code citation’’ by removing the
reference ‘‘15 U.S.C. 78ff(c)(2)(C)
* * *.’’ and adding in its place ‘‘15
U.S.C. 78ff(c)(2)(B) * * *’’.
■
§ 201.1004
[Amended]
5. Section 201.1004 is amended in
Table IV in the first column labeled
‘‘U.S. code citation’’ by removing the
reference ‘‘15 U.S.C. 78ff(c)(2)(C)
* * *’’ and adding in its place ‘‘15
U.S.C. 78ff(c)(2)(B) * * *’’.
■ 6. Section 201.1005 and Table V to
Subpart E are added to read as follows:
■
§ 201.1005 Adjustment of civil monetary
penalties—2013.
As required by the Debt Collection
Improvement Act of 1996, the maximum
amounts of all civil monetary penalties
under the Securities Act of 1933, the
Securities Exchange Act of 1934, the
Investment Company Act of 1940, the
Investment Advisers Act of 1940, and
certain penalties under the SarbanesOxley Act of 2002 are adjusted for
inflation in accordance with Table V to
this subpart. The adjustments set forth
in Table V apply to violations occurring
after March 5, 2013.
Year penalty
amount was
last adjusted
For natural person ...................................
For any other person ...............................
For natural person/fraud ..........................
For any other person/fraud ......................
For natural person/substantial losses or
risk of losses to others.
For any other person/substantial losses
or risk of losses to others.
For natural person ...................................
For any other person ...............................
For natural person/fraud ..........................
For any other person/fraud ......................
For natural person/substantial losses or
risk of losses to others.
For any other person/substantial losses
or risk of losses to others.
or [$80,000] for any other person, or (ii) the gross
amount of pecuniary gain to such defendant as a
result of the violation.’’
[Amended]
Maximum
penalty
amount
pursuant
to last
adjustment
Adjusted
maximum
penalty
amount
2010
2010
2010
2010
2010
$7,500
75,000
75,000
375,000
150,000
$7,500
80,000
80,000
400,000
160,000
2010
725,000
775,000
2009
2009
2009
2009
2009
7,500
75,000
75,000
375,000
150,000
7,500
80,000
80,000
400,000
160,000
2009
725,000
775,000
19 15 U.S.C. 78u–1(a)(2). In fiscal year 2012,
penalties imposed under this provision totaled over
$140 million.
20 44 U.S.C. 3501 et seq.
E:\FR\FM\05MRR1.SGM
05MRR1
14182
Federal Register / Vol. 78, No. 43 / Tuesday, March 5, 2013 / Rules and Regulations
Table V to subpart E
Civil monetary penalty inflation adjustments
U.S. Code citation
Civil monetary penalty description
15 U.S.C. 78ff(b) ............................................
15 U.S.C. 78ff(c)(1)(B) ...................................
15 U.S.C. 78ff(c)(2)(B) ...................................
15 U.S.C. 78u–1(a)(3) ....................................
15 U.S.C. 78u–2 ............................................
15 U.S.C. 78u(d)(3) ........................................
15 U.S.C. 80a–9(d) ........................................
15 U.S.C. 80a–41(e) ......................................
15 U.S.C. 80b–3(i) .........................................
15 U.S.C. 80b–9(e) ........................................
15 U.S.C. 7215(c)(4)(D)(i) ..............................
emcdonald on DSK67QTVN1PROD with RULES
15 U.S.C. 7215(c)(4)(D)(ii) .............................
VerDate Mar<15>2010
13:43 Mar 04, 2013
Jkt 229001
PO 00000
Year penalty
amount was
last adjusted
Exchange Act/failure to file information
documents, reports.
Foreign Corrupt Practices—any issuer ...
Foreign Corrupt Practices—any agent or
stockholder acting on behalf of issuer.
Insider Trading—controlling person .........
For natural person ...................................
For any other person ...............................
For natural person/fraud ..........................
For any other person/fraud ......................
For natural person/substantial losses to
others/gains to self.
For any other person/substantial losses
to others/gain to self.
For natural person ...................................
For any other person ...............................
For natural person/fraud ..........................
For any other person/fraud ......................
For natural person/substantial losses or
risk of losses to others.
For any other person/substantial losses
or risk of losses to others.
For natural person ...................................
For any other person ...............................
