,i  #aah? ,,congress  #b;d ,session  ,h4
 ,r4 #hcci  ,,9 ,,! ,,h\se ,,(          
,,repres5tatives  ,may #aj1 #bjbd,mrs4  
,wagn] introduc$ ! foll[+ bill2 :i* 0   
ref]r$ to ! ,committee on ,f9ancial     
,s]vices  ,a ,,bill  ,to make           
improvem5ts to ! securities laws1 & =   
o!r purposes4  #a4 ,%ort title2 table ( 
cont5ts  7a7 ,%ort title ,?is ,act may  
be cit$ z ! ,,sec ,re=m & ,re/ructur+   
,act4  7b7 ,table ( cont5ts ,! table (  
cont5ts = ?is ,act is z foll[s3 ,sec4   
#a4 ,%ort title2 table ( cont5ts4,title 
,i--,,sec ,regulatory                   
,accountability,sec4 #aja4 ,consid]ation
 by ! ,securities & ,ex*ange ,commission
 ( ! co/s & b5efits ( regulations &     
c]ta9 o!r ag5cy actions ( !             
,commission4,sec4 #ajb4 ,s5se (         
,congress relat+ to o!r regulatory      
entities4,sec4 #ajc4 ,acc\ntability     
provision relat+ to o!r regulatory      
entities4,title ,,ii--,,sec             
,transparency,sec4 #bja4 ,semiannual    
te/imony to ,congress reg>d+ activities 

( ! ,securities & ,ex*ange              
,commission4,title ,,iii--,,sec         
,cybersecurity,sec4 #cja4 ,,gao audit ( 
in=mation te*nology infra/ructure & h&l+
 ( data4,title ,,iv--,review !          
,expansion ( ,government,sec4 #dja4     
,p]iodic review ( f9al rules            
requir$4,sec4 #djb4 ,consid]ation (     
cumulative effect ( regulations         
requir$4,title ,v--,/reaml9+ ,public    
,company ,acc\nt+ ,oversight,sec4 #eja4 
,transf] ( ,public ,company ,acc\nt+    
,ov]sight ,bo>d to ,securities &        
,ex*ange ,commission4,sec4 #ejb4        
,e/abli%m5t2 adm9i/rative               
provisions4,sec4 #ejc4 ,regi/ration ) ! 
,(fice4,sec4 #ejd4 ,audit+1 quality     
control1 /&>ds1 & rules4,sec4 #eje4     
,=eign public acc\nt+ firms4,sec4 #ejf4 
,fund+4,sec4 #ejg4 ,def9itions4,sec4    
#ejh4 ,te*nical & con=m+ am5dm5ts4,sec4 
#eji4 ,rule ( con/ruction ) respect to  
coop]ative arrangem5ts4,sec4 #eaj4      
,regulations4,sec4 #eaa4 ,effective     
date4,title ,,vi--,/udy ,reg>d+ ,major  

,rules ,issu$ by ! ,securities &        
,ex*ange ,commission,sec4 #fja4 ,,gao   
/udy reg>d+ major rules4,title          
,,vii--,m9imum public comm5t period,sec4
 #gja4 ,m9imum public comm5t p]iod4  ,i 
,,sec ,regulatory ,acc\ntability  #aja4 
,consid]ation by ! ,securities &        
,ex*ange ,commission ( ! co/s & b5efits 
( regulations & c]ta9 o!r ag5cy actions 
( ! ,commission ,section #bc ( !        
,securities ,ex*ange ,act ( #aicd 7#ae  
,u4,s4,c4 #ghw7 is am5d$ by add+ at !   
end ! foll[+3  7e7 ,consid]ation ( co/s 
& b5efits  7#a7 ,consid]ations be=e     
propos+ a regulation ,be=e propos+ a    
regulation1 ! ,commission %all-- 7,a7   
cle>ly id5tify ! nature & s\rce ( !     
problem t ! regulation is design$ to    
address1 z well z assess ! significance 
( t problem1 to enable assessm5t ( :e!r 
any new regulation is w>rant$2 &  7,b7  
ensure t ! regulation w\ld be )9 !      
,commission's jurisdiction & t !        
,commission has suffici5t exp]i5ce &    
exp]tise to regulate ! subject matt]    

cov]$ by ! regulation4  7#b7            
,requirem5ts = issu+ a propos$ or f9al  
regulation  7,a7 ,9 g5]al ,9 issu+ a    
propos$ or f9al regulation1 !           
,commission %all-- 7i7 cle>ly id5tify ! 
m>ket p>ticipants :o w be impact$ by !  
regulation2  7ii7 utilize ! ,*ief       
,economi/ ( ! ,commission to assess !   
co/s & b5efits1 bo? qualitative &       
quantitative1 ( ! regulation1 bo? on !  
regulation's own & cumulatively ) o!r   
exi/+ & propos$ regulations2  7iii7 only
 issue ! regulation if ! ,commission    
makes a reason$ det]m9ation t ! b5efits 
( ! regulation ju/ify ! co/s ( !        
regulation2  7iv7 id5tify & assess      
available alt]natives to ! regulation t 
7 consid]$1 includ+ modification ( an   
exi/+ regulation2  7v7 ensure t !       
regulation is accessible1 consi/5t1     
writt5 9 pla9 language1 & easy to       
und]/&2 &  7vi7 ensure t ! l5g? ( !     
public comm5t p]iod is comm5surate ) !  
complexity ( ! regulation & ! expect$   
public int]e/ 9 ! rulemak+4  7,b7       

