22 Sec. 105 SARBANES-OXLEY ACT OF 2002 (II) a description of the applicable information
systems and controls of the foreign auditor over-
sight authority; and
(III) a description of the laws and regulations
of the foreign government of the foreign auditor
oversight authority that are relevant to informa-
tion access; and
(iii) the Board determines that it is appropriate to
share such information.
(6) I
MMUNITY
.—Any employee of the Board engaged in car-
rying out an investigation under this Act shall be immune
from any civil liability arising out of such investigation in the
same manner and to the same extent as an employee of the
Federal Government in similar circumstances.
(c) D
ISCIPLINARY
P
ROCEDURES
.—
(1) N
OTIFICATION
;
RECORDKEEPING
.—The rules of the
Board shall provide that in any proceeding by the Board to de-
termine whether a registered public accounting firm, or an as-
sociated person thereof, should be disciplined, the Board
shall—
(A) bring specific charges with respect to the firm or
associated person;
(B) notify such firm or associated person of, and pro-
vide to the firm or associated person an opportunity to de-
fend against, such charges; and
(C) keep a record of the proceedings.
(2) P
UBLIC HEARINGS
.—Hearings under this section shall
not be public, unless otherwise ordered by the Board for good
cause shown, with the consent of the parties to such hearing.
(3) S
UPPORTING
STATEMENT
.—A determination by the
Board to impose a sanction under this subsection shall be sup-
ported by a statement setting forth—
(A) each act or practice in which the registered public
accounting firm, or associated person, has engaged (or
omitted to engage), or that forms a basis for all or a part
of such sanction;
(B) the specific provision of this Act, the securities
laws, the rules of the Board, or professional standards
which the Board determines has been violated; and
(C) the sanction imposed, including a justification for
that sanction.
(4) S
ANCTIONS
.—If the Board finds, based on all of the
facts and circumstances, that a registered public accounting
firm or associated person thereof has engaged in any act or
practice, or omitted to act, in violation of this Act, the rules of
the Board, the provisions of the securities laws relating to the
preparation and issuance of audit reports and the obligations
and liabilities of accountants with respect thereto, including
the rules of the Commission issued under this Act, or profes-
sional standards, the Board may impose such disciplinary or
remedial sanctions as it determines appropriate, subject to ap-
plicable limitations under paragraph (5), including—
(A) temporary suspension or permanent revocation of
registration under this title;
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As Amended Through P.L. 116-222, Enacted December 18, 2020