S. 1551 would amend section 20 of the Securities Exchange Act of 1934 to allow for a private civil action against a person that provides substantial assistance in violation of such Act.
Detailed Summary
Liability for Aiding and Abetting Securities Violations Act of 2009 - Amends the Securities Exchange Act of 1934 to subject to liability in a private civil action any person that knowingly or recklessly provides substantial assistance to another person (aids and abets) in violation of such Act.
Status of the Legislation
Latest Major Action: 9/17/2009: Senate committee/subcommittee actions. Status: Subcommittee on Crime and Drugs. Date of scheduled hearing. SD-226. 2:00 p.m.
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Points Against
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