,inclusion ( in=mation 9 a propos$ or   
f9al regulation ,9 issu+ a propos$ or   
f9al regulation1 ! ,commission %all     
include 9 ! regulation-- 7i7 ! results (
 ! id5tifications & assessm5ts requir$  
"u clauses 7i7 & 7ii7 ( subp>agraph 7,a7
 ) respect to ! regulation2  7ii7 an    
explanation ( :y ! regulation meets !   
regulatory objectives ( ! ,commission m 
effectively ?an o!r available           
alt]natives1 includ+ modification ( an  
exi/+ regulation2  7iii7 a description (
 h[ ! ,commission int5ds ! regulation to
 int]act ) exi/+ regulations & propos$  
regulations2 &  7iv7 a ju/ification ( ! 
l5g? ( ! public comm5t p]iod = !        
regulation4  7#c7 ,consid]ations &      
actions  7,a7 ,requir$ actions ,9 decid+
 :e!r & h[ to regulate1 ! ,commission   
%all assess ! co/s & b5efits ( available
 regulatory alt]natives1 includ+ !      
alt]native ( n regulat+1 & *oose !      
approa* t maximizes net b5efits4        
,specifically1 ! ,commission %all-- 7i7 
consi/5t ) ! requirem5ts ( section      

#c7;f7 7#ae ,u4,s4,c4 #gh;c7f771 section
 #b7;b7 ( ! ,securities ,act ( #aicc    
7#ae ,u4,s4,c4 #gg;b7b771 section       
#bjb7;c7 ( ! ,inve/m5t ,advis]s ,act (  
#aidj 7#ae ,u4,s4,c4 #hj;b-#b7;c771 &   
section #b7;c7 ( ! ,inve/m5t ,company   
,act ( #aidj 7#ae ,u4,s4,c4             
#hj;a-#b7;c771 consid] :e!r a rulemak+  
7bo? on ! regulation's own &            
cumulatively ) o!r exi/+ & propos$      
regulations71 9 addition to be+ 9 !     
int]e/ ( protect+ inve/ors1 w promote   
effici5cy1 competition1 & capital       
=mation2  7ii7 evaluate :e!r1 consi/5t )
 obta9+ regulatory objectives1 a        
regulation 7bo? on ! regulation's own & 
cumulatively ) o!r exi/+ & propos$      
regulations7 is tailor$ to impose ! lea/
 burd5 on society1 includ+ m>ket        
p>ticipants1 individuals1 bus9esses (   
diff]+ sizes1 & o!r entities 7includ+   
,/ate & local gov]nm5tal entities71 tak+
 into acc\nt1 to ! ext5t practicable1 ! 
cumulative co/s ( regulations2 &  7iii7 
evaluate :e!r a regulation is           

inconsi/5t1 incompatible1 or duplicative
 ( o!r ,f$]al regulations4  7,b7        
,additional consid]ations ,9 addition1 9
 mak+ a reason$ det]m9ation "u p>agraph 
7#b77;,a77iii7 ( ! co/s & b5efits ( a   
regulation1 ! ,commission %all1 to !    
ext5t t ea* is relevant to ! p>ticul>   
regulation1 take into consid]ation !    
impact ( ! regulation on-- 7i7 inve/or  
*oice2  7ii7 m>ket liquidity 9 !        
securities m>kets2  7iii7 small         
bus9esses2  7iv7 competition 9 !        
m>ketplace2  7v7 inve/or access2 &  7vi7
 ! ,unit$ ,/ates' economic              
competitiv5ess4  7#d7 ,po/-adoption     
impact assessm5t  7,a7 ,9 g5]al ,:5ev] !
 ,commission issues a f9al regulation t 
is a major rule 7z def9$ "u section #hjd
 ( title #e1 ,unit$ ,/ates ,code71 x    
%all /ate1 9 ! regulation1 ! foll[+3 7i7
 ,! purposes & int5d$ consequ5ces ( !   
regulation4  7ii7 ,appropriate          
po/-implem5tation quantitative &        
qualitative metrics to measure !        
economic impact ( ! regulation & to     

measure ! ext5t to :i* ! regulation has 
accompli%$ ! /at$ purposes4  7iii7 ,!   
assessm5t plan t w be us$1 consi/5t ) ! 
requirem5ts ( subp>agraph 7,b7 & "u !   
sup]vision ( ! ,*ief ,economi/1 to      
assess :e!r ! regulation has a*iev$ !   
/at$ purposes4  7iv7 ,any un9t5d$ or    
negative consequ5ces t ! ,commission    
=esees may result f ! regulation4  7,b7 
,requirem5ts ( assessm5t plan & report  
7i7 ,requirem5ts ( plan ,= ea*          
regulation describ$ "u subp>agraph 7,a71
 ! ,*ief ,economi/ %all e/abli% an      
assessm5t plan1 :i* %all-- 7,i7 consid] 
! co/s1 b5efits1 & int5d$ & un9t5d$     
consequ5ces ( ! regulation2  7,,ii7     
specify ! data to be collect$1 ! me?ods 
= collection & analysis ( ! data1 & a   
date = completion ( ! assessm5t2 &      
7,,iii7 include an analysis ( any jobs  
add$ or lo/ z a result ( ! regulation1  
diff]5tiat+ betwe5 public & private     
sector jobs4  7ii7 ,tim+ ( assessm5t    
plan report ,a report on ea* complet$   
assessm5t plan describ$ "u clause 7i7   

