Sarbanes Oxley Act Section 703

 

SEC. 703. STUDY AND REPORT ON VIOLATORS AND VIOLATIONS.
 
(a) STUDY.—The Commission shall conduct a study to determine,
based upon information for the period from January 1, 1998,
to December 31, 2001—
 
(1) the number of securities professionals, defined as public
accountants, public accounting firms, investment bankers,
investment advisers, brokers, dealers, attorneys, and other
securities professionals practicing before the Commission—
 
(A) who have been found to have aided and abetted
a violation of the Federal securities laws, including rules
or regulations promulgated thereunder (collectively
referred to in this section as ‘‘Federal securities laws’’),
but who have not been sanctioned, disciplined, or otherwise
penalized as a primary violator in any administrative
action or civil proceeding, including in any settlement of
such an action or proceeding (referred to in this section
as ‘‘aiders and abettors’’); and
 
(B) who have been found to have been primary violators
of the Federal securities laws;
 
(2) a description of the Federal securities laws violations
committed by aiders and abettors and by primary violators,
including—
 
(A) the specific provision of the Federal securities laws
violated;
 
(B) the specific sanctions and penalties imposed upon
such aiders and abettors and primary violators, including
the amount of any monetary penalties assessed upon and
collected from such persons;
 
(C) the occurrence of multiple violations by the same
person or persons, either as an aider or abettor or as
a primary violator; and
 
(D) whether, as to each such violator, disciplinary sanctions
have been imposed, including any censure, suspension,
temporary bar, or permanent bar to practice before
the Commission; and
 
(3) the amount of disgorgement, restitution, or any other
fines or payments that the Commission has assessed upon
and collected from, aiders and abettors and from primary violators.
 
(b) REPORT.—A report based upon the study conducted pursuant
to subsection (a) shall be submitted to the Committee on Banking,
Housing, and Urban Affairs of the Senate, and the Committee
on Financial Services of the House of Representatives not later
than 6 months after the date of enactment of this Act.

 

 
   

 

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