Sarbanes-oxley act of 2002

28 
Sec. 107 
SARBANES-OXLEY ACT OF 2002 
(2) R
EVIEW
OF
SANCTIONS
.—The provisions of sections 
19(d)(2) and 19(e)(1) of the Securities Exchange Act of 1934 (15 
U.S.C. 78s (d)(2) and (e)(1)) shall govern the review by the 
Commission of final disciplinary sanctions imposed by the 
Board (including sanctions imposed under section 105(b)(3) of 
this Act for noncooperation in an investigation of the Board), 
as fully as if the Board were a self-regulatory organization and 
the Commission were the appropriate regulatory agency for 
such organization for purposes of those sections 19(d)(2) and 
19(e)(1), except that, for purposes of this paragraph— 
(A) section 105(e) of this Act (rather than that section 
19(d)(2)) shall govern the extent to which application for, 
or institution by the Commission on its own motion of, re-
view of any disciplinary action of the Board operates as a 
stay of such action; 
(B) references in that section 19(e)(1) to ‘‘members’’ of 
such an organization shall be deemed to be references to 
registered public accounting firms; 
(C) the phrase ‘‘consistent with the purposes of this 
title’’ in that section 19(e)(1) shall be deemed to read ‘‘con-
sistent with the purposes of this title and title I of the Sar-
banes-Oxley Act of 2002’’; 
(D) references to rules of the Municipal Securities 
Rulemaking Board in that section 19(e)(1) shall not apply; 
and 
(E) the reference to section 19(e)(2) of the Securities 
Exchange Act of 1934 shall refer instead to section 
107(c)(3) of this Act. 
(3) C
OMMISSION MODIFICATION AUTHORITY
.—The Commis-
sion may enhance, modify, cancel, reduce, or require the remis-
sion of a sanction imposed by the Board upon a registered pub-
lic accounting firm or associated person thereof, if the Commis-
sion, having due regard for the public interest and the protec-
tion of investors, finds, after a proceeding in accordance with 
this subsection, that the sanction— 
(A) is not necessary or appropriate in furtherance of 
this Act or the securities laws; or 
(B) is excessive, oppressive, inadequate, or otherwise 
not appropriate to the finding or the basis on which the 
sanction was imposed. 
(d) C
ENSURE OF THE
B
OARD
; O
THER
S
ANCTIONS
.— 
(1) R
ESCISSION OF BOARD AUTHORITY
.—The Commission, by 
rule, consistent with the public interest, the protection of in-
vestors, and the other purposes of this Act and the securities 
laws, may relieve the Board of any responsibility to enforce 
compliance with any provision of this Act, the securities laws, 
the rules of the Board, or professional standards. 
(2) C
ENSURE OF THE BOARD
; 
LIMITATIONS
.—The Commis-
sion may, by order, as it determines necessary or appropriate 
in the public interest, for the protection of investors, or other-
wise in furtherance of the purposes of this Act or the securities 
laws, censure or impose limitations upon the activities, func-
tions, and operations of the Board, if the Commission finds, on 
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18:34 Dec 21, 2020
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December 21, 2020 
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As Amended Through P.L. 116-222, Enacted December 18, 2020

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