%all be submitt$ by ! ,*ief ,economi/ to
 ! ,commission n lat] ?an ! end ( !     
#d-ye> p]iod beg9n+ on ! date !         
applicable regulation is issu$1 unless !
 ,commission1 at ! reque/ ( ! ,*ief     
,economi/1 publi%es at lea/ #ij days    
be=e ! end ( su* p]iod a notice 9 !     
,f$]al ,regi/] ext5d+ ! date & provid+  
specific reasons :y an ext5sion is      
necess>y4  7iii7 ,public comm5t ,n lat] 
?an #g days aft] ! ,commission receives 
an assessm5t plan report "u clause 7ii71
 ! ,commission %all publi% ! report 9 ! 
,f$]al ,regi/] = public comm5t4  7#e7   
,regulation def9$ ,9 ?is subsection1 !  
t]m regulation-- 7,a7 means an ag5cy    
/atem5t ( g5]al applicability & future  
effect t is design$ to implem5t1        
int]pret1 or prescribe law or policy or 
to describe ! proc$ure or practice      
requirem5ts ( an ag5cy1 includ+ rules1  
ord]s ( g5]al applicability1 int]pretive
 releases1 & o!r /atem5ts ( g5]al       
applicability t ! ag5cy int5ds to h !   
=ce & effect ( law2 &  7,b7 does n      

include-- 7i7 a regulation issu$ 9      
accordance ) ! =mal rulemak+ provisions 
( section #eef or #eeg ( title #e1      
,unit$ ,/ates ,code2  7ii7 a regulation 
t is limit$ to ag5cy organization1      
managem5t1 or p]sonnel matt]s2  7iii7 a 
regulation promulgat$ pursuant to       
/atutory au?ority t expressly prohibits 
compliance ) ?is provision2 &  7iv7 a   
regulation t is c]tifi$ by ! ag5cy to be
 an em]g5cy action1 if su* c]tification 
is publi%$ 9 ! ,f$]al ,regi/]4  4  #ajb4
 ,s5se ( ,congress relat+ to o!r        
regulatory entities ,x is ! s5se ( !    
,congress t ! ,public ,company ,acc\nt+ 
,ov]sight ,bo>d %\ld also foll[ !       
requirem5ts ( section #bc7;e7 ( !       
,securities ,ex*ange ,act ( #aicd4      
#ajc4 ,acc\ntability provision relat+ to
 o!r regulatory entities ,a rule adopt$ 
by ! ,municipal ,securities ,rulemak+   
,bo>d or any national securities        
association regi/]$ "u section #ae;,a ( 
! ,securities ,ex*ange ,act ( #aicd 7#ae
 ,u4,s4,c4 #gho-#c7 %all n take effect  

unless ! ,securities & ,ex*ange         
,commission det]m9es t1 9 adopt+ su*    
rule1 ! ,bo>d or association has compli$
 ) ! requirem5ts ( section #bc7;e7 ( !  
,securities ,ex*ange ,act ( #aicd1 9 !  
same mann] z is requir$ by ! ,commission
 "u su* section #bc7;e74  ,,ii ,,sec    
,transp>5cy  #bja4 ,semiannual te/imony 
to ,congress reg>d+ activities ( !      
,securities & ,ex*ange ,commission      
,section #d ( ! ,securities ,ex*ange    
,act ( #aicd 7#ae ,u4,s4,c4 #gh;d7 is   
am5d$ by add+ at ! end ! foll[+3  7l7   
,semiannual te/imony to ,congress ,!    
,*airman ( ! ,commission %all1 n less   
?an once e #f mon?s aft] ! date ( !     
enactm5t ( ?is subsection1 te/ify be=e !
 ,committee on ,f9ancial ,s]vices ( !   
,h\se ( ,repres5tatives & ! ,committee  
on ,bank+1 ,h\s+1 & ,urban ,affairs ( ! 
,s5ate on ! activities ( ! ,commission4 
,at lea/ once annually1 ! ,commission]s 
%all jo9 ! ,*airman ) respect to te/ify+
 pursuant to ! prec$+ s5t5ce4  4  ,,iii 
,,sec ,cyb]security  #cja4 ,,gao audit (