For natural person/fraud ..........................
For any other person/fraud ......................
For natural person/substantial losses to
others/gains to self.
For any other person/substantial losses
to others/gain to self.
For natural person ...................................
For any other person ...............................
For natural person/fraud ..........................
For any other person/fraud ......................
For natural person/substantial losses or
risk of losses to others.
For any other person/substantial losses
or risk of losses to others.
For natural person ...................................
For any other person ...............................
For natural person/fraud ..........................
For any other person/fraud ......................
For natural person/substantial losses to
others/gains to self.
For any other person/substantial losses
to others/gain to self.
For natural person ...................................
For any other person ...............................
For natural person/fraud ..........................
For any other person/fraud ......................
For natural person/substantial losses or
risk of losses to others.
For any other person/substantial losses
or risk of losses to others.
For natural person ...................................
For any other person ...............................
For natural person ...................................
For any other person ...............................
Frm 00028
Fmt 4700
Sfmt 9990
E:\FR\FM\05MRR1.SGM
Maximum
penalty
amount
pursuant
to last
adjustment
Adjusted
maximum
penalty
amount
1996
110
210
2009
2009
16,000
16,000
16,000
16,000
2009
2009
2009
2009
2009
2009
1,425,000
7,500
75,000
75,000
375,000
150,000
1,525,000
7,500
80,000
80,000
400,000
160,000
2009
725,000
775,000
2009
2009
2009
2009
2009
7,500
75,000
75,000
375,000
150,000
7,500
80,000
80,000
400,000
160,000
2009
725,000
775,000
2009
2009
2009
2009
2009
7,500
75,000
75,000
375,000
150,000
7,500
80,000
80,000
400,000
160,000
2009
725,000
775,000
2009
2009
2009
2009
2009
7,500
75,000
75,000
375,000
150,000
7,500
80,000
80,000
400,000
160,000
2009
725,000
775,000
2009
2009
2009
2009
2009
7,500
75,000
75,000
375,000
150,000
7,500
80,000
80,000
400,000
160,000
2009
725,000
775,000
2009
2009
2009
2009
2009
7,500
75,000
75,000
375,000
150,000
7,500
80,000
80,000
400,000
160,000
2009
725,000
775,000
2009
2009
2009
2009
120,000
2,375,000
900,000
17,800,000
130,000
2,525,000
950,000
18,925,000
05MRR1
Federal Register / Vol. 78, No. 43 / Tuesday, March 5, 2013 / Rules and Regulations
Dated: February 27, 2013.
By the Commission.
Elizabeth M. Murphy,
Secretary.
Background
[FR Doc. 2013–04931 Filed 3–4–13; 8:45 am]
BILLING CODE 8011–01–P
DEPARTMENT OF HOMELAND
SECURITY
U.S. Customs and Border Protection
DEPARTMENT OF THE TREASURY
19 CFR Part 12
[CBP Dec. 13–05]
RIN 1515–AD94
Import Restrictions Imposed on
Certain Archaeological Material From
Belize
U.S. Customs and Border
Protection, Department of Homeland
Security; Department of the Treasury.
ACTION: Final rule.
emcdonald on DSK67QTVN1PROD with RULES
AGENCY:
SUMMARY: This final rule amends the
U.S. Customs and Border Protection
(CBP) regulations to reflect the
imposition of import restrictions on
certain archaeological material from
Belize. These restrictions are being
imposed pursuant to an agreement
between the United States and Belize
that has been entered into under the
authority of the Convention on Cultural
Property Implementation Act in
accordance with the 1970 United
Nations Educational, Scientific and
Cultural Organization (UNESCO)
Convention on the Means of Prohibiting
and Preventing the Illicit Import, Export
and Transfer of Ownership of Cultural
Property. The final rule amends CBP
regulations by adding Belize to the list
of countries for which a bilateral
agreement has been entered into for
imposing cultural property import
restrictions. The final rule also contains
the designated list that describes the
types of archaeological material to
which the restrictions apply.
DATES: Effective Date: March 5, 2013.
FOR FURTHER INFORMATION CONTACT: For
legal aspects, George Frederick McCray,
Chief, Cargo Security, Carriers and
Restricted Merchandise Branch,
Regulations and Rulings, Office of
International Trade, (202) 325–0082. For
operational aspects: Virginia
McPherson, Chief, Interagency
Requirements Branch, Trade Policy and
Programs, Office of International Trade,
(202) 863–6563.
