Securities Act of 2008

[AI summary unavailable — showing source text] Securities Act of 2008 - Amends the Securities Act of 1933, the Securities Exchange Act of 1934, the Investment Advisers Act of 1940, and the Investment Company Act of 1940 to authorize the Securities and Exchange Commission (SEC) to assess and impose civil penalties in a cease and desist proceeding. Creates a three tiers of increasing civil penalties for acts or omissions of increasing gravity. Authorizes the SEC to censure, place limitations on the activities or functions of, or investigate any person who at the time of specified alleged misconduct was: (1) a member or employee of the the Municipal Securities Rulemaking Board; (2) a person associated or seeking to become associated with a government securities broker or dealer; (3) a person associated with a member of a national securities exchange or registered securities association; (4) a participant of a registered clearing agency; (5) an officer or director of a self-regulatory organization; and (6) an officer or director of an investment company. Amends the Securities Act of 1933 to exempt from state regulation any warrants or rights to subscribe or purchase securities offerings. Amends the Securities Act of 1934 and the In…