 in=mation te*nology infra/ructure &    
h&l+ ( data ,! ,comptroll] ,g5]al ( !   
,unit$ ,/ates %all1 n lat] ?an #a ye>   
aft] ! date ( ! enactm5t ( ?is ,act--   
7#a7 p]=m an indep5d5t audit ( !        
in=mation te*nology 7,,x7 infra/ructure 
( ! ,securities & ,ex*ange ,commission &
 ! ,commission's h&l+ ( data1 includ+-- 
7,a7 a comp>ison ( ! ,commission's ,,x  
sp5d+ to o!r ,f$]al f9ancial regulators1
 includ+-- 7i7 ! total am\nt sp5t on ,,x
 equipm5t & s]vices2 &  7ii7 ! am\nt (  
,,x sp5d+ 9 proportion to ea*           
regulator's total sp5d+2  7,b7 exam9+ ! 
quality & effectiv5ess ( ! ,commission's
 ,,x contract+2  7,c7 det]m9+ if !      
,commission's data & cyb]security sy/ems
 & proc$ures are suffici5t2 &  7,d7     
exam9+ any rec5t ,commission ,,x or data
 ev5ts1 su* z brea*es or hacks1 t may h 
compromis$ ! ,commission's ,,x          
infra/ructure or expos$ a vuln]ability2 
&  7#b7 provide to ! ,commission1 !     
,committee on ,f9ancial ,s]vices ( !    
,h\se ( ,repres5tatives1 & ! ,committee 

on ,bank+1 ,h\s+1 & ,urban ,affairs ( ! 
,s5ate a report conta9+-- 7,a7 all f9d+s
 & det]m9ations made 9 conduct+ ! audit2
 &  7,b7 recomm5dations = /eps t c be   
tak5 to improve ! ,commission's ,,x     
infra/ructure4  ,,iv ,review !          
,expansion ( ,gov]nm5t  #dja4 ,p]iodic  
review ( f9al rules requir$ ,section #d 
( ! ,securities ,ex*ange ,act ( #aicd   
7#ae ,u4,s4,c4 #gh;d71 z am5d$ by       
section #bja1 is fur!r am5d$ by add+ at 
! end ! foll[+3  7m7 ,p]iodic review (  
f9al rules requir$  7#a7 ,9 g5]al ,)    
respect to a f9al rule issu$ by !       
,commission1 ! ,commission %all review  
su* rule n lat] ?an #e ye>s aft] ! date 
on :i* su* f9al rule is issu$1 & e #e   
ye>s !reaft]1 to det]m9e if any revision
 7includ+ a rescission7 to ! rule is    
necess>y or appropriate-- 7,a7 to       
facilitate capital =mation2  7,b7 to    
ma9ta9 fair & ord]ly m>kets2 &  7,c7 = !
 protection ( inve/ors4  7#b7           
,application ,) respect to a f9al rule  
issu$ by ! ,commission be=e ! date (    

enactm5t ( ?is subsection1 ! fir/ review
 ( su* rule requir$ "u p>agraph 7#a7    
%all occur be=e ! end ( ! #e-ye> p]iod  
beg9n+ on ! date ( enactm5t ( ?is       
subsection4  7#c7 ,reports requir$ ,!   
,commission %all-- 7,a7 n lat] ?an #a   
ye> aft] ! date ( ! enactm5t ( ?is      
subsection1 submit to ,congress & make  
publicly available a report t includes a
 plan to c>ry out ! review requir$ "u   
?is subsection ) respect to ! f9al rules
 describ$ 9 p>agraphs 7#a7 & 7#b72 &    
7,b7 n lat] ?an #e ye>s aft] ! date ( ! 
enactm5t ( ?is subsection & n less ?an  
once e #e ye>s !reaft]1 submit to       
,congress & make publicly available a   
report t id5tifies-- 7i7 ea* f9al rule !
 ,commission review$ "u ?is subsection 9
 ! prec$+ #e-ye> p]iod & an explanation 
( ! ,commission's f9d+s & actions tak5  
or plann$ to be tak52 &  7ii7 ea* action
 or review ! ,commission fail$ to c>ry  
out 9 ! prec$+ #e-ye> p]iod "u ! plan   
requir$ "u subp>agraph 7,a7 & an        
explanation = su* failure4  4  #djb4    

,consid]ation ( cumulative effect (     
regulations requir$  7a7 ,rules "u !    
,securities ,act ( #aicc ,section #b7;b7
 ( ! ,securities ,act ( #aicc 7#ae      
,u4,s4,c4 #gg;b7b77 is am5d$ by ins]t+ 1
 :5 consid]$ individually or            
cumulatively ) o!r rules or regulations 
or o!r propos$ rules or regulations1    
be=e w promote4  7b7 ,rules "u !        
,securities ,ex*ange ,act ( #aicd       
,section #bc7;a77#b7 ( ! ,securities    
,ex*ange ,act ( #aicd 7#ae ,u4,s4,c4    
#ghw7 is am5d$ by ins]t+ 1 :5 consid]$  
individually or cumulatively ) o!r rules
 or regulations or o!r propos$ rules or 
regulations1 aft] :i* w\ld4  7c7 ,rules 
"u ! ,inve/m5t ,company ,act ( #aidj    
,section #b7;c7 ( ! ,inve/m5t ,company  
,act ( #aidj 7#ae ,u4,s4,c4 #hj;a-#b7 is
 am5d$ by ins]t+ 1 :5 consid]$          
individually or cumulatively ) o!r rules
 or regulations or o!r propos$ rules or 
regulations1 be=e w promote4  7d7 ,rules
 "u ! ,inve/m5t ,advis]s ,act ( #aidj   
,section #bjb7;c7 ( ! ,inve/m5t ,advis]s