SUPPLEMENTARY INFORMATION:
VerDate Mar<15>2010
13:43 Mar 04, 2013
14183
Jkt 229001
Determinations
The value of cultural property is
immeasurable. Such items often
constitute the very essence of a society
and convey important information
concerning a people’s origin, history,
and traditional setting. The importance
and popularity of such items regrettably
makes them targets of theft, encourages
clandestine looting of archaeological
sites, and results in their illegal export
and import.
The United States shares in the
international concern for the need to
protect endangered cultural property.
The appearance in the United States of
stolen or illegally exported artifacts
from other countries where there has
been pillage has, on occasion, strained
our foreign and cultural relations. This
situation, combined with the concerns
of museum, archaeological, and
scholarly communities, was recognized
by the President and Congress. It
became apparent that it was in the
national interest for the United States to
join with other countries to control
illegal trafficking of such articles in
international commerce.
The United States joined international
efforts and actively participated in
deliberations resulting in the 1970
United Nations Educational, Scientific
and Cultural Organization (UNESCO)
Convention on the Means of Prohibiting
and Preventing the Illicit Import, Export
and Transfer of Ownership of Cultural
Property (823 U.N.T.S. 231 (1972)). U.S.
acceptance of the 1970 UNESCO
Convention was codified into U.S. law
as the ‘‘Convention on Cultural Property
Implementation Act’’ (Pub. L. 97–446,
19 U.S.C. 2601 et seq.) (the Act). This
was done to promote U.S. leadership in
achieving greater international
cooperation towards preserving cultural
treasures that are of importance to the
nations from where they originate and
contribute to greater international
understanding of our common heritage.
Since the Act entered into force,
import restrictions have been imposed
on the archaeological materials of a
number of State Parties to the 1970
UNESCO Convention. These restrictions
have been imposed as a result of
requests for protection received from
those nations. More information on
import restrictions can be found on the
Cultural Property Protection Web site
(https://exchanges.state.gov/heritage/
culprop.html).
This document announces that import
restrictions are now being imposed on
certain archaeological material from
Belize.
Under 19 U.S.C. 2602(a)(1), the
United States must make certain
determinations before entering into an
agreement to impose import restrictions
under 19 U.S.C. 2602(a)(2). On
September 19, 2012, the Assistant
Secretary for Educational and Cultural
Affairs, U.S. Department of State, made
the determinations required under the
statute with respect to certain
archaeological material originating in
Belize that are described in the
designated list set forth below in this
document. These determinations
include the following: (1) That the
cultural patrimony of Belize is in
jeopardy from the pillage of
archaeological material originating in
Belize from approximately 9000 B.C. up
to 250 years old representing the PreColumbian era through the Early and
Late Colonial Periods (19 U.S.C.
2602(a)(1)(A)); (2) that the Government
of Belize has taken measures consistent
with the Convention to protect its
cultural patrimony (19 U.S.C.
2602(a)(1)(B)); (3) that import
restrictions imposed by the United
States would be of substantial benefit in
deterring a serious situation of pillage,
and remedies less drastic are not
available (19 U.S.C. 2602(a)(1)(C)); and
(4) that the application of import
restrictions as set forth in this final rule
is consistent with the general interests
of the international community in the
interchange of cultural property among
nations for scientific, cultural, and
educational purposes (19 U.S.C.
2602(a)(1)(D)). The Assistant Secretary
also found that the material described in
the determinations meet the statutory
definitions of ‘‘archaeological material
of the state party’’ (19 U.S.C. 2601(2)).
PO 00000
Frm 00029
Fmt 4700
Sfmt 4700
The Agreement
On February 27, 2013, the United
States and Belize entered into a bilateral
agreement pursuant to the provisions of
19 U.S.C. 2602(a)(2). The agreement
enables the promulgation of import
restrictions on categories of
archaeological material representing
Belize’s cultural heritage that is at least
250 years old, dating from the PreCeramic (from approximately 9000
B.C.), Pre-Classic, Classic, and PostClassic Periods of the Pre-Columbian era
through the Early and Late Colonial
Periods. A list of the categories of
archaeological material subject to the
import restrictions is set forth later in
this document.
