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15 U.S.C. § 7201 — Disclosure of audit committee financial expert
Federal law — U.S. Code and appendices · legal_authorities
**(a) Rules defining “financial expert”** The Commission shall issue rules, as necessary or appropriate in the public interest and consistent with the protection of investors, to require each issuer, together with periodic reports required pursuant to sections 78m(a) and 78o(d) of this title, to disclose whether or not, and if not, the reasons therefor, the audit committee of that issuer is comprised of at least 1 member who is a financial expert, as such term is defined by the Commission.
**(b) Considerations** In defining the term “financial expert” for purposes of subsection (a), the Commission shall consider whether a person has, through education and experience as a public accountant or auditor or a principal financial officer, comptroller, or principal accounting officer of an issuer, or from a position involving the performance of similar functions—
(1) an understanding of generally accepted accounting principles and financial statements;
(2) experience in—
(A) the preparation or auditing of financial statements of generally comparable issuers; and
(B) the application of such principles in connection with the accounting for estimates, accruals, and reserves;
(3) experience with internal accounting controls; and
(4) an understanding of audit committee functions.
**(c) Deadline for rulemaking** The Commission shall—
(1) propose rules to implement this section, not later than 90 days after July 30, 2002; and
(2) issue final rules to implement this section, not later than 180 days after July 30, 2002.
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Source file: Laws/federal/codes/united-states-code/title-15/section-7201-disclosure-of-audit-committee-financial-expert--3264689d44.md
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Source location: Title 15, Chapter 98, § 7201; chapter-098-public-company-accounting-reform-and-corporate-responsibility.md
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**(a) Rules defining “financial expert”** The Commission shall issue rules, as necessary or appropriate in the public interest and consistent with the protection of investors, to require each issuer, together with periodic reports required pursuant to sections 78m(a) and 78o(d) of this title, to disclose whether or not, and if not, the reasons therefor, the audit committee of that issuer is comprised of at least 1 member who is a financial expert, as such term is defined by the Commission.
**(b) Considerations** In defining the term “financial expert” for purposes of subsection (a), the Commission shall consider whether a person has, through education and experience as a public accountant or auditor or a principal financial officer, comptroller, or principal accounting officer of an issuer, or from a position involving the performance of similar functions—
(1) an understanding of generally accepted accounting principles and financial statements;
(2) experience in—
(A) the preparation or auditing of financial statements of generally comparable issuers; and
(B) the application of such principles in connection with the accounting for estimates, accruals, and reserves;
(3) experience with internal accounting controls; and
(4) an understanding of audit committee functions.
**(c) Deadline for rulemaking** The Commission shall—
(1) propose rules to implement this section, not later than 90 days after July 30, 2002; and
(2) issue final rules to implement this section, not later than 180 days after July 30, 2002.
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Federal law — U.S. Code and appendices · legal_authorities
As used in this Act, the following definitions shall apply, except as the context otherwise requires or as otherwise specifically provided in this Act:
(1) **Affiliate** — The term “affiliate” has the same meaning as in [section 1813 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1813&num=0&edition=prelim).
(2) **Appropriate Federal banking agency** — On and after the transfer date, the term “appropriate Federal banking agency” has the same meaning as in [section 1813(q) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1813/q&num=0&edition=prelim), as amended by title III.11 See References in Text note below.
(3) **Board of Governors** — The term “Board of Governors” means the Board of Governors of the Federal Reserve System.
(4) **Bureau** — The term “Bureau” means the Bureau of Consumer Financial Protection established under title X.1
(5) **Commission** — The term “Commission” means the Securities and Exchange Commission, except in the context of the Commodity Futures Trading Commission.
(6) **Commodity futures terms** — The terms “futures commission merchant”, “swap”, “swap dealer”, “swap execution facility”, “derivatives clearing organization”, “board of trade”, “commodity trading advisor”, “commodity pool”, and “commodity pool operator” have the same meanings as given the terms in section 1a of the Commodity Exchange Act ([7 U.S.C. 1](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section1&num=0&edition=prelim) et seq.) [[7 U.S.C. 1a](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section1a&num=0&edition=prelim)].
(7) **Corporation** — The term “Corporation” means the Federal Deposit Insurance Corporation.
