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15 U.S.C. § 7212 — Commission rules and enforcement
Federal law — U.S. Code and appendices · legal_authorities
**(a) Regulatory action** 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 furtherance of this Act.
**(b) Enforcement**
(1) **In 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](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section78a&num=0&edition=prelim) 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 regulations.
(2) **to (4) Omitted**
**(c) Effect on Commission authority** 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 accounting 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, derived 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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Stable record: federal_law:legal_authorities:record_usc_e4ca6b8e428496ffa0bf656d
Source file: Laws/federal/codes/united-states-code/title-15/section-7212-commission-rules-and-enforcement--34c6301aaa.md
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Source location: Title 15, Chapter 98, § 7212; chapter-098-public-company-accounting-reform-and-corporate-responsibility.md
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**(a) Regulatory action** 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 furtherance of this Act.
**(b) Enforcement**
(1) **In 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](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section78a&num=0&edition=prelim) 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 regulations.
(2) **to (4) Omitted**
**(c) Effect on Commission authority** 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 accounting 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, derived 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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Federal law — U.S. Code and appendices · legal_authorities
This chapter may be cited as the “Securities Exchange Act of 1934.”
Source: Supplied U.S. Code snapshot — release unconfirmed · 15 U.S.C. § 78a
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Establishment of Board** There is established the Public Company Accounting Oversight Board, to oversee the audit of companies that are subject to the securities laws, and related matters, in order to protect the interests of investors and further the public interest in the preparation of informative, accurate, and independent audit reports. The Board shall be a body corporate, operate as a nonprofit corporation, and have succession until dissolved by an Act of Congress.
**(b) Status** The Board shall not be an agency or establishment of the United States Government, and, except as otherwise provided in this Act, shall be subject to, and have all the powers conferred upon a nonprofit corporation by, the District of Columbia Nonprofit Corporation Act. No member or person employed by, or agent for, the Board shall be deemed to be an officer or employee of or agent for the Federal Government by reason of such service.
**(c) Duties of the Board** The Board shall, subject to action by the Commission under [section 7217 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section7217&num=0&edition=prelim), and once a determination is made by the Commission under subsection (d) of this section—
(1) register public accounting firms that prepare audit reports for issuers, brokers, and dealers, in accordance with [section 7212 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section7212&num=0&edition=prelim);
(2) establish or adopt, or both, by rule, auditing, quality control, ethics, independence, and other standards relating to the preparation of audit reports for issuers, brokers, and dealers, in accordance with [section 7213 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-t
Source: Supplied U.S. Code snapshot — release unconfirmed · 15 U.S.C. § 7213
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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
Source: Supplied U.S. Code snapshot — release unconfirmed · 15 U.S.C. § 7215
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Applicability to certain foreign firms**
(1) **In general** — Any foreign public accounting firm that prepares or furnishes an audit report with respect to any issuer, broker, or dealer, shall be subject to this Act and the rules of the Board and the Commission issued under this Act, in the same manner and to the same extent as a public accounting firm that is organized and operates under the laws of the United States or any State, except that registration pursuant to [section 7212 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section7212&num=0&edition=prelim) shall not by itself provide a basis for subjecting such a foreign public accounting firm to the jurisdiction of the Federal or State courts, other than with respect to controversies between such firms and the Board.
(2) **Board authority** — The Board may, by rule, determine that a foreign public accounting firm (or a class of such firms) that does not issue audit reports nonetheless plays such a substantial role in the preparation and furnishing of such reports for particular issuers, brokers, or dealers, that it is necessary or appropriate, in light of the purposes of this Act and in the public interest or for the protection of investors, that such firm (or class of firms) should be treated as a public accounting firm (or firms) for purposes of registration under, and oversight by the Board in accordance with, this subchapter.
**(b) Production of documents**
(1) **Production by foreign firms** — If a foreign public accounting firm performs material services upon which a registered public accounting firm relies in the conduct of an audit or interim review, issues an audit report, performs audit work, or conducts interim reviews, the foreign public accounting firm sh
Source: Supplied U.S. Code snapshot — release unconfirmed · 15 U.S.C. § 7218
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Definitions.—** In this section:
(1) **Acceptable identification document.—** — The term “acceptable identification document” means, with respect to an individual—
(A) a nonexpired passport issued by the United States;
(B) a nonexpired identification document issued by a State, local government, or Indian Tribe to the individual acting for the purpose of identification of that individual;
(C) a nonexpired driver’s license issued by a State; or
(D) if the individual does not have a document described in subparagraph (A), (B), or (C), a nonexpired passport issued by a foreign government.
