6 Sec. 3 SARBANES-OXLEY ACT OF 2002 by this Act, and includes the rules, regulations, and orders
issued by the Commission thereunder.
(16) S
TATE
.—The term ‘‘State’’ means any State of the
United States, the District of Columbia, Puerto Rico, the Virgin
Islands, or any other territory or possession of the United
States.
(17) F
OREIGN AUDITOR OVERSIGHT AUTHORITY
.—The term
‘‘foreign auditor oversight authority’’ means any governmental
body or other entity empowered by a foreign government to
conduct inspections of public accounting firms or otherwise to
administer or enforce laws related to the regulation of public
accounting firms.
(b) C
ONFORMING
A
MENDMENT
.—
SEC. 3. ø15 U.S.C. 7202¿ COMMISSION RULES AND ENFORCEMENT. (a) R
EGULATORY
A
CTION
.—The Commission shall promulgate
such rules and regulations, as may be necessary or appropriate in
the public interest or for the protection of investors, and in further-
ance of this Act.
(b) E
NFORCEMENT
.—
(1) I
N GENERAL
.—A violation by any person of this Act, any
rule or regulation of the Commission issued under this Act, or
any rule of the Board shall be treated for all purposes in the
same manner as a violation of the Securities Exchange Act of
1934 (15 U.S.C. 78a et seq.) or the rules and regulations issued
thereunder, consistent with the provisions of this Act, and any
such person shall be subject to the same penalties, and to the
same extent, as for a violation of that Act or such rules or reg-
ulations.
* * * * * * *
(c) E
FFECT ON
C
OMMISSION
A
UTHORITY
.—Nothing in this Act or
the rules of the Board shall be construed to impair or limit—
(1) the authority of the Commission to regulate the ac-
counting profession, accounting firms, or persons associated
with such firms for purposes of enforcement of the securities
laws;
(2) the authority of the Commission to set standards for
accounting or auditing practices or auditor independence, de-
rived from other provisions of the securities laws or the rules
or regulations thereunder, for purposes of the preparation and
issuance of any audit report, or otherwise under applicable
law; or
(3) the ability of the Commission to take, on the initiative
of the Commission, legal, administrative, or disciplinary action
against any registered public accounting firm or any associated
person thereof.
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December 21, 2020
G:\COMP\SEC\SARBANES-OXLEY ACT OF 2002.XML
As Amended Through P.L. 116-222, Enacted December 18, 2020