(8) **Council** — The ter
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 5321
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Federal law — U.S. Code and appendices · legal_authorities
In this chapter:
(1) **Appropriate Federal banking agency** — The term “appropriate Federal banking agency” has the meaning given that term in [section 1813 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1813&num=0&edition=prelim).
(2) **Bank Secrecy Act** — The term “Bank Secrecy Act” means—
(A) [section 1829b of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1829b&num=0&edition=prelim);
(B) chapter 2 of title I of Public Law 91–508 ([12 U.S.C. 1951](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1951&num=0&edition=prelim) et seq.); and
(C) subchapter II of chapter 53 of title 31.
(3) **Board** — The term “Board” means the Board of Governors of the Federal Reserve System.
(4) **Comptroller** — The term “Comptroller” means the Office of the Comptroller of the Currency.
(5) **Corporation** — The term “Corporation” means the Federal Deposit Insurance Corporation.
(6) **Digital asset** — The term “digital asset” means any digital representation of value that is recorded on a cryptographically secured distributed ledger.
(7) **Digital asset service provider** — The term “digital asset service provider”—
(A) means a person that, for compensation or profit, engages in the business in the United States (including on behalf of customers or users in the United States) of—
(i) exchanging digital assets for monetary value;
(ii) exchanging digital assets for other digital assets;
(iii) transferring digital assets to a third party;
(iv) acting as a digital asset custodian; or
(v) participating in financial services relating to digital asset issuance; and
(B) does not include—
(i) a distributed ledger protocol;
(ii)
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Federal law — U.S. Code and appendices · legal_authorities
**(a)** Definitions and rules of construction set forth in this section are applicable for the purposes of this subchapter.
**(b)** The term “person” means any individual, partnership, corporation, trust, estate, cooperative, association, government or governmental subdivision or agency, or other entity.
**(c)** The term “consumer” means an individual.
**(d) Consumer Report.—**
(1) **In general.—** — The term “consumer report” means any written, oral, or other communication of any information by a consumer reporting agency bearing on a consumer’s credit worthiness, credit standing, credit capacity, character, general reputation, personal characteristics, or mode of living which is used or expected to be used or collected in whole or in part for the purpose of serving as a factor in establishing the consumer’s eligibility for—
(A) credit or insurance to be used primarily for personal, family, or household purposes;
(B) employment purposes; or
(C) any other purpose authorized under [section 1681b of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section1681b&num=0&edition=prelim).
(2) **Exclusions.—** — Except as provided in paragraph (3), the term “consumer report” does not include—
(A) subject to [section 1681s–3 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section1681s-3&num=0&edition=prelim), any—
(i) report containing information solely as to transactions or experiences between the consumer and the person making the report;
(ii) communication of that information among persons related by common ownership or affiliated by corporate control; or
(iii) communication of other information among persons related by common ownership or affiliated by corporate control, if it
Source: Supplied U.S. Code snapshot — release unconfirmed · 15 U.S.C. § 1681a
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Information required in registration statement**
(1) **In general** — The registration statement, when relating to a security other than a security issued by a foreign government, or political subdivision thereof, shall contain the information, and be accompanied by the documents, specified in Schedule A of [section 77aa of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section77aa&num=0&edition=prelim), and when relating to a security issued by a foreign government, or political subdivision thereof, shall contain the information, and be accompanied by the documents, specified in Schedule B of [section 77aa of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section77aa&num=0&edition=prelim); except that the Commission may by rules or regulations provide that any such information or document need not be included in respect of any class of issuers or securities if it finds that the requirement of such information or document is inapplicable to such class and that disclosure fully adequate for the protection of investors is otherwise required to be included within the registration statement. If any accountant, engineer, or appraiser, or any person whose profession gives authority to a statement made by him, is named as having prepared or certified any part of the registration statement, or is named as having prepared or certified a report or valuation for use in connection with the registration statement, the written consent of such person shall be filed with the registration statement. If any such person is named as having prepared or certified a report or valuation (other than a public official document or statement) which is used in connection with the registration statement, but is not named as h
Source: Supplied U.S. Code snapshot — release unconfirmed · 15 U.S.C. § 77g
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Definitions** When used in this chapter, unless the context otherwise requires—
(1) The term “exchange” means any organization, association, or group of persons, whether incorporated or unincorporated, which constitutes, maintains, or provides a market place or facilities for bringing together purchasers and sellers of securities or for otherwise performing with respect to securities the functions commonly performed by a stock exchange as that term is generally understood, and includes the market place and the market facilities maintained by such exchange.
