§ 1658. — Time limitations on the commencement of civil actions arising under Acts of Congress.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 28USC1658]
TITLE 28--JUDICIARY AND JUDICIAL PROCEDURE
PART V--PROCEDURE
CHAPTER 111--GENERAL PROVISIONS
Sec. 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.
(Added Pub. L. 101-650, title III, Sec. 313(a), Dec. 1, 1990, 104 Stat.
5114; amended Pub. L. 107-204, title VIII, Sec. 804(a), July 30, 2002,
116 Stat. 801.)
References in Text
The 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.
Amendments
2002--Pub. L. 107-204 designated existing provisions as subsec. (a)
and added subsec. (b).
Effective Date of 2002 Amendment
Pub. L. 107-204, title VIII, Sec. 804(b), July 30, 2002, 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
Section 313(c) of Pub. L. 101-650 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, title VIII, Sec. 804(c), July 30, 2002, 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.''