(2) **Applicant.—** — The term “applicant” means any individual who—
(A) files an application to form a corporation, limited liability company, or other similar entity under the laws of a State or Indian Tribe; or
(B) registers or files an application to register a corporation, limited liability company, or other similar entity formed under the laws of a foreign country to do business in the United States by filing a document with the secretary of state or similar office under the laws of a State or Indian Tribe.
(3) **Beneficial owner.—** — The term “beneficial owner”—
(A) means, with respect to an entity, an individual who, directly or indirectly, through any contract, arrangement, understanding, relationship, or otherwise—
(i) exercises substantial control over the entity; or
(ii) owns or controls not less than 25 percent of the ownership interests of the entity; and
(B) does not include—
(i) a minor child, as defined in the State in which the entity is formed, if the information of the parent or guardian of the minor child is reported in accordance with this section;
(ii) an individual acting as a nominee, intermediary, custodian, o
Source: Supplied U.S. Code snapshot — release unconfirmed · 31 U.S.C. § 5336
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Federal law — U.S. Code and appendices · legal_authorities
Page 2322
TITLE 15—COMMERCE AND TRADE
§ 7212
(3) to lease, purchase, accept gifts or dona-
tions of or otherwise acquire, improve, use,
sell, exchange, or convey, all of or an interest
in any property, wherever situated;
(4) to appoint such employees, accountants,
attorneys, and other agents as may be nec-
essary or appropriate, and to determine their
qualifications, define their duties, and fix
their salaries or other compensation (at a
level that is comparable to private sector self-
regulatory,
accounting,
technical,
super-
visory, or other staff or management posi-
tions);
(5) to allocate, assess, and collect accounting
support fees established pursuant to section
7219 of this title, for the Board, and other fees
and charges imposed under this subchapter;
and
(6) to enter into contracts, execute instru-
ments, incur liabilities, and do any and all
other acts and things necessary, appropriate,
or incidental to the conduct of its operations
and the exercise of its obligations, rights, and
powers imposed or granted by this subchapter.
(g) Rules of the Board
The rules of the Board shall, subject to the ap-
proval of the Commission—
(1) provide for the operation and administra-
tion of the Board, the exercise of its authority,
and the performance of its responsibilities
under this Act;
(2) permit, as the Board determines nec-
essary or appropriate, delegation by the Board
of any of its functions to an individual mem-
ber or employee of the Board, or to a division
of the Board, including functions with respect
to hearing, determining, ordering, certifying,
reporting, or otherwise acting as to any mat-
ter, except that—
(A) the Board shall retain a discretionary
right to review any action pursuant to any
such delegated function, upon its own
Source: Supplied 2024 U.S. Code historical extraction · 15 U.S.C. § 7212
Stored review status: historical_2024_not_currentness_verified. Same stored citation; legal effect and authority still require review.
Federal law — U.S. Code and appendices · legal_authorities
Page 202
TITLE 15—COMMERCE AND TRADE
§ 78a
Sec.
78m.
Periodical and other reports.
78m–1.
Reporting and recordkeeping for certain secu-
rity-based swaps.
78m–2.
Reporting requirements regarding coal or
other mine safety.
78n.
Proxies.
78n–1.
Shareholder approval of executive compensa-
tion.
78n–2.
Corporate governance.
78o.
Registration and regulation of brokers and
dealers.
78o–1.
Brokers deemed to be registered.
78o–2.
Liabilities arising prior to amendment unaf-
fected.
78o–3.
Registered securities associations.
78o–4.
Municipal securities.
78o–4a.
Commission Office of Municipal Securities.
78o–5.
Government securities brokers and dealers.
78o–6.
Securities analysts and research reports.
78o–7.
Registration of nationally recognized statis-
tical rating organizations.
78o–8.
Universal ratings symbols.
78o–9.
Study and rulemaking on assigned credit rat-
ings.
78o–10.
Registration and regulation of security-based
swap dealers and major security-based swap
participants.
78o–11.
Credit risk retention.
78p.
Directors,
officers,
and
principal
stock-
holders.
78q.
Records and reports.
78q–1.
National system for clearance and settlement
of securities transactions.
78q–2.
Automated quotation systems for penny
stocks.
78r.
Liability for misleading statements.
78s.
Registration, responsibilities, and oversight
of self-regulatory organizations.
78t.
Liability of controlling persons and persons
who aid and abet violations.
78t–1.
Liability to contemporaneous traders for in-
sider trading.
78u.
Investigations and actions.
78u–1.
Civil penalties for insider trading.
78u–2.
Civil remedies in administrative proceedings.
78u–3.
Cease-and-desist proceedings.
78u–4.
Private securities litigation.
78u–5.
Applic
Source: Supplied 2024 U.S. Code historical extraction · 15 U.S.C. § 78a
Stored review status: historical_2024_not_currentness_verified. The source passage cites 15 U.S.C. § 78a. This identifies an authority to review, not proof of applicability.