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 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.
15 USC 7218. SEC. 108. ACCOUNTING STANDARDS.
(a) AMENDMENT TO SECURITIES ACT OF 1933.—Section 19 of the Securities Act of 1933 (15 U.S.C. 77s) is amended—
(1)by redesign ting subsections (b) and (c) as subsections
(c)and (d), respectively; and
(2)by inserting after subsection (a) the following:
‘‘(b) RECOGNITION OF ACCOUNTING STANDARDS.—
‘‘(1) IN GENERAL.—In carrying out its authority under sub- section (a) and under section 13(b) of the Securities Exchange Act of 1934, the Commission may recognize, as ‘generally accepted’ for purposes of the securities laws, any accounting principles established by a standard setting body—
‘‘(A) that—
‘‘(i) is organized as a private entity;
‘‘(ii) has, for administrative and operational purposes, a board of trustees (or equivalent body) serving in the public interest, the majority of whom are not, concurrent with their service on such board, and have not been during the 2-year period preceding such service, associated persons of any registered public accounting firm;
‘‘(iii) is funded as provided in section 109 of the Sarbanes-Oxley Act of 2002;
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, removefrom office or censure any 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.15 USC 7218. SEC. 108. ACCOUNTING STANDARDS.(a) AMENDMENT TO SECURITIES ACT OF 1933.—Section 19 of the Securities Act of 1933 (15 U.S.C. 77s) is amended—(1)by redesign ting subsections (b) and (c) as subsections(c)and (d), respectively; and(2)by inserting after subsection (a) the following:‘‘(b) RECOGNITION OF ACCOUNTING STANDARDS.—‘‘(1) IN GENERAL.—In carrying out its authority under sub- section (a) and under section 13(b) of the Securities Exchange Act of 1934, the Commission may recognize, as ‘generally accepted’ for purposes of the securities laws, any accounting principles established by a standard setting body—‘‘(A) that—‘‘(i) is organized as a private entity;‘‘(ii) has, for administrative and operational purposes, a board of trustees (or equivalent body) serving in the public interest, the majority of whom are not, concurrent with their service on such board, and have not been during the 2-year period preceding such service, associated persons of any registered public accounting firm;‘‘(iii) is funded as provided in section 109 of the Sarbanes-Oxley Act of 2002;
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