To amend the Securities Exchange Act of 1934 to permit private persons to compel the Securities and Exchange Commission to seek legal or equitable remedies in a civil action, instead of an administrative proceeding, and for other purposes.
(This measure has not been amended since it was introduced. The summary has been expanded because action occurred on the measure.)
Due Process Restoration Act of 2015
(Sec. 2) This bill amends the Securities Exchange Act of 1934 to authorize a person who is a party to an administrative proceeding brought by the Securities and Exchange Commission (SEC) under a securities law, and against whom an order imposing a cease and desist order and a penalty may be issued at the conclusion of the proceeding, to require the SEC to terminate the proceeding. If a person requires the SEC to terminate a proceeding, the SEC may bring a civil action against that person for the same remedy that might have been imposed.
A legal or equitable remedy may be imposed on a person against whom an administrative proceeding was brought only upon a showing by the SEC of clear and convincing evidence that the person has violated the relevant provision of law.
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