(2) The term “facility” when used with respect to an exchange includes its premises, tangible or intangible property whether on the premises or not, any right to the use of such premises or property or any service thereof for the purpose of effecting or reporting a transaction on an exchange (including, among other things, any system of communication to or from the exchange, by ticker or otherwise, maintained by or with the consent of the exchange), and any right of the exchange to the use of any property or service.
(3)
(A) The term “member” when used with respect to a national securities exchange means (i) any natural person permitted to effect transactions on the floor of the exchange without the services of another person acting as broker, (ii) any registered broker or dealer with which such a natural person is associated, (iii) any registered broker or dealer permitted to designate as a representative such a natural person, and (iv) any other registered broker or dealer which agrees to be regulated by such exchange and with respect to which the exchange undertakes to enforce compliance with the provisions of this chapter, the rules and regulations thereunder, and its own rules. For purposes of section
Source: Supplied U.S. Code snapshot — release unconfirmed · 15 U.S.C. § 78c
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Reports by issuer of security; contents** Every issuer of a security registered pursuant to section 78l of this title shall file with the Commission, in accordance with such rules and regulations as the Commission may prescribe as necessary or appropriate for the proper protection of investors and to insure fair dealing in the security—
(1) such information and documents (and such copies thereof) as the Commission shall require to keep reasonably current the information and documents required to be included in or filed with an application or registration statement filed pursuant to section 78l of this title, except that the Commission may not require the filing of any material contract wholly executed before July 1, 1962.
(2) such annual reports (and such copies thereof), certified if required by the rules and regulations of the Commission by independent public accountants, and such quarterly reports (and such copies thereof), as the Commission may prescribe.
Every issuer of a security registered on a national securities exchange shall also file a duplicate original of such information, documents, and reports with the exchange. In any registration statement, periodic report, or other reports to be filed with the Commission, an emerging growth company need not present selected financial data in accordance with section 229.301 of title 17, Code of Federal Regulations, for any period prior to the earliest audited period presented in connection with its first registration statement that became effective under this chapter or the Securities Act of 1933 [[15 U.S.C. 77a](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section77a&num=0&edition=prelim) et seq.] and, with respect to any such statement or reports, an emerging growth company may not be
Source: Supplied U.S. Code snapshot — release unconfirmed · 15 U.S.C. § 78m
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Rules and regulations**
(1) Every national securities exchange, member thereof, broker or dealer who transacts a business in securities through the medium of any such member, registered securities association, registered broker or dealer, registered municipal securities dealer municipal advisor,,11 So in original. registered securities information processor, registered transfer agent, nationally recognized statistical rating organization, and registered clearing agency and the Municipal Securities Rulemaking Board shall make and keep for prescribed periods such records, furnish such copies thereof, and make and disseminate such reports as the Commission, by rule, prescribes as necessary or appropriate in the public interest, for the protection of investors, or otherwise in furtherance of the purposes of this chapter. Any report that a nationally recognized statistical rating organization is required by Commission rules under this paragraph to make and disseminate to the Commission shall be deemed furnished to the Commission.
(2) Every registered clearing agency shall also make and keep for prescribed periods such records, furnish such copies thereof, and make and disseminate such reports, as the appropriate regulatory agency for such clearing agency, by rule, prescribes as necessary or appropriate for the safeguarding of securities and funds in the custody or control of such clearing agency or for which it is responsible.
(3) Every registered transfer agent shall also make and keep for prescribed periods such records, furnish such copies thereof, and make such reports as the appropriate regulatory agency for such transfer agent, by rule, prescribes as necessary or appropriate in furtherance of the purposes of [section 78q–1 of this title](https://uscode.house.
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Authority of Commission** If the Commission finds, after notice and opportunity for hearing, that any person is violating, has violated, or is about to violate any provision of this chapter, or any rule or regulation thereunder, the Commission may publish its findings and enter an order requiring such person, and any other person that is, was, or would be a cause of the violation, due to an act or omission the person knew or should have known would contribute to such violation, to cease and desist from committing or causing such violation and any future violation of the same provision, rule, or regulation. Such order may, in addition to requiring a person to cease and desist from committing or causing a violation, require such person to comply, or to take steps to effect compliance, with such provision, rule, or regulation, upon such terms and conditions and within such time as the Commission may specify in such order. Any such order may, as the Commission deems appropriate, require future compliance or steps to effect future compliance, either permanently or for such period of time as the Commission may specify, with such provision, rule, or regulation with respect to any security, any issuer, or any other person.