E:\FR\FM\05MRR1.SGM
05MRR1
]]>Agencies
[Federal Register Volume 78, Number 43 (Tuesday, March 5, 2013)]
[Rules and Regulations]
[Pages 14179-14183]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2013-04931]
=======================================================================
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
17 CFR Part 201
[Release Nos. 33-9387; 34-68994; IA-3557; IC-30408]
Adjustments to Civil Monetary Penalty Amounts
AGENCY: Securities and Exchange Commission.
ACTION: Final rule.
-----------------------------------------------------------------------
SUMMARY: This rule implements the Federal Civil Penalties Inflation
Adjustment Act of 1990, as amended by the Debt Collection Improvement
Act of 1996. The Commission is adopting a rule adjusting for inflation
the maximum amount of civil monetary penalties under the Securities Act
of 1933, the Securities Exchange Act of 1934, the Investment Company
Act of 1940, the Investment Advisers Act of 1940, and certain penalties
under the Sarbanes-Oxley Act of 2002.
DATES: Effective Date: March 5, 2013.
FOR FURTHER INFORMATION CONTACT: James A. Cappoli, Senior Special
Counsel, Office of the General Counsel, at (202) 551-7923, or Miles S.
Treakle, Senior Counsel, Office of the General Counsel, at (202) 551-
3609.
SUPPLEMENTARY INFORMATION:
I. Background
This rule implements the Debt Collection Improvement Act of 1996
(``DCIA'').\1\ The DCIA amended the Federal Civil Penalties Inflation
Adjustment Act of 1990 (``FCPIAA'') \2\ to require each federal agency
to adopt regulations at least once every four years that adjust for
inflation the maximum amount of the civil monetary penalties (``CMPs'')
under the statutes administered by the agency.\3\
---------------------------------------------------------------------------
\1\ Public Law 104-134, 110 Stat. 1321-373 (1996) (codified at
28 U.S.C. 2461 note).
\2\ 28 U.S.C. 2461 note.
\3\ Increased CMPs apply only to violations that occur after the
increase takes effect.
---------------------------------------------------------------------------
A civil monetary penalty (``CMP'') is defined in relevant part as
any penalty, fine, or other sanction that: (1) Is for a specific
amount, or has a maximum amount, as provided by federal law; and (2) is
assessed or enforced by an agency in an administrative proceeding or by
a federal court pursuant to federal law.\4\ This definition covers the
monetary penalty provisions contained in the statutes administered by
the Commission. In addition, this definition encompasses the civil
monetary penalties that may be imposed by the Public Company Accounting
Oversight Board (the ``PCAOB'') in its disciplinary proceedings
pursuant to 15 U.S.C. 7215(c)(4)(D).\5\
---------------------------------------------------------------------------
\4\ 28 U.S.C. 2461 note (3)(2).
\5\ The Commission may by order affirm, modify, remand, or set
aside sanctions, including civil monetary penalties, imposed by the
PCAOB. See Section 107(c) of the Sarbanes-Oxley Act of 2002, 15
U.S.C. 7217. The Commission may enforce such orders in federal
district court pursuant to Section 21(e) of the Securities Exchange
Act of 1934. As a result, penalties assessed by the PCAOB in its
disciplinary proceedings are penalties ``enforced'' by the
Commission for purposes of the Act. See Adjustments to Civil
Monetary Penalty Amounts, Release No. 33-8530 (Feb. 4, 2005) [70 FR
7606 (Feb. 14, 2005)].
---------------------------------------------------------------------------
The DCIA requires that the penalties be adjusted by the cost-of-
living adjustment set forth in Section 5 of the FCPIAA.\6\ The cost-of-
living adjustment is defined in the FCPIAA as the percentage by which
the U.S. Department of Labor's Consumer Price Index for all-urban
consumers (``CPI-U'') \7\ for the month of June for the year preceding
the adjustment exceeds the CPI-U for the month of June for the year in
which the amount of the penalty was last set or adjusted pursuant to
law.\8\ The statute contains specific rules for rounding each increase
based on the size of the penalty.\9\ Agencies do not have discretion
over whether to adjust a maximum CMP, or the method used
[[Page 14180]]
to determine the adjustment. Although the DCIA imposes a 10 percent
maximum increase for each penalty for the first adjustment pursuant
thereto, that limitation does not apply to subsequent adjustments.
