(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
(2) 5 years after such violation.