Bill would give SEC 10 years to go after civil damages for fraud

The amount of time the Securities and Exchange Commission has available to pursue civil damages for fraud would be doubled to 10 years from five under a bill introduced by Sen. Jack Reed, D-R.I. The proposal is in response to a U.S. Supreme Court decision that the current five-year limit on the agency’s authority to initiate action starts when the fraud takes place, rather than when it is discovered by the SEC. InvestmentNews (free registration) (8/7)