---------------------------------------------------------------------------
\6\ 28 U.S.C. 2461 note (5).
\7\ 28 U.S.C. 2461 note (3)(3).
\8\ 28 U.S.C. 2461 note (5)(b).
\9\ 28 U.S.C. 2461 note (5)(a)(1)-(6).
---------------------------------------------------------------------------
The Commission administers four statutes that provide for civil
monetary penalties: The Securities Act of 1933; the Securities Exchange
Act of 1934; the Investment Company Act of 1940; and the Investment
Advisers Act of 1940. In addition, the Sarbanes-Oxley Act of 2002
provides the PCAOB (over which the Commission has jurisdiction)
authority to levy civil monetary penalties in its disciplinary
proceedings.\10\ Penalties administered by the Commission were last
adjusted by rules effective March 3, 2009.\11\ The DCIA requires the
civil monetary penalties to be adjusted for inflation at least once
every four years. The Commission is therefore obligated by statute to
increase the maximum amount of each penalty by the appropriate
formulated amount.
---------------------------------------------------------------------------
\10\ 15 U.S.C. 7215(c)(4)(D).
\11\ See 17 CFR 201.1004.
---------------------------------------------------------------------------
Accordingly, the Commission is adopting an amendment to 17 CFR part
201 to add Sec. 201.1005 and Table V to Subpart E, increasing the
amount of each civil monetary penalty authorized by the Securities Act
of 1933, the Securities Exchange Act of 1934, the Investment Company
Act of 1940, the Investment Advisers Act of 1940, and certain penalties
under the Sarbanes-Oxley Act of 2002.\12\ The adjustments set forth in
the amendment apply to violations occurring after the effective date of
the amendment.
---------------------------------------------------------------------------
\12\ The Commission also is adopting technical corrections to
Table I, Table II, Table III, and Table IV of 17 CFR Part 201. 17
CFR 201.1001-1004. Each of these tables referenced 15 U.S.C.
78ff(c)(2)(C), rather than 15 U.S.C. 78ff(c)(2)(B). The technical
corrections will amend each table to refer to the correct paragraph.
---------------------------------------------------------------------------
II. Summary of the Calculation
To explain the inflation adjustment calculation for CMP amounts
that were last adjusted in 2009, we will use the following example.
Under the current provisions, the Commission may impose a maximum CMP
of $1,425,000 for certain insider trading violations by a controlling
person. To determine the new CMP amounts under the amendment, first we
determine the appropriate CPI-U for June of the calendar year preceding
the year of adjustment. Because we are adjusting CMPs in 2013, we use
the CPI-U for June of 2012, which was 229.478. We must also determine
the CPI-U for June of the year the CMP was last adjusted for inflation.
Because the Commission last adjusted this CMP in 2009, we use the CPI-U
for June of 2009, which was 215.693.
Second, we calculate the cost-of-living adjustment or inflation
factor. To do this we divide the CPI for June of 2012 (229.478) by the
CPI for June of 2009 (215.693). Our result is 1.0639.
Third, we calculate the raw inflation adjustment (the inflation
adjustment before rounding). To do this, we multiply the maximum
penalty amounts by the inflation factor. In our example, $1,425,000
multiplied by the inflation factor of 1.0639 equals $1,516,058.
Fourth, we round the raw inflation amounts according to the
rounding rules in Section 5(a) of the FCPIAA. Since we round only the
increase amount, we calculate the increased amount by subtracting the
current maximum penalty amounts from the raw maximum inflation
adjustments. Accordingly, the increase amount for the maximum penalty
in our example is $91,072 (i.e., $1,516,058 less $1,425,000). Under the
rounding rules, if the penalty is greater than $200,000, we round the
increase to the nearest multiple of $25,000. Therefore, the maximum
penalty increase in our example is $100,000.
Fifth, we add the rounded increase to the maximum penalty amount
last set or adjusted. In our example, $1,425,000 plus $100,000 yields a
maximum inflation adjustment penalty amount of $1,525,000.\13\
---------------------------------------------------------------------------
\13\ The adjustments in Table V to Subpart E of Part 201 reflect
that the operation of the statutorily mandated computation, together
with rounding rules, does not result in any adjustment to ten
penalties. These particular penalties will be subject to slightly
different treatment when calculating the next adjustment. Under the
statute, when we next adjust these penalties, we will be required to
use the CPI-U for June of the year when these particular penalties
were ``last adjusted,'' rather than the CPI-U for 2013.