 ,act ( #aidj 7#ae ,u4,s4,c4 #hj;b-#b7  
is am5d$ by ins]t+ 1 :5 consid]$        
individually or cumulatively ) o!r rules
 or regulations or o!r propos$ rules or 
regulations1 be=e w promote4  ,v        
,/reaml9+ ,public ,company ,acc\nt+     
,ov]sight  #eja4 ,transf] ( ,public     
,company ,acc\nt+ ,ov]sight ,bo>d to    
,securities & ,ex*ange ,commission  7a7 
,global am5dm5ts ,except z o!rwise      
provid$ "u ?is title1 title ,i ( !      
,s>banes-,oxley ,act ( #bjjb 7#ae       
,u4,s4,c4 #gbaa et seq47 is am5d$-- 7#a7
 9 ! title head+1 by /rik+ ,public      
,company ,acc\nt+ ,ov]sight ,bo>d &     
ins]t+ ,(fice ( ,public ,acc\nt+        
,ov]sight2  7#b7 by /rik+ ,public       
,company ,acc\nt+ ,ov]sight ,bo>d ea*   
place x appe>s & ins]t+ ,(fice ( ,public
 ,acc\nt+ ,ov]sight2  7#c7 by /rik+ !   
,bo>d ea* place x appe>s & ins]t+ !     
,(fice2  7#d7 by /rik+ ,! ,bo>d ea*     
place x appe>s & ins]t+ ,! ,(fice2 &    
7#e7 by /rik+ ! ,bo>d's ea* place x     
appe>s & ins]t+ ! ,(fice's4  7b7        

,repeals ,sections #ajd1 #aje1 & #ajg ( 
! ,s>banes-,oxley ,act ( #bjjb 7#ae     
,u4,s4,c4 #gbad2 #ae ,u4,s4,c4 #gbae2   
#ae ,u4,s4,c4 #gbag7 are repeal$4  7c7  
,ref]5ces ,beg9n+ on ! date t is #b ye>s
 aft] ! date ( ! enactm5t ( ?is ,act1   
any ref]5ce to ! ,public ,company       
,acc\nt+ ,ov]sight ,bo>d 9 any law1     
regulation1 map1 docum5t1 record1 or o!r
 pap] ( ! ,unit$ ,/ates %all be deem$ to
 be a ref]5ce to ! ,(fice ( ,public     
,acc\nt+ ,ov]sight ( ! ,(fice ( ! ,*ief 
,acc\ntant ( ! ,securities & ,ex*ange   
,commission4  7d7 ,t]m9ation ( exi/+    
,bo>d ,! ,public ,company ,acc\nt+      
,ov]sight ,bo>d %all t]m9ate on ! date t
 is #b ye>s aft] ! date ( ! enactm5t (  
?is ,act4  #ejb4 ,e/abli%m5t2           
adm9i/rative provisions  7a7 ,9 g5]al   
,section #aja ( ! ,s>banes-,oxley ,act (
 #bjjb 7#ae ,u4,s4,c4 #gbaa7 is am5d$-- 
7#a7 by am5d+ subsection 7a7 to read z  
foll[s3  7a7 ,e/abli%m5t ( ,(fice ,!re  
is e/abli%$ 9 ! ,(fice ( ! ,*ief        
,acc\ntant ( ! ,commission an ,(fice (  

,public ,acc\nt+ ,ov]sight1 to ov]see ! 
audit ( companies t are subject to !    
securities laws1 & relat$ matt]s1 9 ord]
 to protect ! int]e/s ( inve/ors & fur!r
 ! public int]e/ 9 ! prep>ation (       
in=mative1 accurate1 & indep5d5t audit  
reports4  2  7#b7 by am5d+ subsection   
7b7 to read z foll[s3  7b7 ,director ,! 
,*ief ,acc\ntant ( ! ,(fice ( ! ,*ief   
,acc\ntant ( ! ,commission %all s]ve z !
 ,director ( ! ,(fice ( ,public ,acc\nt+
 ,ov]sight4  2  7#c7 9 subsection 7c7-- 
7,a7 9 ! head+1 by /rik+ ! ,bo>d &      
ins]t+ ! ,(fice2  7,b7 by /rik+ 1       
subject to action by ! ,commission "u   
section #ajg1 & once a det]m9ation is   
made by ! ,commission "u subsection 7d7 
( ?is section2  7,c7 9 p>agraph 7#c71 by
 /rik+ section #ajd & ins]t+ subsection 
7e72  7,d7 9 p>agraph 7#d71 by /rik+    
section #aje & ins]t+ subsection 7f72   
7,e7 9 p>agraph 7#e7-- 7i7 by /rik+ !   
,bo>d 7or ! ,commission1 by rule or     
ord]7 & ins]t+ ! ,commission2 &  7ii7 by
 ins]t+ & aft] ! semicolon2  7,f7 9     

