Browse Arkansas Code titles and sections

15 U.S.C. § 7219 — Commission oversight of the Board

Federal law — U.S. Code and appendices · legal_authorities

15 U.S.C. § 7219 — Commission oversight of the Board

Source: Supplied U.S. Code snapshot — release unconfirmed · 15 U.S.C. § 7219

Stored review status: release_metadata_unconfirmed. A text match is a research starting point; applicability is not established.

Original supplied file — preserved unchanged

Download original Markdown file

File SHA-256: 73156cb511521f87c0efb126683cd700068f85ca8d7b9965f6a476600c2723b6. The original may include catalog metadata, neighboring provisions, or embedded records outside this collection's scope. Search shows only the selected federal record. Historical editions and unverified snapshots are not a statement of current law.

Authority boundary: historical or unconfirmed source not current law verified.

Open the recorded source website ↗

Record provenance

Stable record: federal_law:legal_authorities:record_usc_eb855e7cababf45d32187922
Source file: Laws/federal/codes/united-states-code/title-15/section-7219-commission-oversight-of-the-board--b1b53f091d.md
Pages: Not recorded – Not recorded
Passage SHA-256: abacf624a6ca61535ff8a186b8b0742ae8840f09f1afc49a5dfb222fc176a0e1

Source location: Title 15, Chapter 98, § 7219; chapter-098-public-company-accounting-reform-and-corporate-responsibility.md

