Sarbanes Oxley Act Section 602

 

SEC. 602. APPEARANCE AND PRACTICE BEFORE THE COMMISSION.
 
The Securities Exchange Act of 1934 (15 U.S.C. 78a et seq.)
is amended by inserting after section 4B the following:
 
‘‘SEC. 4C. APPEARANCE AND PRACTICE BEFORE THE COMMISSION.
‘‘(a) AUTHORITY TO CENSURE.—The Commission may censure
any person, or deny, temporarily or permanently, to any person
the privilege of appearing or practicing before the Commission
in any way, if that person is found by the Commission, after
notice and opportunity for hearing in the matter—
 
‘‘(1) not to possess the requisite qualifications to represent
others;
 
‘‘(2) to be lacking in character or integrity, or to have
engaged in unethical or improper professional conduct; or
 
‘‘(3) to have willfully violated, or willfully aided and abetted
the violation of, any provision of the securities laws or the
rules and regulations issued thereunder.
 
‘‘(b) DEFINITION.—With respect to any registered public
accounting firm or associated person, for purposes of this section,
the term ‘improper professional conduct’ means—
 
‘‘(1) intentional or knowing conduct, including reckless conduct,
that results in a violation of applicable professional standards;
and
 
‘‘(2) negligent conduct in the form of—
 
‘‘(A) a single instance of highly unreasonable conduct
that results in a violation of applicable professional standards
in circumstances in which the registered public
accounting firm or associated person knows, or should
know, that heightened scrutiny is warranted; or
 
‘‘(B) repeated instances of unreasonable conduct, each
resulting in a violation of applicable professional standards,
that indicate a lack of competence to practice before the
Commission.’’

 

 
   

 

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