28 U.S.C. § 1658

Current through P.L. 118-107 (published on www.congress.gov on 11/21/2024)

Section 1658 - Time limitations on the commencement of civil actions arising under Acts of Congress

(a) Except as otherwise provided by law, a civil action arising under an Act of Congress enacted after the date of the enactment of this section may not be commenced later than 4 years after the cause of action accrues.

(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.

28 U.S.C. § 1658

Added Pub. L. 101-650, §313, 104 Stat. 5114; amended Pub. L. 107-204, §804, 116 Stat. 801.

EDITORIAL NOTES

REFERENCES IN TEXTThe date of the enactment of this section, referred to in subsec. (a), is the date of enactment of Pub. L. 101-650, which was approved Dec. 1, 1990.

AMENDMENTS2002- Pub. L. 107-204 designated existing provisions as subsec. (a) and added subsec. (b).

STATUTORY NOTES AND RELATED SUBSIDIARIES

EFFECTIVE DATE OF 2002 AMENDMENT Pub. L. 107-204, §804, 116 Stat. 801, provided that: "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 [July 30, 2002]."

EFFECTIVE DATE Pub. L. 101-650, §313, 104 Stat. 5115, provided that: "The amendments made by this section [enacting this section] shall apply with respect to causes of action accruing on or after the date of the enactment of this Act [Dec. 1, 1990]."

NO CREATION OF ACTIONS Pub. L. 107-204, §804, 116 Stat. 801, provided that: "Nothing in this section [amending this section and enacting provisions set out as a note under this section] shall create a new, private right of action."