**(b) Hearing** The notice instituting proceedings pursuant to subsection (a) shall fix a hearing date not earlier than 30 days nor later than 60 days after service of the notice unless an earlier or a later date is set by the Commission with the consent of any respondent so served.
**(c) Temporary order**
(1) **In general** — Whenever the Commission determines that the alleged violation or threatened violation specified in the notice instituting proceedings pursuant to subsection (a), or the continuation thereof, is likely to result in significant d
Source: Supplied U.S. Code snapshot — release unconfirmed · 15 U.S.C. § 78u–3
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Definitions** In this section the following definitions shall apply:
(1) **Covered judicial or administrative action** — The term “covered judicial or administrative action” means any judicial or administrative action brought by the Commission under the securities laws that results in monetary sanctions exceeding $1,000,000.
(2) **Fund** — The term “Fund” means the Securities and Exchange Commission Investor Protection Fund.
(3) **Original information** — The term “original information” means information that—
(A) is derived from the independent knowledge or analysis of a whistleblower;
(B) is not known to the Commission from any other source, unless the whistleblower is the original source of the information; and
(C) is not exclusively derived from an allegation made in a judicial or administrative hearing, in a governmental report, hearing, audit, or investigation, or from the news media, unless the whistleblower is a source of the information.
(4) **Monetary sanctions** — The term “monetary sanctions”, when used with respect to any judicial or administrative action, means—
(A) any monies, including penalties, disgorgement, and interest, ordered to be paid; and
(B) any monies deposited into a disgorgement fund or other fund pursuant to section 308(b) of the Sarbanes-Oxley Act of 2002 ([15 U.S.C. 7246(b)](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section7246/b&num=0&edition=prelim)), as a result of such action or any settlement of such action.
(5) **Related action** — The term “related action”, when used with respect to any judicial or administrative action brought by the Commission under the securities laws, means any judicial or administrative action brought by an entity described in subclauses (I) through (IV) of
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Federal law — U.S. Code and appendices · legal_authorities
Page 2318
TITLE 15—COMMERCE AND TRADE
§ 7201
CHAPTER 98—PUBLIC COMPANY ACCOUNT-
ING REFORM AND CORPORATE RESPONSI-
BILITY
Sec.
7201.
Definitions.
7202.
Commission rules and enforcement.
SUBCHAPTER I—PUBLIC COMPANY ACCOUNTING
OVERSIGHT BOARD
7211.
Establishment; administrative provisions.
7212.
Registration with the Board.
7213.
Auditing, quality control, and independence
standards and rules.
7214.
Inspections of registered public accounting
firms.
7214a.
Additional disclosure.
7215.
Investigations and disciplinary proceedings.
7216.
Foreign public accounting firms.
7217.
Commission oversight of the Board.
7218.
Accounting standards.
7219.
Funding.
7220.
Definitions.
SUBCHAPTER II—AUDITOR INDEPENDENCE
7231.
Exemption authority.
7232.
Study of mandatory rotation of registered
public accounting firms.
7233.
Commission authority.
7234.
Considerations by appropriate State regu-
latory authorities.
SUBCHAPTER III—CORPORATE RESPONSIBILITY
7241.
Corporate responsibility for financial reports.
7242.
Improper influence on conduct of audits.
7243.
Forfeiture of certain bonuses and profits.
7244.
Insider trades during pension fund blackout
periods.
7245.
Rules of professional responsibility for attor-
neys.
7246.
Fair funds for investors.
SUBCHAPTER IV—ENHANCED FINANCIAL
DISCLOSURES
7261.
Disclosures in periodic reports.
7262.
Management assessment of internal controls.
7263.
Exemption.
7264.
Code of ethics for senior financial officers.
7265.
Disclosure of audit committee financial ex-
pert.
7266.
Enhanced review of periodic disclosures by
issuers.
§ 7201. Definitions
Except as otherwise specifically provided in
this Act, in this Act, the following definitions
shall apply:
(1) Appropriate State regulatory a
Source: Supplied 2024 U.S. Code historical extraction · 15 U.S.C. § 7201
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