Sarbanes Oxley Act Section 3

 

SEC. 3. COMMISSION RULES AND ENFORCEMENT.
 
(a) REGULATORY ACTION.—The Commission shall promulgate
such rules and regulations, as may be necessary or appropriate
in the public interest or for the protection of investors, and in
furtherance of this Act.
 
(b) ENFORCEMENT.—
 
(1) IN GENERAL.—A violation by any person of this Act,
any rule or regulation of the Commission issued under this
Act, or any rule of the Board shall be treated for all purposes
in the same manner as a violation of the Securities Exchange
Act of 1934 (15 U.S.C. 78a et seq.) or the rules and regulations
issued thereunder, consistent with the provisions of this Act,
and any such person shall be subject to the same penalties,
and to the same extent, as for a violation of that Act or
such rules or regulations.
 
(2) INVESTIGATIONS, INJUNCTIONS, AND PROSECUTION OF
OFFENSES.—Section 21 of the Securities Exchange Act of 1934
(15 U.S.C. 78u) is amended—
 
(A) in subsection (a)(1), by inserting ‘‘the rules of the
Public Company Accounting Oversight Board, of which such
person is a registered public accounting firm or a person
associated with such a firm,’’ after ‘‘is a participant,’’;
 
(B) in subsection (d)(1), by inserting ‘‘the rules of the
Public Company Accounting Oversight Board, of which such
person is a registered public accounting firm or a person
associated with such a firm,’’ after ‘‘is a participant,’’;
 
(C) in subsection (e), by inserting ‘‘the rules of the
Public Company Accounting Oversight Board, of which such
person is a registered public accounting firm or a person
associated with such a firm,’’ after ‘‘is a participant,’’; and
 
(D) in subsection (f), by inserting ‘‘or the Public Company
Accounting Oversight Board’’ after ‘‘self-regulatory
organization’’ each place that term appears.
 
(3) CEASE-AND-DESIST PROCEEDINGS.—Section 21C(c)(2) of
the Securities Exchange Act of 1934 (15 U.S.C. 78u–3(c)(2))
is amended by inserting ‘‘registered public accounting firm (as
defined in section 2 of the Sarbanes-Oxley Act of 2002),’’ after
‘‘government securities dealer,’’.
 
(4) ENFORCEMENT BY FEDERAL BANKING AGENCIES.—Section
12(i) of the Securities Exchange Act of 1934 (15 U.S.C. 78l(i))
is amended by—
 
(A) striking ‘‘sections 12,’’ each place it appears and
inserting ‘‘sections 10A(m), 12,’’; and
 
(B) striking ‘‘and 16,’’ each place it appears and
inserting ‘‘and 16 of this Act, and sections 302, 303, 304,
306, 401(b), 404, 406, and 407 of the Sarbanes-Oxley Act
of 2002,’’.
 
(c) EFFECT ON COMMISSION AUTHORITY.—Nothing in this Act
or the rules of the Board shall be construed to impair or limit—
 
(1) the authority of the Commission to regulate the
accounting profession, accounting firms, or persons associated
with such firms for purposes of enforcement of the securities
laws;
 
(2) the authority of the Commission to set standards for
accounting or auditing practices or auditor independence,
derived from other provisions of the securities laws or the
rules or regulations thereunder, for purposes of the preparation
and issuance of any audit report, or otherwise under applicable
law; or
 
(3) the ability of the Commission to take, on the initiative
of the Commission, legal, administrative, or disciplinary action against any registered public accounting firm or any associated person thereof.
 

 

   

 

 

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