Sarbanes-oxley act of 2002

24 
Sec. 105 
SARBANES-OXLEY ACT OF 2002 
detect any such violation by such associated person; 
and 
(ii) such person has reasonably discharged the du-
ties and obligations incumbent upon that person by 
reason of such procedures and system, and had no rea-
sonable cause to believe that such procedures and sys-
tem were not being complied with. 
(7) E
FFECT OF SUSPENSION
.— 
(A) A
SSOCIATION WITH A PUBLIC ACCOUNTING FIRM
.—It 
shall be unlawful for any person that is suspended or 
barred from being associated with a registered public ac-
counting firm under this subsection willfully to become or 
remain associated with any registered public accounting 
firm, or for any registered public accounting firm that 
knew, or, in the exercise of reasonable care should have 
known, of the suspension or bar, to permit such an asso-
ciation, without the consent of the Board or the Commis-
sion. 
(B) A
SSOCIATION WITH AN ISSUER
, 
BROKER
, 
OR DEAL
-
ER
.—It shall be unlawful for any person that is suspended 
or barred from being associated with a registered public 
accounting firm under this subsection willfully to become 
or remain associated with any issuer, broker, or dealer in 
an accountancy or a financial management capacity, and 
for any issuer, broker, or dealer that knew, or in the exer-
cise of reasonable care should have known, of such suspen-
sion or bar, to permit such an association, without the con-
sent of the Board or the Commission. 
(d) R
EPORTING OF
S
ANCTIONS
.— 
(1) R
ECIPIENTS
.—If the Board imposes a disciplinary sanc-
tion, in accordance with this section, the Board shall report the 
sanction to— 
(A) the Commission; 
(B) any appropriate State regulatory authority or any 
foreign accountancy licensing board with which such firm 
or person is licensed or certified; and 
(C) the public (once any stay on the imposition of such 
sanction has been lifted). 
(2) C
ONTENTS
.—The information reported under paragraph 
(1) shall include— 
(A) the name of the sanctioned person; 
(B) a description of the sanction and the basis for its 
imposition; and 
(C) such other information as the Board deems appro-
priate. 
(e) S
TAY OF
S
ANCTIONS
.— 
(1) I
N GENERAL
.—Application to the Commission for re-
view, or the institution by the Commission of review, of any 
disciplinary action of the Board shall operate as a stay of any 
such disciplinary action, unless and until the Commission or-
ders (summarily or after notice and opportunity for hearing on 
the question of a stay, which hearing may consist solely of the 
submission of affidavits or presentation of oral arguments) that 
no such stay shall continue to operate. 
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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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