Security Law Enforcement Remedies Act Law and Legal Definition

Security Law Enforcement Remedies Act is a federal legislation enacted in the year 1990. The Act established additional civil penalties for officers and board members in publicly-traded companies deemed to be "unfit." This act provides the Securities and Exchange Commission _SEC_ with enforcement power especially over corporate officers and directors who prove to be substantially unfit. The act imposes civil penalties to recover any losses that were absorbed due to the inability of the officer to operate the securities entity in a fit manner.