(2) TREATMENT.—A written notice of disapproval of a com- pleted application under paragraph (1) for registration shall be treated as a disciplinary sanction for purposes of sections 105(d) and 107(c).
(d) PERIODIC REPORTS.—Each registered public accounting firm shall submit an annual report to the Board, and may be required
to report more frequently, as necessary to update the information contained in its application for registration under this section, and to provide to the Board such additional information as the Board or the Commission may specify, in accordance with subsection (b)(2)