Securities Lawyer's Deskbook                          published by The University of Cincinnati College of Law

Section 305 -- Officer and Director Bars and Penalties

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1. Unfitness Standard.
   
   
   1. Securities exchange act of 1934. Section 21(d)(2) of the Securities Exchange Act of 1934 is amended by striking "substantial unfitness" and inserting "unfitness".
      
      
   2. Securities act of 1933. Section 20(e) of the Securities Act of 1933 is amended by striking "substantial unfitness" and inserting "unfitness".
      
      
2. Equitable Relief. Section 21(d) of the Securities Exchange Act of 1934 is amended by adding at the end the following:
   
   
   

   "(5) Equitable Relief.-- In any action or proceeding brought or instituted by the Commission under any provision of the securities laws, the Commission may seek, and any Federal court may grant, any equitable relief that may be appropriate or necessary for the benefit of investors.".

   
   
   
   
   

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