(B)to have secured the agreement of that foreign public accounting firm to such production, as a condition of its reliance on the opinion of that foreign public accounting firm.
(c)EXEMPTION AUTHORITY.—The Commission, and the Board, subject to the approval of the Commission, may, by rule, regulation, or order, and as the Commission (or Board) determines necessary or appropriate in the public interest or for the protection of investors, either unconditionally or upon specified terms and conditions exempt any foreign public accounting firm, or any class of such
firms, from any provision of this Act or the rules of the Board or the Commission issued under this Act.
(d) DEFINITION.—In this section, the term ‘‘foreign public accounting firm’’ means a public accounting firm that is organized and operates under the laws of a foreign government or political subdivision thereof.
SEC. 107. COMMISSION OVERSIGHT OF THE BOARD.
(a)GENERAL OVERSIGHT RESPONSIBILITY.—The Commission
shall have oversight and enforcement authority over the Board, as provided in this Act. The provisions of section 17(a)(1) of the Securities Exchange Act of 1934 (15 U.S.C. 78q(a)(1)), and of section 17(b)(1) of the Securities Exchange Act of 1934 (15 U.S.C. 78q(b)(1)) shall apply to the Board as fully as if the Board were a ‘‘registered securities association’’ for purposes of those sections 17(a)(1) and 17(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 103(a)(3)(B) 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 19(b) of the Securities Exchange Act of 1934 (15 U.S.C. 78s(b)) shall govern the pro- posed rules of the Board, as fully as if the Board were a ‘‘registered securities association’’ for purposes of that section 19(b), except that, for purposes of this paragraph