Securities Lawyer's Deskbook
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The

Sarbanes-Oxley Act of 2002





Section 804 -- Statute of Limitations for Securities Fraud


  1. In General. Section 1658 of title 28, United States Code, is amended--

    1. by inserting "(a)" before "Except"; and

    2. by adding at the end the following:

      "(b) Notwithstanding subsection (a), a private right of action that involves a claim of fraud, deceit, manipulation, or contrivance in contravention of a regulatory requirement concerning the securities laws, as defined in section 3(a)(47) of the Securities Exchange Act of 1934 (15 U.S.C. 78c(a)(47)), may be brought not later than the earlier of--
        "(1) 2 years after the discovery of the facts constituting the violation; or
        "(2) 5 years after such violation.".




  2. Effective Date. The limitations period provided by section 1658(b) of title 28, United States Code, as added by this section, shall apply to all proceedings addressed by this section that are commenced on or after the date of enactment of this Act.

  3. No Creation of Actions. Nothing in this section shall create a new, private right of action.


Legislative History


July 30, 2002, 107 P.L. 204, Title VIII, § 804, 116 Stat. 745.



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