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15 U.S.C. § 7231 — Funding
Federal law — U.S. Code and appendices · legal_authorities
**(a) In general** The Board, and the standard setting body designated pursuant to [section 77s(b) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section77s/b&num=0&edition=prelim), shall be funded as provided in this section.
**(b) Annual budgets** The Board and the standard setting body referred to in subsection (a) shall each establish a budget for each fiscal year, which shall be reviewed and approved according to their respective internal procedures not less than 1 month prior to the commencement of the fiscal year to which the budget pertains (or at the beginning of the Board’s first fiscal year, which may be a short fiscal year). The budget of the Board shall be subject to approval by the Commission. The budget for the first fiscal year of the Board shall be prepared and approved promptly following the appointment of the initial five Board members, to permit action by the Board of the organizational tasks contemplated by [section 7211(d) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section7211/d&num=0&edition=prelim).
**(c) Sources and uses of funds**
(1) **Recoverable budget expenses** — The budget of the Board (reduced by any registration or annual fees received under [section 7212(e) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section7212/e&num=0&edition=prelim) for the year preceding the year for which the budget is being computed), and all of the budget of the standard setting body referred to in subsection (a), for each fiscal year of each of those 2 entities, shall be payable from annual accounting support fees, in accordance with subsections (d) and (e). Accounting support fees and other receipts of the Board and of such standard-setting
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Stable record: federal_law:legal_authorities:record_usc_c2f9b0ea038be6dcf0d19c05
Source file: Laws/federal/codes/united-states-code/title-15/section-7231-funding--493543c316.md
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Source location: Title 15, Chapter 98, § 7231; chapter-098-public-company-accounting-reform-and-corporate-responsibility.md
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**(a) In general** The Board, and the standard setting body designated pursuant to [section 77s(b) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section77s/b&num=0&edition=prelim), shall be funded as provided in this section.
**(b) Annual budgets** The Board and the standard setting body referred to in subsection (a) shall each establish a budget for each fiscal year, which shall be reviewed and approved according to their respective internal procedures not less than 1 month prior to the commencement of the fiscal year to which the budget pertains (or at the beginning of the Board’s first fiscal year, which may be a short fiscal year). The budget of the Board shall be subject to approval by the Commission. The budget for the first fiscal year of the Board shall be prepared and approved promptly following the appointment of the initial five Board members, to permit action by the Board of the organizational tasks contemplated by [section 7211(d) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section7211/d&num=0&edition=prelim).
**(c) Sources and uses of funds**
(1) **Recoverable budget expenses** — The budget of the Board (reduced by any registration or annual fees received under [section 7212(e) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section7212/e&num=0&edition=prelim) for the year preceding the year for which the budget is being computed), and all of the budget of the standard setting body referred to in subsection (a), for each fiscal year of each of those 2 entities, shall be payable from annual accounting support fees, in accordance with subsections (d) and (e). Accounting support fees and other receipts of the Board and of such standard-setting body shall not be considered public monies of the United States.
(2) **Funds generated from the collection of monetary penalties** — Subject to the availability in advance in an appropriations Act, and notwithstanding subsection (j), all funds collected by the Board as a result of the assessment of monetary penalties shall be used to fund a merit scholarship program for undergraduate and graduate students enrolled in accredited accounting degree programs, which program is to be administered by the Board or by an entity or agent identified by the Board.
**(d) Annual accounting support fee for the Board**
(1) **Establishment of fee** — The Board shall establish, with the approval of the Commission, a reasonable annual accounting support fee (or a formula for the computation thereof), as may be necessary or appropriate to establish and maintain the Board. Such fee may also cover costs incurred in the Board’s first fiscal year (which may be a short fiscal year), or may be levied separately with respect to such short fiscal year.
(2) **Assessments** — The rules of the Board under paragraph (1) shall provide for the equitable allocation, assessment, and collection by the Board (or an agent appointed by the Board) of the fee established under paragraph (1), among issuers, in accordance with subsection (g), and among brokers and dealers, in accordance with subsection (h), and allowing for differentiation among classes of issuers, brokers and dealers, as appropriate.
(3) **Brokers and dealers** — The Board shall begin the allocation, assessment, and collection of fees under paragraph (2) with respect to brokers and dealers with the payment of support fees to fund the first full fiscal year beginning after July 21, 2010.
**(e) Annual accounting support fee for standard setting body** The annual accounting support fee for the standard setting body referred to in subsection (a)—
(1) shall be allocated in accordance with subsection (g), and assessed and collected against each issuer, on behalf of the standard setting body, by 1 or more appropriate designated collection agents, as may be necessary or appropriate to pay for the budget and provide for the expenses of that standard setting body, and to provide for an independent, stable source of funding for such body, subject to review by the Commission; and
(2) may differentiate among different classes of issuers.
**(f) Limitation on fee** The amount of fees collected under this section for a fiscal year on behalf of the Board or the standards setting body, as the case may be, shall not exceed the recoverable budget expenses of the Board or body, respectively (which may include operating, capital, and accrued items), referred to in subsection (c)(1).
**(g) Allocation of accounting support fees among issuers** Any amount due from issuers (or a particular class of issuers) under this section to fund the budget of the Board or the standard setting body referred to in subsection (a) shall be allocated among and payable by each issuer (or each issuer in a particular class, as applicable) in an amount equal to the total of such amount, multiplied by a fraction—
(1) the numerator of which is the average monthly equity market capitalization of the issuer for the 12-month period immediately preceding the beginning of the fiscal year to which such budget relates; and
(2) the denominator of which is the average monthly equity market capitalization of all such issuers for such 12-month period.