Stored source content

**(a) General oversight responsibility** The Commission shall have oversight and enforcement authority over the Board, as provided in this Act. The provisions of [section 78q(a)(1) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section78q/a/1&num=0&edition=prelim), and of [section 78q(b)(1) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section78q/b/1&num=0&edition=prelim) shall apply to the Board as fully as if the Board were a “registered securities association” for purposes of those sections 78q(a)(1) and 78q(b)(1). **(b) Rules of the Board** (1) **Definition** — In this section, the term “proposed rule” means any proposed rule of the Board, and any modification of any such rule. (2) **Prior approval required** — No rule of the Board shall become effective without prior approval of the Commission in accordance with this section, other than as provided in [section 7213(a)(3)(B) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section7213/a/3/B&num=0&edition=prelim) with respect to initial or transitional standards. (3) **Approval criteria** — The Commission shall approve a proposed rule, if it finds that the rule is consistent with the requirements of this Act and the securities laws, or is necessary or appropriate in the public interest or for the protection of investors. (4) **Proposed rule procedures** — The provisions of paragraphs (1) through (3) of [section 78s(b) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section78s/b&num=0&edition=prelim) shall govern the proposed rules of the Board, as fully as if the Board were a “registered securities association” for purposes of that section 78s(b), except that, for purposes of this paragraph— (A) the phrase “consistent with the requirements of this chapter and the rules and regulations thereunder applicable to such organization” in [section 78s(b)(2) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section78s/b/2&num=0&edition=prelim) shall be deemed to read “consistent with the requirements of title I of the Sarbanes-Oxley Act of 2002, and the rules and regulations issued thereunder applicable to such organization, or as necessary or appropriate in the public interest or for the protection of investors”; and (B) the phrase “otherwise in furtherance of the purposes of this chapter” in [section 78s(b)(3)(C) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section78s/b/3/C&num=0&edition=prelim) shall be deemed to read “otherwise in furtherance of the purposes of title I of the Sarbanes-Oxley Act of 2002”. (5) **Commission authority to amend rules of the Board** — The provisions of [section 78s(c) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section78s/c&num=0&edition=prelim) shall govern the abrogation, deletion, or addition to portions of the rules of the Board by the Commission as fully as if the Board were a “registered securities association” for purposes of that section 78s(c), except that the phrase “to conform its rules to the requirements of this chapter and the rules and regulations thereunder applicable to such organization, or otherwise in furtherance of the purposes of this chapter” in [section 78s(c) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section78s/c&num=0&edition=prelim) shall, for purposes of this paragraph, be deemed to read “to assure the fair administration of the Public Company Accounting Oversight Board, conform the rules promulgated by that Board to the requirements of title I of the Sarbanes-Oxley Act of 2002, or otherwise further the purposes of that Act, the securities laws, and the rules and regulations thereunder applicable to that Board”. **(c) Commission review of disciplinary action taken by the Board** (1) **Notice of sanction** — The Board shall promptly file notice with the Commission of any final sanction on any registered public accounting firm or on any associated person thereof, in such form and containing such information as the Commission, by rule, may prescribe. (2) **Review of sanctions** — The provisions of sections 78s(d)(2) and 78s(e)(1) of this title shall govern the review by the Commission of final disciplinary sanctions imposed by the Board (including sanctions imposed under [section 7215(b)(3) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section7215/b/3&num=0&edition=prelim) for noncooperation in an investigation of the Board), as fully as if the Board were a self-regulatory organization and the Commission were the appropriate regulatory agency for such organization for purposes of those sections 78s(d)(2) and 78s(e)(1), except that, for purposes of this paragraph— (A) [section 7215(e) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section7215/e&num=0&edition=prelim) (rather than that section 78s(d)(2)) shall govern the extent to which application for, or institution by the Commission on its own motion of, review of any disciplinary action of the Board operates as a stay of such action; (B) references in that section 78s(e)(1) to “members” of such an organization shall be deemed to be references to registered public accounting firms; (C) the phrase “consistent with the purposes of this chapter” in that section 78s(e)(1) shall be deemed to read “consistent with the purposes of this chapter and title I of the Sarbanes-Oxley Act of 2002”; (D) references to rules of the Municipal Securities Rulemaking Board in that section 78s(e)(1) shall not apply; and (E) the reference to [section 78s(e)(2) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section78s/e/2&num=0&edition=prelim) shall refer instead to [section 7217(c)(3) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section7217/c/3&num=0&edition=prelim). (3) **Commission modification authority** — The Commission may enhance, modify, cancel, reduce, or require the remission of a sanction imposed by the Board upon a registered public accounting firm or associated person thereof, if the Commission, having due regard for the public interest and the protection of investors, finds, after a proceeding in accordance with this subsection, that the sanction— (A) is not necessary or appropriate in furtherance of this Act or the securities laws; or (B) is excessive, oppressive, inadequate, or otherwise not appropriate to the finding or the basis on which the sanction was imposed. **(d) Censure of the Board; other sanctions** (1) **Rescission of Board authority** — The Commission, by rule, consistent with the public interest, the protection of investors, and the other purposes of this Act and the securities laws, may relieve the Board of any responsibility to enforce compliance with any provision of this Act, the securities laws, the rules of the Board, or professional standards. (2) **Censure of the Board; limitations** — The Commission may, by order, as it determines necessary or appropriate in the public interest, for the protection of investors, or otherwise in furtherance of the purposes of this Act or the securities laws, censure or impose limitations upon the activities, functions, and operations of the Board, if the Commission finds, on the record, after notice and opportunity for a hearing, that the Board— (A) has violated or is unable to comply with any provision of this Act, the rules of the Board, or the securities laws; or (B) without reasonable justification or excuse, has failed to enforce compliance with any such provision or rule, or any professional standard by a registered public accounting firm or an associated person thereof. (3) **Censure of Board members; removal from office** — The Commission may, as necessary or appropriate in the public interest, for the protection of investors, or otherwise in furtherance of the purposes of this Act or the securities laws, remove from office or censure any person who is, or at the time of the alleged misconduct was, a member of the Board, if the Commission finds, on the record, after notice and opportunity for a hearing, that such member— (A) has willfully violated any provision of this Act, the rules of the Board, or the securities laws; (B) has willfully abused the authority of that member; or (C) without reasonable justification or excuse, has failed to enforce compliance with any such provision or rule, or any professional standard by any registered public accounting firm or any associated person thereof.

Cross-references

Connections may be documented source relationships, shared citations or nearby passages. Each explains its basis; a connection alone does not establish applicability to your situation.

Federal law — U.S. Code and appendices · legal_authorities

12 U.S.C. § 5301 — Regulations

**(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.

Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 5301

Stored review status: release_metadata_unconfirmed. Explicit cross-reference supplied in source Markdown; currentness and applicability require review.

