(a) Limitation on judgments.
(1) No person permitted to maintain a suit
for damages under the provisions of this title shall recover, through
satisfaction of judgment in 1 or more actions, a total amount in excess
of the actual damages to that person on account of the act complained
of. Except as otherwise specifically provided in this title, nothing
in this title shall affect the jurisdiction of the securities commission
(or any agency or officer performing like functions) of any State
over any security or any person insofar as it does not conflict with
the provisions of this title or the rules and regulations under this
title.
(2) Except as
provided in subsection (f), the rights and remedies provided by this
title shall be in addition to any and all other rights and remedies
that may exist at law or in equity.
(3) No State law which prohibits or regulates
the making or promoting of wagering or gaming contracts, or the operation
of “bucket shops” or other similar or related activities, shall invalidate—
(A) any put, call, straddle, option, privilege, or other security
subject to this title (except any security that has a pari-mutuel
payout or otherwise is determined by the Commission, acting by rule,
regulation, or order, to be appropriately subject to such laws),
or apply to any activity which is incidental or related to the offer,
purchase, sale, exercise, settlement, or closeout of any such security;
(B) any security-based
swap between eligible contract participants; or
(C) any security-based swap effected
on a national securities exchange registered pursuant to section 6(b).
(4) No provision of State law regarding the offer, sale, or distribution
of securities shall apply to any transaction in a security-based swap
or a security futures product, except that this paragraph may not
be construed as limiting any State antifraud law of general applicability.
A security-based swap may not be regulated as an insurance contract
under any provision of State law.
5-243
(b) Modification of disciplinary procedures. Nothing in this title shall be construed to modify existing law
with regard to the binding effect (1) on any member of or participant
in any self-regulatory organization of any action taken by the authorities
of such organization to settle disputes between its members or participants,
(2) on any municipal securities dealer or municipal securities broker
of any action taken pursuant to a procedure established by the Municipal
Securities Rulemaking Board to settle disputes between municipal securities
dealers and municipal securities brokers, or (3) of any action described
in paragraph (1) or (2) on any person who has agreed to be bound thereby.
[15 USC
78bb. As amended by acts of June 4, 1975 (88 Stat. 160); Oct. 13,
1982 (96 Stat. 1409); Oct. 11, 1996 (110 Stat. 3422); Nov. 3, 1998
(112 Stat. 3230); Dec. 21, 2000 (114 Stat. 2763A-436); and July 21,
2010 (124 Stat. 1799).]
