§7202 — Title 15 Commerce and Trade | U.S. Code

Summary

The Commission must make rules it needs to protect investors and the public and to carry out this law. If anyone breaks this law, any Commission rule made under it, or any rule of the Board, that breach is handled the same way as a breach of the Securities Exchange Act of 1934 (15 U.S.C. 78a et seq.). The person faces the same penalties and consequences as for violating that Act. The Act and the Board’s rules do not limit the Commission’s power to regulate accountants and accounting firms, to set accounting and audit standards (including auditor independence) for audit reports, or to bring legal, administrative, or disciplinary actions on its own against registered public accounting firms or their staff.

Title 15, §7202

Commerce and Trade — Source: USLM XML via OLRC

(a)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)(1)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 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)

(c)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.

Notes & Related Subsidiaries

Editorial Notes

References in Text

This Act, referred to in text, is Pub. L. 107–204,

July 30, 2002, 116 Stat. 745, known as the Sarbanes-Oxley Act of 2002. For complete classification of this Act to the Code, see Tables. The Securities Exchange Act of 1934, referred to in subsec. (b)(1), is act

June 6, 1934, ch. 404, 48 Stat. 881, which is classified principally to chapter 2B (§ 78a et seq.) of this title. For complete classification of this Act to the Code, see section 78a of this title and Tables. Codification Section is comprised of section 3 of Pub. L. 107–204. Subsec. (b)(2)–(4) of section 3 of Pub. L. 107–204 amended section 78l, 78u, and 78u–3 of this title.

§7202 Commission Rules and Enforcement

Summary

Title 15, §7202

Notes & Related Subsidiaries

Editorial Notes

References in Text

Citations & Metadata