p>agraph 7#f7-- 7i7 by /rik+ ! rules ( !
 ,bo>d & ins]t+ ! rules ( ! ,commission2
 &  7ii7 by /rik+ 2 & & ins]t+ a p]iod2 
&  7,g7 by /rik+ p>agraph 7#g72  7#d7 9 
subsection 7d7-- 7,a7 by /rik+ ,! memb]s
 ( ! ,bo>d & ins]t+ ,! ,*ief ,acc\ntant 
( ! ,(fice ( ! ,*ief ,acc\ntant ( !     
,commission2  7,b7 by /rik+ #bgj days   
aft] ! date ( enactm5t ( ?is ,act &     
ins]t+ #a ye> aft] ! date ( ! enactm5t (
 ! ,/reaml9+ ,public ,company ,acc\nt+  
,ov]sight ,act2 &  7,c7 by /rik+ ! la/  
s5t5ce2  7#e7 by /rik+ subsections 7e71 
7f71 & 7g72  7#f7 by ins]t+ aft]        
subsection 7d7 ! foll[+3  7e7           
,inspections ( regi/]$ public acc\nt+   
firms ,! ,(fice %all conduct a cont9u+  
program ( inspections to assess ! degree
 ( compliance ( ea* regi/]$ public      
acc\nt+ firm & associat$ p]sons ( t firm
 ) ?is ,act1 ! rules ( ! ,commission1 or
 pr(essional /&>ds1 9 connection ) its  
p]=mance ( audits1 issuance ( audit     
reports1 & relat$ matt]s involv+ issu]s4
  7f7 ,inve/igations & discipl9>y       

proce$+s ,! ,commission %all e/abli%1 by
 rule1 fair proc$ures = ! inve/igation &
 discipl9+ ( regi/]$ public acc\nt+     
firms & associat$ p]sons ( su* firms4  2
 &  7#g7 by r$esignat+ subsection 7h7 z 
subsection 7g74  7b7 ,publication (     
rules ,! ,director ( ! ,(fice ( ,public 
,acc\nt+ ,ov]sight %all1 promptly aft] !
 creation ( ! ,(fice1 cause to be       
publi%$ 9 ! ,f$]al ,regi/] all rules t  
are transf]r$ to ! jurisdiction ( !     
,(fice pursuant to section #b ^u !      
t]m9ation ( ! ,public ,company ,acc\nt+ 
,ov]sight ,bo>d4  #ejc4 ,regi/ration ) !
 ,(fice ,section #ajb ( !               
,s>banes-,oxley ,act ( #bjjb 7#ae       
,u4,s4,c4 #gbab7 is am5d$-- 7#a7 9 !    
section head+ by /rik+ ! ,bo>d & ins]t+ 
! ,(fice2  7#b7 9 subsection            
7b77#b77;,h71 by /rik+ ! ,bo>d or !2 &  
7#c7 9 subsection 7c77#b71 by /rik+ =   
purposes ( sections #aje7;d7 & #ajg7;c74
  #ejd4 ,audit+1 quality control1 /&>ds1
 & rules ,section #ajc ( !              
,s>banes-,oxley ,act ( #bjjb 7#ae       

,u4,s4,c4 #gbac7 is am5d$-- 7#a7 9 !    
head+1 by /rik+ & indep5d5ce /&>ds &    
ins]t+ /&>ds1 &2  7#b7 9 subsection     
7a77#c7-- 7,a7 9 subp>agraph 7,a77i71 by
 /rik+ 1 subject to ! t]ms ( section    
#ajg12  7,b7 by /rik+ subp>agraph 7,b72 
&  7,c7 by r$esignat+ subp>agraph 7,c7 z
 subp>agraph 7,b72  7#c7 9 subsection   
7c7 9 ! head+ ( p>agraph 7#b71 by /rik+ 
,bo>d & ins]t+ ,(fice2 &  7#d7 9        
subsection 7d71 by /rik+ #aja7;h7 &     
ins]t+ #aja7;g74  #eje4 ,=eign public   
acc\nt+ firms ,section #ajf ( !         
,s>banes-,oxley ,act ( #bjjb 7#ae       
,u4,s4,c4 #gbaf7 is am5d$-- 7#a7 9 !    
head+ ( subsection 7a77#b71 by /rik+    
,bo>d & ins]t+ ,(fice2 &  7#b7 9        
subsection 7c7-- 7,a7 by /rik+ & !      
,bo>d1 subject to ! approval ( !        
,commission1 may12 &  7,b7 by /rik+ 7or 
,bo>d74  #ejf4 ,fund+ ,section #aji ( ! 
,s>banes-,oxley ,act ( #bjjb 7#ae       
,u4,s4,c4 #gbai7 is am5d$-- 7#a7 by     
am5d+ subsection 7b7 to read z foll[s3  
7b7 ,annual budgets  7#a7 ,/&>d sett+   

