; (bb) 3 times the gross amount of pecuniary gain to the person who committed the violation; or (cc) the amount of losses incurred by victims as a result of the violation. (II) Third tier violation For the purposes of this clause, the term third tier violation means a violation described in subparagraph (A) that— (aa) involved fraud, deceit, manipulation, or deliberate or reckless disregard of a regulatory requirement; and (bb) directly or indirectly— (AA) resulted in substantial losses to other persons; (BB) created a significant risk of substantial losses to other persons; or (CC) resulted in substantial pecuniary gain to the person who committed the violation. . (2) Money penalties in administrative actions Section 21B(b) of the Securities Exchange Act of 1934 ( 15 U.S.C. 78u–2(b) ) is amended— (A) in paragraph (1)— (i) by striking $5,000 and inserting $10,000 ; and (ii) by striking $50,000 and inserting $100,000 ; (B) in paragraph (2)— (i) by striking $50,000 and inserting $100,000 ; and (ii) by striking $250,000 and inserting $500,000 ; and (C) by striking paragraph (3) and inserting the following: (3) Third tier (A) In general Notwithstanding paragraphs (1) and (2), for a third tier act or omission, the amount of penalty for each such act or omission shall not exceed the 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 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. (B) Third tier act or omission For the purposes of this paragraph, the term third tier act or omission means an act or omission described in paragraph (1) that— (i) involved fraud, deceit, manipulation, or deliberate or reckless disregard of a regulatory requirement; and (ii) directly or indirectly— (I) resulted in substantial losses to other persons; (II) created a significant risk of substantial losses to other persons