Sarbanes-oxley act of 2002

SEC. 308. ø15 U.S.C. 7246¿ FAIR FUNDS FOR INVESTORS. 
(a) C
IVIL
P
ENALTIES TO
B
E
U
SED FOR THE
R
ELIEF OF
V
IC
-
TIMS
.—If, in any judicial or administrative action brought by the 
Commission under the securities laws, the Commission obtains a 
civil penalty against any person for a violation of such laws, or 
such person agrees, in settlement of any such action, to such civil 
penalty, the amount of such civil penalty shall, on the motion or 
at the direction of the Commission, be added to and become part 
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As Amended Through P.L. 116-222, Enacted December 18, 2020

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40 
Sec. 401 
SARBANES-OXLEY ACT OF 2002 
of a disgorgement fund or other fund established for the benefit of 
the victims of such violation. 
(b) A
CCEPTANCE OF
A
DDITIONAL
D
ONATIONS
.—The Commission 
is authorized to accept, hold, administer, and utilize gifts, bequests 
and devises of property, both real and personal, to the United 
States for a disgorgement fund or other fund described in sub-
section (a). Such gifts, bequests, and devises of money and proceeds 
from sales of other property received as gifts, bequests, or devises 
shall be deposited in such fund and shall be available for allocation 
in accordance with subsection (a). 
(c) S
TUDY
R
EQUIRED
.— 
(1) S
UBJECT OF STUDY
.—The Commission shall review and 
analyze— 
(A) enforcement actions by the Commission over the 
five years preceding the date of the enactment of this Act 
that have included proceedings to obtain civil penalties or 
disgorgements to identify areas where such proceedings 
may be utilized to efficiently, effectively, and fairly provide 
restitution for injured investors; and 
(B) other methods to more efficiently, effectively, and 
fairly provide restitution to injured investors, including 
methods to improve the collection rates for civil penalties 
and disgorgements. 
(2) R
EPORT
R
EQUIRED
.—The Commission shall report its 
findings to the Committee on Financial Services of the House 
of Representatives and the Committee on Banking, Housing, 
and Urban Affairs of the Senate within 180 days after of the 
date of the enactment of this Act, and shall use such findings 
to revise its rules and regulations as necessary. The report 
shall include a discussion of regulatory or legislative actions 
that are recommended or that may be necessary to address 
concerns identified in the study. 
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