Private Securities Litigation Reform Act of 1995

TABLE OF CONTENTS: Title I: Private Securities Litigation Title II: Commission Private Enforcement Study Private Securities Litigation Reform Act of 1995 - Title I: Private Securities Litigation - Amends the Securities Exchange Act of 1934 (the Act) to prohibit brokers, dealers, or associated persons from soliciting or accepting referral fees from an attorney for obtaining the representation of a customer in any implied private action. (Sec. 101) Prohibits, unless otherwise ordered by the court, the use of funds disgorged solely as the result of any administrative or court action brought by the Securities and Exchange Commission (SEC) to pay legal expenses incurred by private parties seeking distribution of such funds. Modifies the guidelines for class action litigation, including: (1) recovery by named plaintiffs in the same manner as all other members of the class; (2) court determination of conflicts of interest on the part of counsel with a beneficial interest in the securities that are the subject of the litigation; (3) restrictions on settlements under seal; (4) restrictions on protective orders and sealing of cases; (5) prohibition of restrictions on disclosure of relevant information to the Congress or to State or Federal law enforcement agencies; (6) mandatory preservation of evidence; (7) payment of attorney's fees from settlement funds; (8) disclosure of settlement terms to class members; and (9) guidelines for contribution for damages. (Sec. 102) Sets forth special requirements for class action complaints with respect to certification, multiple securities class actions, and an early evaluation procedure employing the services of a mediator. (Sec. 103) Amends the Securities Act of 1933, the Securities Exchange Act of 1934, the Investment Company Act of 1940, and the Investment Advisers Act of 1940 to set forth guidelines for prosecution of persons who aid or abet violations of such Acts. (Sec. 104) Directs the SEC to: (1) adopt certain rules with respect to forward-looking statements concerning the future economic performance of an issuer of securities; and (2) report to certain congressional committees on such rules. Amends the Securities Exchange Act of 1934 to prescribe litigation procedures with respect to safe harbors for forward-looking statements. (Sec. 105) Establishes a statute of limitations period for implied private rights of action. (Sec. 106) Modifies requirements for audits conducted by an independent public accountant of an issuer's financial statements to include procedures to: (1) detect illegal acts; (2) identify related party transactions material to financial statements; and (3) evaluate an issuer's ability to continue as a going concern. Sets forth notification and reporting guidelines for a public accountant who detects illegal activities during the course of an audit. Limits such auditor's liability for complying with such guidelines. Establishes civil penalties for an auditor's noncompliance with this Act. Title II: Commission Private Enforcement Study - Mandates that the attorneys for the litigants in a class action complaint promptly provide the SEC with copies of the pertinent materials. Authorizes the SEC to take enforcement actions based upon the submissions that it receives. (Sec. 202) Directs the SEC to submit a detailed report to the Congress regarding each implied private action filed as a class action for which it received notification, including: (1) litigation status; (2) litigant participation; (3) professional participation; and (4) actions based solely on forward-looking statements.