---------------------------------------------------------------------------
III. Related Matters
Administrative Procedure Act--Immediate Effectiveness of Final Rule
Under the Administrative Procedure Act (``APA''), a final rule may
be issued without public notice and comment if the agency finds good
cause that notice and comment are impractical, unnecessary, or contrary
to public interest.\14\ Because the Commission is required by statute
to adjust the civil monetary penalties within its jurisdiction by the
cost-of-living adjustment formula set forth in Section 5 of the FCPIAA,
the Commission finds that good cause exists to dispense with public
notice and comment pursuant to the notice and comment provisions of the
APA.\15\ Specifically, the Commission finds that because the adjustment
is mandated by Congress and does not involve the exercise of Commission
discretion or any policy judgments, public notice and comment is
unnecessary.\16\
---------------------------------------------------------------------------
\14\ 5 U.S.C. 553(b)(3)(B).
\15\ 5 U.S.C. 553(b)(3)(B).
\16\ A regulatory flexibility analysis under the Regulatory
Flexibility Act (``RFA'') is required only when an agency must
publish a general notice of proposed rulemaking for notice and
comment. See 5 U.S.C. 603. As noted above, notice and comment are
not required for this final rule. Therefore, the RFA does not apply.
---------------------------------------------------------------------------
Under the DCIA, agencies must make the required inflation
adjustment to civil monetary penalties: (1) According to a very
specific formula in the statute; and (2) within four years of the last
inflation adjustment. Agencies have no discretion as to the amount of
the adjustment and have limited discretion as to the timing of the
adjustment, in that agencies are required to make the adjustment at
least once every four years. The regulation discussed herein is
ministerial, technical, and noncontroversial. Furthermore, because the
regulation concerns penalties for conduct that is already illegal under
existing law, there is no need for affected parties to have thirty days
prior to the effectiveness of the regulation and amendments to adjust
their conduct. Accordingly, the Commission believes that there is good
cause to make this regulation effective immediately upon
publication.\17\
---------------------------------------------------------------------------
\17\ Additionally, this finding satisfies the requirements for
immediate effectiveness under the Small Business Regulatory
Enforcement Fairness Act. See 5 U.S.C. 808(2); see also id.
801(a)(4).
---------------------------------------------------------------------------
A. Economic Analysis
The Commission is sensitive to the costs and benefits that result
from its rules. This regulation merely adjusts civil monetary penalties
in accordance with inflation as required by the DCIA, and has no impact
on disclosure or compliance costs. The Commission notes that the civil
monetary penalties ordered in SEC proceedings in fiscal year 2012
totaled approximately $1,021.0 million. Assuming that the Commission is
successful in obtaining civil monetary penalties in fiscal years
subsequent to the enactment of the new regulation in similar proportion
to that obtained in fiscal year 2012, the inflationary adjustment
pursuant to the new regulation would result in a maximum increase in
the civil monetary penalties ordered of approximately 6.4%, or $65.3
million. This figure assumes that the Commission would obtain a civil
monetary penalty equal to the maximum statutory amount in each
[[Page 14181]]
case, which clearly overstates the effect of the adjustment to the
penalties. The Commission further notes that, in many cases in which it
has obtained large civil monetary penalties, such penalties were
calculated on the basis of the gross pecuniary gain rather than the
maximum penalty dollar amount set by statute that will be adjusted by
this rule.\18\ In addition, the Commission notes that this figure
includes penalties imposed for insider trading, for which the statutory
maximum is stated as an amount not to exceed three times the profit
gained or loss avoided as a result of the violation, rather than by
reference to a statutory dollar amount that is affected by this
regulation.\19\ Therefore, the Commission does not believe that
adjusting civil monetary penalties will significantly affect the amount
of penalties it obtains.
---------------------------------------------------------------------------
\18\ For example, 15 U.S.C. 77t(d)(2)(A), after adjusting for
inflation as required by the DCIA, provides that ``the amount of the
penalty shall not exceed the greater of (i) [$7,500] for a natural
person or [$80,000] for any other person, or (ii) the gross amount
of pecuniary gain to such defendant as a result of the violation.''
