,,ii  #aaf? ,,congress  #a/ ,session    
,s4 #ide  ,,9 ,,! ,,s5ate ,,( ,,!       
,,unit$ ,,/ates  ,m>* #bh1 #bjai,mr4    
,k5n$y 7= himself & ,mr4 ,van ,holl57   
introduc$ ! foll[+ bill2 :i* 0 read     
twice & ref]r$ to ! ,committee on       
,bank+1 ,h\s+1 & ,urban ,affairs  ,a    
,,bill  ,to am5d ! ,s>banes-,oxley ,act 
( #bjjb to require c]ta9 issu]s to      
disclose to ! ,securities & ,ex*ange    
,commission in=mation reg>d+ =eign      
jurisdictions t prev5t ! ,public        
,company ,acc\nt+ ,ov]sight ,bo>d f     
p]=m+ inspections "u t ,act1 & = o!r    
purposes4  #a4 ,%ort title ,?is ,act may
 be cit$ z ! ,hold+ ,=eign ,companies   
,acc\ntable ,act4  #b4 ,disclosure      
requirem5t  ,section #ajd ( !           
,s>banes-,oxley ,act ( #bjjb 7#ae       
,u4,s4,c4 #gbad7 is am5d$ by add+ at !  
end ! foll[+3  7i7 ,disclosure reg>d+   
=eign jurisdictions t prev5t inspections
  7#a7 ,def9itions ,9 ?is subsection--  
7,a7 ! t]m cov]$ issu] means an issu] t 
is requir$ to file reports "u section   

#ac or #ae7;d7 ( ! ,securities ,ex*ange 
,act ( #aicd 7#ae ,u4,s4,c4 #ghm2       
#gho7d772 &  7,b7 ! t]m non-inspection  
ye> means1 ) respect to a cov]$ issu]1 a
 ye>-- 7i7 dur+ :i* ! ,commission       
id5tifies ! cov]$ issu] "u p>agraph     
7#b77;,a7 ) respect to e report describ$
 9 subp>agraph 7,a7 fil$ by ! cov]$     
issu] dur+ t ye>2 &  7ii7 t beg9s aft] !
 date ( ! enactm5t ( ?is subsection4    
7#b7 ,disclosure to ,commission ,!      
,commission %all-- 7,a7 id5tify ea*     
cov]$ issu] t1 ) respect to ! prep>ation
 ( ! audit report on ! f9ancial /atem5t 
( ! cov]$ issu] t is includ$ 9 a report 
describ$ 9 p>agraph 7#a77;,a7 fil$ by ! 
cov]$ issu]1 reta9s a regi/]$ public    
acc\nt+ firm t has a bran* or (fice t-- 
7i7 is locat$ 9 a =eign jurisdiction2 & 
7ii7 ! ,bo>d is unable to inspect "u ?is
 section2 &  7,b7 require ea* cov]$     
issu] id5tifi$ "u subp>agraph 7,a7 to1 9
 accordance ) ! rules issu$ by !        
,commission "u p>agraph 7#d71 submit to 
! ,commission docum5tation t e/abli%es t

 ! cov]$ issu] is n own$ or controll$ by
 a gov]nm5tal entity 9 ! =eign          
jurisdiction describ$ 9 subp>agraph     
7,a77i74  7#c7 ,trad+ prohibition aft]  
#c ye>s ( non-inspections  7,a7 ,9 g5]al
 ,if ! ,commission det]m9es t a cov]$   
issu] has #c consecutive non-inspection 
ye>s1 ! ,commission %all prohibit !     
securities ( ! cov]$ issu] f be+ trad$  
on a national securities ex*ange4  7,b7 
,removal ( initial prohibition ,if1 aft]
 ! ,commission imposes a prohibition on 
a cov]$ issu] "u subp>agraph 7,a71 !    
cov]$ issu] c]tifies to ! ,commission t 
! cov]$ issu] has reta9$ a regi/]$      
public acc\nt+ firm t ! ,bo>d has       
inspect$ "u ?is section to !            
satisfaction ( ! ,commission1 !         
,commission %all end t prohibition4     
7,c7 ,recurr5ce ( non-inspection ye>s   
,if1 aft] ! ,commission ends a          
prohibition "u subp>agraph 7,b7 or 7,d7 
) respect to a cov]$ issu]1 !           
,commission det]m9es t ! cov]$ issu] has
 a non-inspection ye>1 ! ,commission    

%all prohibit ! securities ( ! cov]$    
issu] f be+ trad$ on a national         
securities ex*ange4  7,d7 ,removal (    
subsequ5t prohibition ,if1 aft] ! end ( 
! #e-ye> p]iod beg9n+ on ! date on :i* !
 ,commission imposes a prohibition on a 
cov]$ issu] "u subp>agraph 7,c71 ! cov]$
 issu] c]tifies to ! ,commission t !    
cov]$ issu] w reta9 a regi/]$ public    
acc\nt+ firm t ! ,bo>d is able to       
inspect "u ?is section1 ! ,commission   
%all end t prohibition4  7#d7 ,rules ,n 
lat] ?an #ij days aft] ! date ( enactm5t
 ( ?is subsection1 ! ,commission %all   
issue rules t e/abli% ! mann] & =m 9 :i*
 a cov]$ issu] %all make a disclosure & 
a submission requir$ "u clauses 7i7 &   
7ii7 ( p>agraph 7#b77;,b71 respectively4
  4