Sarbanes-oxley act of 2002

30 
Sec. 109 
SARBANES-OXLEY ACT OF 2002 
4
So in law. Should refer to section 102(f). 
(iii) the feasibility of and proposed methods by 
which a principles-based system may be implemented; 
and 
(iv) a thorough economic analysis of the imple-
mentation of a principles-based system. 
(2) R
EPORT
.—Not later than 1 year after the date of enact-
ment of this Act, the Commission shall submit a report on the 
results of the study required by paragraph (1) to the Com-
mittee on Banking, Housing, and Urban Affairs of the Senate 
and the Committee on Financial Services of the House of Rep-
resentatives. 
SEC. 109. ø15 U.S.C. 7219¿ FUNDING. 
(a) I
N
G
ENERAL
.—The Board, and the standard setting body 
designated pursuant to section 19(b) of the Securities Act of 1933, 
as amended by section 108, shall be funded as provided in this sec-
tion. 
(b) A
NNUAL
B
UDGETS
.—The Board and the standard setting 
body referred to in subsection (a) shall each establish a budget for 
each fiscal year, which shall be reviewed and approved according 
to their respective internal procedures not less than 1 month prior 
to the commencement of the fiscal year to which the budget per-
tains (or at the beginning of the Board’s first fiscal year, which 
may be a short fiscal year). The budget of the Board shall be sub-
ject to approval by the Commission. The budget for the first fiscal 
year of the Board shall be prepared and approved promptly fol-
lowing the appointment of the initial five Board members, to per-
mit action by the Board of the organizational tasks contemplated 
by section 101(d). 
(c) S
OURCES AND
U
SES OF
F
UNDS
.— 
(1) R
ECOVERABLE BUDGET EXPENSES
.—The budget of the 
Board (reduced by any registration or annual fees received 
under section 102(e)
4
for the year preceding the year for which 
the budget is being computed), and all of the budget of the 
standard setting body referred to in subsection (a), for each fis-
cal year of each of those 2 entities, shall be payable from an-
nual accounting support fees, in accordance with subsections 
(d) and (e). Accounting support fees and other receipts of the 
Board and of such standard-setting body shall not be consid-
ered public monies of the United States. 
(2) F
UNDS GENERATED FROM THE COLLECTION OF MONETARY
PENALTIES
.—Subject to the availability in advance in an appro-
priations Act, and notwithstanding subsection (j), all funds col-
lected by the Board as a result of the assessment of monetary 
penalties shall be used to fund a merit scholarship program for 
undergraduate and graduate students enrolled in accredited 
accounting degree programs, which program is to be adminis-
tered by the Board or by an entity or agent identified by the 
Board. 
(d) A
NNUAL
A
CCOUNTING
S
UPPORT
F
EE FOR THE
B
OARD
.— 
(1) E
STABLISHMENT OF FEE
.—The Board shall establish, 
with the approval of the Commission, a reasonable annual ac-
counting support fee (or a formula for the computation thereof), 
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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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