body ,! /&>d sett+ body ref]r$ to 9     
subsection 7a7 %all e/abli% a budget =  
ea* fiscal ye>1 :i* %all be review$ &   
approv$ accord+ to _! respective int]nal
 proc$ures n less ?an #a mon? prior to !
 comm5cem5t ( ! fiscal ye> to :i* !     
budget p]ta9s4  7#b7 ,! ,(fice ,!       
,commission %all e/abli% ! budget = !   
,(fice = ea* fiscal ye>4  2  7#b7 9     
subsection 7c7-- 7,a7 by am5d+ p>agraph 
7#a7 to read z foll[s3  7#a7 ,recov]able
 budget exp5ses  7,a7 ,/&>d sett+ body  
,! budget ( ! /&>d sett+ body ref]r$ to 
9 subsection 7a7 = ea* fiscal ye> %all  
be payable f annual acc\nt+ support     
fees1 9 accordance ) subsections 7d7 &  
7e74 ,acc\nt+ support fees & o!r        
receipts ( su* /&>d-sett+ body %all n be
 consid]$ public monies ( ! ,unit$      
,/ates4  7,b7 ,! ,(fice ,! budget ( !   
,(fice 7r$uc$ by any regi/ration or     
annual fees receiv$ "u section #ajb7;f7 
= ! ye> prec$+ ! ye> = :i* ! budget is  
be+ comput$7 = ea* fiscal ye> may be    
payable f annual acc\nt+ support fees1 9

 accordance ) subsections 7d7 & 7e74    
,acc\nt+ support fees & o!r receipts ( !
 ,(fice4  2  7,b7 9 p>agraph 7#b71 by   
/rik+ %all & ins]t+ may2  7#c7 9        
subsection 7d7-- 7,a7 9 ! head+1 by     
/rik+ ! ,bo>d & ins]t+ ! ,(fice2  7,b7 9
 p>agraph 7#a71 by /rik+ ,! ,bo>d %all  
e/abli%1 ) ! approval ( ! ,commission1 &
 ins]t+ ,! ,commission may e/abli%2     
7,c7 9 p>agraph 7#b71 by /rik+ %all &   
ins]t+ may2 &  7,d7 by /rik+ p>agraph   
7#c72  7#d7 9 subsection 7j7-- 7,a7 by  
/rik+ ei!r ! ,bo>d12 &  7,b7 by /rik+ 1 
or bo?12 &  7#e7 by /rik+ subsection    
7k74  #ejg4 ,def9itions ,section #aaj ( 
! ,s>banes-,oxley ,act ( #bjjb 7#ae     
,u4,s4,c4 #gbbj7 is am5d$-- 7#a7 by     
r$esignat+ p>agraphs 7#e7 & 7#f7 z      
p>agraphs 7#f7 & 7#g72 &  7#b7 by ins]t+
 aft] p>agraph 7#d7 ! foll[+3  7#e7     
,(fice ,! t]m ,(fice means ! ,(fice (   
,public ,acc\nt+ ,ov]sight ( ! ,(fice ( 
! ,*ief ,acc\ntant ( ! ,commission4  4  
#ejh4 ,te*nical & con=m+ am5dm5ts  7a7  
,def9itions ,section #b7;a77#i77;,c7 ( !

 ,s>banes-,oxley ,act ( #bjjb 7#ae      
,u4,s4,c4 #gbja7 is am5d$ by /rik+ 1    
#aja7;c71 #aje1 & #ajg7;c7 & ! rules ( !
 ,bo>d & ,commission issu$ !reund] &    
ins]t+ & #aja7;c7 & ! rules ( !         
,commission !reund]4  7b7 ,exemption    
au?ority ,section #bja7;b7 ( !          
,s>banes-,oxley ,act ( #bjjb 7#ae       
,u4,s4,c4 #gbca7;b77 is am5d$-- 7#a7 by 
/rik+ ,! ,bo>d may & ins]t+ ,!          
,commission may2 &  7#b7 by /rik+ 9 !   
same mann] z = rules ( ! ,bo>d "u       
section #ajg4  7c7 ,self-,regulatory    
organization ,section #fjc7y77#c7 ( !   
,consum] ,cr$it ,protection ,act 7#ae   
,u4,s4,c4 #afha;a7y77#c77 is am5d$ by   
/rik+ any entity e/abli%$ "u title ,i ( 
! ,s>banes-,oxley ,act ( #bjjb14  7d7   
,cl]ical am5dm5t ,! table ( cont5ts 9   
section #a7;b7 ( ! ,s>banes-,oxley ,act 
( #bjjb is am5d$-- 7#a7 9 ! item relat+ 
to section #ajb1 by /rik+ ! ,bo>d &     
ins]t+ ! ,(fice2  7#b7 9 ! item relat+  
to section #ajc1 by /rik+ & indep5d5ce  
/&>ds & ins]t+ /&>ds1 &2 &  7#c7 by     