Federal law — U.S. Code and appendices · legal_authorities

15 U.S.C. § 7213 — Establishment; administrative provisions

**(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

Stored review status: release_metadata_unconfirmed. Incoming connection: Explicit cross-reference supplied in source Markdown; currentness and applicability require review.

Federal law — U.S. Code and appendices · legal_authorities

15 U.S.C. § 77s — Special powers of Commission

**(a) Rules and regulations** The Commission shall have authority from time to time to make, amend, and rescind such rules and regulations as may be necessary to carry out the provisions of this subchapter, including rules and regulations governing registration statements and prospectuses for various classes of securities and issuers, and defining accounting, technical, and trade terms used in this subchapter. Among other things, the Commission shall have authority, for the purposes of this subchapter, to prescribe the form or forms in which required information shall be set forth, the items or details to be shown in the balance sheet and earning statement, and the methods to be followed in the preparation of accounts, in the appraisal or valuation of assets and liabilities, in the determination of depreciation and depletion, in the differentiation of recurring and nonrecurring income, in the differentiation of investment and operating income, and in the preparation, where the Commission deems it necessary or desirable, of consolidated balance sheets or income accounts of any person directly or indirectly controlling or controlled by the issuer, or any person under direct or indirect common control with the issuer. The rules and regulations of the Commission shall be effective upon publication in the manner which the Commission shall prescribe. No provision of this subchapter imposing any liability shall apply to any act done or omitted in good faith in conformity with any rule or regulation of the Commission, notwithstanding that such rule or regulation may, after such act or omission, be amended or rescinded or be determined by judicial or other authority to be invalid for any reason. **(b) Recognition of accounting standards** (1) **In general** — In carrying out i

Source: Supplied U.S. Code snapshot — release unconfirmed · 15 U.S.C. § 77s

Stored review status: release_metadata_unconfirmed. Incoming connection: Explicit cross-reference supplied in source Markdown; currentness and applicability require review.

Federal law — U.S. Code and appendices · legal_authorities

15 U.S.C. § 78m — Periodical and other reports

**(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

Stored review status: release_metadata_unconfirmed. Incoming connection: Explicit cross-reference supplied in source Markdown; currentness and applicability require review.

Federal law — U.S. Code and appendices · legal_authorities

15 U.S.C. § 7219 — Funding

Page 2334 TITLE 15—COMMERCE AND TRADE § 7218 (3) Censure of Board members; removal from office The Commission may, as necessary or appro- priate in the public interest, for the protection of investors, or otherwise in furtherance of the purposes of this Act or the securities laws, re- move from office or censure any person who is, or at the time of the alleged misconduct was, a member of the Board, if the Commission finds, on the record, after notice and oppor- tunity for a hearing, that such member— (A) has willfully violated any provision of this Act, the rules of the Board, or the secu- rities laws; (B) has willfully abused the authority of that member; or (C) without reasonable justification or ex- cuse, has failed to enforce compliance with any such provision or rule, or any profes- sional standard by any registered public ac- counting firm or any associated person thereof. (Pub. L. 107–204, title I, § 107, July 30, 2002, 116 Stat. 765; Pub. L. 111–203, title IX, § 929F(i), July 21, 2010, 124 Stat. 1855.) Editorial Notes REFERENCES IN TEXT This Act and the Sarbanes-Oxley Act of 2002, referred to in text, are Pub. L. 107–204, July 30, 2002, 116 Stat. 745. Title I of the Act is classified generally to this sub- chapter. For complete classification of this Act to the Code, see Tables. CONSTITUTIONALITY For information regarding the constitutionality of certain provisions of this section, see the Table of Laws Held Unconstitutional in Whole or in Part by the Su- preme Court on the Constitution Annotated website, constitution.congress.gov. AMENDMENTS 2010—Subsec. (d)(3). Pub. L. 111–203 substituted ‘‘any person who is, or at the time of the alleged misconduct was, a member’’ for ‘‘any member’’ in introductory pro- visions. Statutory Notes a

Source: Supplied 2024 U.S. Code historical extraction · 15 U.S.C. § 7219

Stored review status: historical_2024_not_currentness_verified. Same stored citation; legal effect and authority still require review.