45 Sec. 702 SARBANES-OXLEY ACT OF 2002 large national and multinational business organizations
that are subject to the securities laws;
(2) of the problems, if any, faced by business organizations
that have resulted from limited competition among public ac-
counting firms, including—
(A) higher costs;
(B) lower quality of services;
(C) impairment of auditor independence; or
(D) lack of choice; and
(3) whether and to what extent Federal or State regula-
tions impede competition among public accounting firms.
(b) C
ONSULTATION
.—In planning and conducting the study
under this section, the Comptroller General shall consult with—
(1) the Commission;
(2) the regulatory agencies that perform functions similar
to the Commission within the other member countries of the
Group of Seven Industrialized Nations;
(3) the Department of Justice; and
(4) any other public or private sector organization that the
Comptroller General considers appropriate.
(c) R
EPORT
R
EQUIRED
.—Not later than 1 year after the date of
enactment of this Act, the Comptroller General shall submit a re-
port on the results of the study required by this section to the Com-
mittee on Banking, Housing, and Urban Affairs of the Senate and
the Committee on Financial Services of the House of Representa-
tives.
SEC. 702. COMMISSION STUDY AND REPORT REGARDING CREDIT RAT- ING AGENCIES. (a) S
TUDY
R
EQUIRED
.—
(1) I
N GENERAL
.—The Commission shall conduct a study of
the role and function of credit rating agencies in the operation
of the securities market.
(2) A
REAS OF CONSIDERATION
.—The study required by this
subsection shall examine—
(A) the role of credit rating agencies in the evaluation
of issuers of securities;
(B) the importance of that role to investors and the
functioning of the securities markets;
(C) any impediments to the accurate appraisal by
credit rating agencies of the financial resources and risks
of issuers of securities;
(D) any barriers to entry into the business of acting as
a credit rating agency, and any measures needed to re-
move such barriers;
(E) any measures which may be required to improve
the dissemination of information concerning such resources
and risks when credit rating agencies announce credit rat-
ings; and
(F) any conflicts of interest in the operation of credit
rating agencies and measures to prevent such conflicts or
ameliorate the consequences of such conflicts.
(b) R
EPORT
R
EQUIRED
.—The Commission shall submit a report
on the study required by subsection (a) to the President, the Com-
mittee on Financial Services of the House of Representatives, and
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As Amended Through P.L. 116-222, Enacted December 18, 2020