SEC. 208. ø15 U.S.C. 7233¿ COMMISSION AUTHORITY. (a) C
OMMISSION
R
EGULATIONS
.—Not later than 180 days after
the date of enactment of this Act, the Commission shall issue final
regulations to carry out each of subsections (g) through (l) of sec-
tion 10A of the Securities Exchange Act of 1934, as added by this
title.
(b) A
UDITOR
I
NDEPENDENCE
.—It shall be unlawful for any reg-
istered public accounting firm (or an associated person thereof, as
applicable) to prepare or issue any audit report with respect to any
issuer, if the firm or associated person engages in any activity with
respect to that issuer prohibited by any of subsections (g) through
(l) of section 10A of the Securities Exchange Act of 1934, as added
by this title, or any rule or regulation of the Commission or of the
Board issued thereunder.
SEC. 209. ø15 U.S.C. 7234¿ CONSIDERATIONS BY APPROPRIATE STATE REGULATORY AUTHORITIES. In supervising nonregistered public accounting firms and their
associated persons, appropriate State regulatory authorities should
make an independent determination of the proper standards appli-
cable, particularly taking into consideration the size and nature of
the business of the accounting firms they supervise and the size
and nature of the business of the clients of those firms. The stand-
ards applied by the Board under this Act should not be presumed
to be applicable for purposes of this section for small and medium
sized nonregistered public accounting firms.
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As Amended Through P.L. 116-222, Enacted December 18, 2020