\19\ 15 U.S.C. 78u-1(a)(2). In fiscal year 2012, penalties
imposed under this provision totaled over $140 million.
---------------------------------------------------------------------------
The benefit provided by the inflationary adjustment to the maximum
civil monetary penalties is that of maintaining the level of deterrence
effectuated by the civil monetary penalties, and not allowing such
deterrent effect to be diminished by inflation. The costs of
implementing this rule should be negligible, because the only change
from the current, baseline situation is determining potential penalties
using a new maximum dollar amount. Furthermore, Congress, in mandating
the inflationary adjustments, has already determined that any possible
increase in costs is justified by the overall benefits of such
adjustments.
B. Paperwork Reduction Act
This rule does not contain any collection of information
requirements as defined by the Paperwork Reduction Act of 1995 as
amended.\20\
---------------------------------------------------------------------------
\20\ 44 U.S.C. 3501 et seq.
---------------------------------------------------------------------------
C. Statutory Basis
The Commission is adopting these amendments to 17 CFR Part 201,
Subpart E pursuant to the directives and authority of the DCIA, Pub. L.
No. 104-134, 110 Stat. 1321-373 (1996).
List of Subjects in 17 CFR Part 201
Administrative practice and procedure, Claims, Confidential
business information, Lawyers, Securities.
Text of Amendment
For the reasons set forth in the preamble, part 201, title 17,
chapter II of the Code of Federal Regulations is amended as follows:
PART 201--RULES OF PRACTICE
Subpart E--Adjustment of Civil Monetary Penalties
0
1. The authority citation for part 201, Subpart E, continues to read as
follows:
Authority: 28 U.S.C. 2461 note.
Sec. 201.1001 [Amended]
0
2. Section 201.1001 is amended in Table 1 in the first column labeled
``U.S. code citation'' by removing the reference ``15 U.S.C.
78ff(c)(2)(C) * * *'' and adding in its place ``15 U.S.C. 78ff(c)(2)(B)
* * *''.
Sec. 201.1002 [Amended]
0
3. Section 201.1002 is amended in Table II in the first column labeled
``U.S. code citation'' by removing the reference ``15 U.S.C.
78ff(c)(2)(C) * * *'' and adding in its place ``15 U.S.C. 78ff(c)(2)(B)
* * *''.
Sec. 201.1003 [Amended]
0
4. Section 201.1003 is amended in Table III in the first column labeled
``U.S. code citation'' by removing the reference ``15 U.S.C.
78ff(c)(2)(C) * * *.'' and adding in its place ``15 U.S.C.
78ff(c)(2)(B) * * *''.
Sec. 201.1004 [Amended]
0
5. Section 201.1004 is amended in Table IV in the first column labeled
``U.S. code citation'' by removing the reference ``15 U.S.C.
78ff(c)(2)(C) * * *'' and adding in its place ``15 U.S.C. 78ff(c)(2)(B)
* * *''.
0
6. Section 201.1005 and Table V to Subpart E are added to read as
follows:
Sec. 201.1005 Adjustment of civil monetary penalties--2013.
As required by the Debt Collection Improvement Act of 1996, the
maximum amounts of all civil monetary penalties under the Securities
Act of 1933, the Securities Exchange Act of 1934, the Investment
Company Act of 1940, the Investment Advisers Act of 1940, and certain
penalties under the Sarbanes-Oxley Act of 2002 are adjusted for
inflation in accordance with Table V to this subpart. The adjustments
set forth in Table V apply to violations occurring after March 5, 2013.
----------------------------------------------------------------------------------------------------------------
Table V to subpart E Civil monetary penalty Maximum
--------------------------------------- inflation adjustments penalty
-------------------------- Year penalty amount Adjusted
amount was pursuant to maximum
U.S. Code citation Civil monetary penalty last adjusted last penalty amount
description adjustment
----------------------------------------------------------------------------------------------------------------
Securities and Exchange Commission:
15 U.S.C. 77h-1(g)................ For natural person...... 2010 $7,500 $7,500
For any other person.... 2010 75,000 80,000
For natural person/fraud 2010 75,000 80,000
For any other person/ 2010 375,000 400,000
fraud.
