Sarbanes Oxley Act Section 304

 

SEC. 304. FORFEITURE OF CERTAIN BONUSES AND PROFITS.
 
(a) ADDITIONAL COMPENSATION PRIOR TO NONCOMPLIANCE WITH
COMMISSION FINANCIAL REPORTING REQUIREMENTS.—
 
If an issuer is required to prepare an accounting restatement due to the material
noncompliance of the issuer, as a result of misconduct, with any
financial reporting requirement under the securities laws, the chief
executive officer and chief financial officer of the issuer shall
reimburse the issuer for—
 
(1) any bonus or other incentive-based or equity-based compensation
received by that person from the issuer during the
12-month period following the first public issuance or filing
with the Commission (whichever first occurs) of the financial
document embodying such financial reporting requirement; and
 
(2) any profits realized from the sale of securities of the
issuer during that 12-month period.
 
(b) COMMISSION EXEMPTION AUTHORITY.—The Commission may
exempt any person from the application of subsection (a), as it
deems necessary and appropriate.

   

 

Sarbanes Oxley Compliance Professionals Association (SOXCPA)

Certified Sarbanes-Oxley Expert (CSOE) - Distance learning and online certification program