/rik+ ! items relat+ to sections #ajd1  
#aje1 & #ajg4  #eji4 ,rule ( con/ruction
 ) respect to coop]ative arrangem5ts    
,no?+ 9 ?is title1 or ! am5dm5ts made by
 ?is title1 %all be con/ru$ to          
invalidate or o!rwise affect a          
coop]ative arrangem5t betwe5 ! ,public  
,company ,acc\nt+ ,ov]sight ,bo>d & a   
=eign auditor ov]sight au?ority 7z def9$
 9 section #b7;a7 ( ! ,s>banes-,oxley   
,act ( #bjjb 7#ae ,u4,s4,c4 #gbja7;a777 
9 effect on ! date t is #b ye>s aft] !  
date ( ! enactm5t ( ?is ,act4  #eaj4    
,regulations ,! ,securities & ,ex*ange  
,commission may issue su* regulations z 
may be necess>y to c>ry out ?is title4  
#eaa4 ,effective date ,! am5dm5ts made  
by ?is title %all take effect on ! date 
t is #b ye>s aft] ! date ( ! enactm5t ( 
?is ,act4  ,,vi ,/udy ,reg>d+ ,major    
,rules ,issu$ by ! ,securities &        
,ex*ange ,commission  #fja4 ,,gao /udy  
reg>d+ major rules ,section #d ( !      
,securities ,ex*ange ,act ( #aicd 7#ae  
,u4,s4,c4 #gh;d71 z am5d$ by section    

#dja1 is fur!r am5d$ by add+ at ! end ! 
foll[+3  7n7 ,,gao /udy reg>d+ major    
rules  7#a7 ,/udy requir$  7,a7 ,9 g5]al
 ,subject to subp>agraph 7,c71 n lat]   
?an #a ye> aft] ! date ( ! enactm5t (   
?is subsection1 & e #c ye>s !reaft]1 !  
,comptroll] ,g5]al ( ! ,unit$ ,/ates    
%all c>ry out a /udy on ea* ( ! major   
rules issu$ by ! ,commission s9ce ! la/ 
su* review4  7,b7 ,elem5ts ,! /udy      
requir$ "u subp>agraph 7,a7 %all        
include1 ) respect to ea* major rule    
describ$ 9 su* subp>agraph-- 7i7 a co/  
b5efit analysis ( su* major rule2  7ii7 
a comp>ison betwe5 ! co/ b5efit analysis
 "u clause 7i7 & ! co/ b5efit analysis =
 ! same major rule c>ri$ out by !       
,commission2  7iii7 a comp>ison betwe5 !
 project$ co/s ( ! major rule & ! actual
 co/s ( ! major rule2 &  7iv7 an        
evaluation ( :e!r ea* major rule-- 7,i7 
facilitates capital =mation2  7,,ii7    
promotes fair1 effici5t m>kets2 &       
7,,iii7 protects inve/ors4  7,c7        
,special rule ,if a /udy requir$ "u     

subp>agraph 7,a7 w\ld apply to m ?an #aj
 major rules1 ! ,comptroll] ,g5]a %all  
review only ! #aj major rules t are !   
mo/ significant1 z det]m9$ by !         
,comptroll] ,g5]al4  7#b7 ,report ,n    
lat] ?an #a ye> aft] complet+ a /udy "u 
p>agraph 7#a71 ! ,comptroll] ,g5]al %all
 submit to ! ,committee on ,f9ancial    
,s]vices ( ! ,h\se ( ,repres5tatives & !
 ,committee on ,bank+1 ,h\s+1 & ,urban  
,affairs ( ! ,s5ate a report t          
includes-- 7,a7 ! results ( su* /udy2 & 
7,b7 ) respect to any major rule review$
 9 su* /udy t has n yet be5 fully       
implem5t$ by ! ,commission1 a /atem5t t 
! ,comptroll] ,g5]al is unable to fully 
analyze ! co/s ( ! major rule at ! "t ! 
report is submitt$4  7#c7 ,major rule   
def9$ ,9 ?is subsection1 ! t]m major    
rule has ! mean+ giv5 ! t]m 9 section   
#hjd ( title #e1 ,unit$ ,/ates ,code4  4
  ,,vii ,m9imum public comm5t p]iod     
#gja4 ,m9imum public comm5t p]iod       
,section #d ( ! ,securities ,ex*ange    
,act ( #aicd 7#ae ,u4,s4,c4 #gh;d71 z   

am5d$ by section #fja1 is fur!r am5d$ by
 add+ at ! end ! foll[+3  7o7 ,m9imum   
public comm5t p]iod  7#a7 ,9 g5]al ,)   
respect to a propos$ rulemak+ = :i* a   
public comm5t p]iod is requir$ "u       
section #eec ( title #e1 ,unit$ ,/ates  
,code1 ! ,commission %all provide a     
public comm5t p]iod (-- 7,a7 at lea/ #fj
 days2 or  7,b7 if ! ,commission        
det]m9es ! propos$ rule addresses imm95t
 inve/or h>m1 at lea/ #cj days4  7#b7   
,calculation ( p]iods ,= purposes (     
calculat+ ! numb] ( days 9 a p]iod "u   
p>agraph 7#a7 ) respect to a propos$    
rulemak+-- 7,a7 a ,f$]al holiday %all n 
be c\nt$2 &  7,b7 ! p]iod %all beg9 on !
 date ! propos$ rule is publi%$ 9 !     
,f$]al ,regi/]4  4