Sarbanes Oxley Act Section 704

 

SEC. 704. STUDY OF ENFORCEMENT ACTIONS.
 
(a) STUDY REQUIRED.—
 
The Commission shall review and analyze
all enforcement actions by the Commission involving violations
of reporting requirements imposed under the securities laws, and
restatements of financial statements, over the 5-year period preceding
the date of enactment of this Act, to identify areas of
reporting that are most susceptible to fraud, inappropriate manipulation,
or inappropriate earnings management, such as revenue
recognition and the accounting treatment of off-balance sheet special
purpose entities.
 
(b) REPORT REQUIRED.—The Commission shall report its
findings to the Committee on Financial Services of the House of
Representatives and the Committee on Banking, Housing, and
Urban Affairs of the Senate, not later than 180 days after the
date of enactment of this Act, and shall use such findings to revise
its rules and regulations, as necessary. The report shall include
a discussion of regulatory or legislative steps that are recommended
or that may be necessary to address concerns identified in the
study.

   

 

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