**(h) Allocation of accounting support fees among brokers and dealers**
(1) **Obligation to pay** — Each broker or dealer shall pay to the Board the annual accounting support fee allocated to such broker or dealer under this section.
(2) **Allocation** — Any amount due from a broker or dealer (or from a particular class of brokers and dealers) under this section shall be allocated among brokers and dealers and payable by the broker or dealer (or the brokers and dealers in the particular class, as applicable).
(3) **Proportionality** — The amount due from a broker or dealer shall be in proportion to the net capital of the broker or dealer (before or after any adjustments), compared to the total net capital of all brokers and dealers (before or after any adjustments), in accordance with rules issued by the Board.
**(i) Omitted**
**(j) Rule of construction** Nothing in this section shall be construed to render either the Board, the standard setting body referred to in subsection (a), or both, subject to procedures in Congress to authorize or appropriate public funds, or to prevent such organization from utilizing additional sources of revenue for its activities, such as earnings from publication sales, provided that each additional source of revenue shall not jeopardize, in the judgment of the Commission, the actual and perceived independence of such organization.
**(k) Start-up expenses of the Board** From the unexpended balances of the appropriations to the Commission for fiscal year 2003, the Secretary of the Treasury is authorized to advance to the Board not to exceed the amount necessary to cover the expenses of the Board during its first fiscal year (which may be a short fiscal year).
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Federal law — U.S. Code and appendices · legal_authorities
**(a) In general** The Secretary is authorized to promulgate regulations to implement and administer the grant programs and undertakings authorized by this subchapter.
**(b) Regulatory authority** Regulations prescribed under this section may contain such classifications, differentiations, or other provisions, and may provide for such adjustments and exceptions for any class of grant programs, undertakings, or eligible entities, as, in the judgment of the Secretary, are necessary or proper to effectuate the purposes of this subchapter, to prevent circumvention or evasion of this subchapter, or to facilitate compliance with this subchapter.
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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
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Federal law — U.S. Code and appendices · legal_authorities
**(a) In general**
(1) **Inspections generally** — The Board shall conduct a continuing program of inspections to assess the degree of compliance of each registered public accounting firm and associated persons of that firm with this Act, the rules of the Board, the rules of the Commission, or professional standards, in connection with its performance of audits, issuance of audit reports, and related matters involving issuers.
(2) **Inspections of audit reports for brokers and dealers**
(A) The Board may, by rule, conduct and require a program of inspection in accordance with paragraph (1), on a basis to be determined by the Board, of registered public accounting firms that provide one or more audit reports for a broker or dealer. The Board, in establishing such a program, may allow for differentiation among classes of brokers and dealers, as appropriate.
(B) If the Board determines to establish a program of inspection pursuant to subparagraph (A), the Board shall consider in establishing any inspection schedules whether differing schedules would be appropriate with respect to registered public accounting firms that issue audit reports only for one or more brokers or dealers that do not receive, handle, or hold customer securities or cash or are not a member of the Securities Investor Protection Corporation.
(C) Any rules of the Board pursuant to this paragraph shall be subject to prior approval by the Commission pursuant to [section 7217(b) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section7217/b&num=0&edition=prelim) before the rules become effective, including an opportunity for public notice and comment.
(D) Notwithstanding anything to the contrary in [section 7212 of this title](https://uscode.house.gov/view.xh
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Federal law — U.S. Code and appendices · legal_authorities
Page 2337
TITLE 15—COMMERCE AND TRADE
§ 7241
(Pub. L. 107–204, title I, § 110, as added Pub. L.
111–203, title IX, § 982(a)(1), July 21, 2010, 124 Stat.
1927.)
Editorial Notes
REFERENCES IN TEXT
Section 77s(b) of this title, as amended by this Act,
referred to in par. (5)(A)(i), means section 77s(b) of this
title, as amended by Pub. L. 107–204.
Title II, referred to in par. (5)(B), means title II of
Pub. L. 107–204, July 30, 2002, 116 Stat. 771, which en-
acted subchapter II of this chapter and amended sec-
tions 78c, 78j–1, 78l and 78q of this title. For complete
classification of title II to the Code, see Tables.
Statutory Notes and Related Subsidiaries
EFFECTIVE DATE
Section effective 1 day after July 21, 2010, except as
otherwise provided, see section 4 of Pub. L. 111–203, set
out as a note under section 5301 of Title 12, Banks and
Banking.
SUBCHAPTER II—AUDITOR INDEPENDENCE
§ 7231. Exemption authority
The Board may, on a case by case basis, ex-
empt any person, issuer, public accounting firm,
or transaction from the prohibition on the pro-
vision of services under section 78j–1(g) of this
title, to the extent that such exemption is nec-
essary or appropriate in the public interest and
is consistent with the protection of investors,
and subject to review by the Commission in the
same manner as for rules of the Board under sec-
tion 7217 of this title.
(Pub. L. 107–204, title II, § 201(b), July 30, 2002, 116
Stat. 772.)
§ 7232. Study of mandatory rotation of registered
public accounting firms
(a) Study and review required
The Comptroller General of the United States
shall conduct a study and review of the poten-
tial effects of requiring the mandatory rotation
of registered public accounting firms.
(b) Report required
Not later than 1 y
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