For natural person/ 2010 150,000 160,000
substantial losses or
risk of losses to
others.
For any other person/ 2010 725,000 775,000
substantial losses or
risk of losses to
others.
15 U.S.C. 77t(d).................. For natural person...... 2009 7,500 7,500
For any other person.... 2009 75,000 80,000
For natural person/fraud 2009 75,000 80,000
For any other person/ 2009 375,000 400,000
fraud.
For natural person/ 2009 150,000 160,000
substantial losses or
risk of losses to
others.
For any other person/ 2009 725,000 775,000
substantial losses or
risk of losses to
others.
[[Page 14182]]
15 U.S.C. 78ff(b)................. Exchange Act/failure to 1996 110 210
file information
documents, reports.
15 U.S.C. 78ff(c)(1)(B)........... Foreign Corrupt 2009 16,000 16,000
Practices--any issuer.
15 U.S.C. 78ff(c)(2)(B)........... Foreign Corrupt 2009 16,000 16,000
Practices--any agent or
stockholder acting on
behalf of issuer.
15 U.S.C. 78u-1(a)(3)............. Insider Trading-- 2009 1,425,000 1,525,000
controlling person.
15 U.S.C. 78u-2................... For natural person...... 2009 7,500 7,500
For any other person.... 2009 75,000 80,000
For natural person/fraud 2009 75,000 80,000
For any other person/ 2009 375,000 400,000
fraud.
For natural person/ 2009 150,000 160,000
substantial losses to
others/gains to self.
For any other person/ 2009 725,000 775,000
substantial losses to
others/gain to self.
15 U.S.C. 78u(d)(3)............... For natural person...... 2009 7,500 7,500
For any other person.... 2009 75,000 80,000
For natural person/fraud 2009 75,000 80,000
For any other person/ 2009 375,000 400,000
fraud.
For natural person/ 2009 150,000 160,000
substantial losses or
risk of losses to
others.
For any other person/ 2009 725,000 775,000
substantial losses or
risk of losses to
others.
15 U.S.C. 80a-9(d)................ For natural person...... 2009 7,500 7,500
For any other person.... 2009 75,000 80,000
For natural person/fraud 2009 75,000 80,000
For any other person/ 2009 375,000 400,000
fraud.
For natural person/ 2009 150,000 160,000
substantial losses to
others/gains to self.
For any other person/ 2009 725,000 775,000
substantial losses to
others/gain to self.
15 U.S.C. 80a-41(e)............... For natural person...... 2009 7,500 7,500
For any other person.... 2009 75,000 80,000
For natural person/fraud 2009 75,000 80,000
For any other person/ 2009 375,000 400,000
fraud.
For natural person/ 2009 150,000 160,000
substantial losses or
risk of losses to
others.
For any other person/ 2009 725,000 775,000
substantial losses or
risk of losses to
others.
15 U.S.C. 80b-3(i)................ For natural person...... 2009 7,500 7,500
For any other person.... 2009 75,000 80,000
For natural person/fraud 2009 75,000 80,000
For any other person/ 2009 375,000 400,000
fraud.
For natural person/ 2009 150,000 160,000
substantial losses to
others/gains to self.
For any other person/ 2009 725,000 775,000
substantial losses to
others/gain to self.
15 U.S.C. 80b-9(e)................ For natural person...... 2009 7,500 7,500
For any other person.... 2009 75,000 80,000
For natural person/fraud 2009 75,000 80,000
For any other person/ 2009 375,000 400,000
fraud.
For natural person/ 2009 150,000 160,000
substantial losses or
risk of losses to
others.
For any other person/ 2009 725,000 775,000
substantial losses or
risk of losses to
others.
15 U.S.C. 7215(c)(4)(D)(i)........ For natural person...... 2009 120,000 130,000
For any other person.... 2009 2,375,000 2,525,000
15 U.S.C. 7215(c)(4)(D)(ii)....... For natural person...... 2009 900,000 950,000
For any other person.... 2009 17,800,000 18,925,000
----------------------------------------------------------------------------------------------------------------
[[Page 14183]]
Dated: February 27, 2013.
By the Commission.
Elizabeth M. Murphy,
Secretary.
[FR Doc. 2013-04931 Filed 3-4-13; 8:45 am]
BILLING CODE 8011-01-P
