; (ii) 3 times the gross amount of pecuniary gain to the person who committed the act or omission; or (iii) the amount of losses incurred by victims as a result of the act or omission, if— (I) the act or omission described in paragraph (1) involved fraud, deceit, manipulation, or deliberate or reckless disregard of a regulatory requirement; and (II) such act or omission directly or indirectly resulted in substantial losses or created a significant risk of substantial losses to other persons or resulted in substantial pecuniary gain to the person who committed the act or omission. . (2) Money penalties in civil actions Section 42(e)(2) of the Investment Company Act of 1940 ( 15 U.S.C. 80a–41(e)(2) ) is amended— (A) in subparagraph (A)— (i) by striking $5,000 and inserting $10,000 ; and (ii) by striking $50,000 and inserting $100,000 ; (B) in subparagraph (B)— (i) by striking $50,000 and inserting $100,000 ; and (ii) by striking $250,000 and inserting $500,000 ; and (C) in subparagraph (C), by striking greater of (i) $100,000 for a natural person or $500,000 for any other person, or (ii) the gross amount of pecuniary gain to such defendant as a result of the violation and inserting the following: greater of— (i) $1,000,000 for a natural person or $10,000,000 for any other person; (ii) 3 times the gross amount of pecuniary gain to such defendant as a result of the violation; or (iii) the amount of losses incurred by victims as a result of the violation . (d) Investment Advisers Act of 1940 (1) Money penalties in administrative actions Section 203(i)(2) of the Investment Advisers Act of 1940 ( 15 U.S.C. 80b–3(i)(2) ) is amended— (A) in subparagraph (A)— (i) by striking $5,000 and inserting $10,000 ; and (ii) by striking $50,000 and inserting $100,000 ; (B) in subparagraph (B)— (i) by striking $50,000 and inserting $100,000 ; and (ii) by striking $250,000 and inserting $500,000