But closing loopholes "will continue to be a cat-and-mouse game," according to a Dutch official.

Some "ordinary Americans" whose correspondence Clayton referenced said they did not write the letters, or were even unaware of the letters' existence.

The bill codifies the SEC's power to order disgorgement, an issue the court is considering.

EU commissioner in charge of financial services warns of ongoing risk of financial instability "because industry has not so far fully prepared for a no-deal Brexit."