PUBLIC LAW 101-429—OCT. 15, 1990 104 STAT. 937 "(D) SPECIAL PROVISIONS RELATING TO A VIOLATION OF A CEASE- AND-DESIST ORDER. —In an action to enforce a cease-and-desist order entered by the Commission pursuant to section 21C, each separate violation of such order shall be a separate offense, except that in the case of a violation through a continuing failure to comply with the order, each day of the failure to comply shall be deemed a separate offense.". SEC. 202. CIVIL REMEDIES IN ADMINISTRATIVE PROCEEDINGS. (a) The Securities Exchange Act of 1934 is amended by inserting after section 21A (15 U.S.C. 78u-l) the following: "CIVIL REMEDIES IN ADMINISTRATIVE PROCEEDINGS "SEC. 21B. (a) COMMISSION AUTHORITY TO ASSESS MONEY PEN- 15 USC 78U-2. ALTIES. — In any proceeding instituted pursuant to sections 15(b)(4),' 15(b)(6), 15B, 15C, or 17A of this title against any person, the Commission or the appropriate regulatory agency may impose a civil penalty if it finds, on the record after notice and opportunity for hearing, that such person— "(1) has willfully violated any provision of the Securities Act of 1933, the Investment Company Act of 1940, the Investment Advisers Act of 1940, or this title, or the rules or regulations thereunder, or the rules of the Municipal Securities Rulemaking Board; "(2) has willfully aided, abetted, counseled, commanded, induced, or procured such a violation by any other person; "(3) has willfully made or caused to be made in any application for registration or report required to be filed with the Commission or with any other appropriate regulatory agency under this title, or in any proceeding before the Commission with respect to registration, any statement which was, at the time and in the light of the circumstances under which it was made, false or misleading with respect to any material fact, or has omitted to state in any such application or report any material fact which is required to be stated therein; or "(4) has failed reasonably to supervise, within the meaning of section 15(b)(4)(E) of this title, with a view to preventing violations of the provisions of such statutes, rules and regulations, another person who commits such a violation, if such other person is subject to his supervision; and that such penalty is in the public interest. "(b) MAXIMUM AMOUNT OF PENALTY. — "(1) FIRST TIER.— The maximum amount of penalty for each act or omission described in subsection (a) shall be $5,000 for a natural person or $50,000 for any other person. "(2) SECOND TIER.— Notwithstanding paragraph (1), the maximum amount of penalty for each such act or omission shall be $50,000 for a natural person or $250,000 for any other person if the act or omission described in subsection (a) involved fraud, deceit, manipulation, or deliberate or reckless disregard of a regulatory requirement. " (3) THIRD TIER. —Notwithstanding paragraphs (1) and (2), the maximum amount of penalty for each such act or omission shall be $100,000 for a natural person or $500,000 for any other person if—
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