H.R. 8339 — what changed
SEC Reform and Restructuring Act
From Introduced in House to Reported in House. 5 sections amended and 1 removed between Introduced in House and Reported in House.
Sec. 102 Accountability provision relating to other regulatory entities
changed
It is A rule adopted by the sense Municipal Securities Rulemaking Board or any national securities association registered under section 15A of the Congress that Securities Exchange Act of 1934 (15 U.S.C. 78o–3) shall not take effect unless the Public Company Accounting Oversight Securities and Exchange Commission determines that, in adopting such rule, the Board should also follow or association has complied with the requirements of section 23(e) of the Securities Exchange Act of 1934.1934, as added by section 101, in the same manner as is required by the Commission under such section 23(e).
Sec. 103 Accountability provision relating to other regulatory entities
removed
removed
A rule adopted by the Municipal Securities Rulemaking Board or any national securities association registered under section 15A of the Securities Exchange Act of 1934 (15 U.S.C. 78o–3) shall not take effect unless the Securities and Exchange Commission determines that, in adopting such rule, the Board or association has complied with the requirements of section 23(e) of the Securities Exchange Act of 1934, in the same manner as is required by the Commission under such section 23(e).
Sec. 402 Consideration of cumulative effect of regulations required
Rules under the Securities Act of 1933— Section 2(b) of the Securities Act of 1933 (15 U.S.C. 77b(b)) is amended by inserting “, when considered individually or cumulatively with other rules or regulations or other proposed rules or regulations,” before “will promote”.
changed
Rules under the Securities Exchange Act of 1934— Section 23(a)(2) of the Securities Exchange Act of 1934 (15 U.S.C. 78w) 78w(a)(2)) is amended by inserting “, when considered individually or cumulatively with other rules or regulations or other proposed rules or regulations,” after “which would”.
changed
Rules under the Investment Company Act of 1940— Section 2(c) of the Investment Company Act of 1940 (15 U.S.C. 80a–2) 80a–2(c)) is amended by inserting “, when considered individually or cumulatively with other rules or regulations or other proposed rules or regulations,” before “will promote”.
changed
Rules under the Investment Advisers Act of 1940— Section 202(c) of the Investment Advisers Act of 1940 (15 U.S.C. 80b–2) 80b–2(c)) is amended by inserting “, when considered individually or cumulatively with other rules or regulations or other proposed rules or regulations,” before “will promote”.
Sec. 501 Transfer of Public Company Accounting Oversight Board to Securities and Exchange Commission
Global amendments— Except as otherwise provided under this title, title I of the Sarbanes-Oxley Act of 2002 (15 U.S.C. 7211 et seq.) is amended—
in the title heading, by striking “Public Company Accounting Oversight Board” and inserting “Office of Public Accounting Oversight”;
removed
by striking “Public Company Accounting Oversight Board” each place it appears and inserting “Office of Public Accounting Oversight”;
renumbered
was (2)(5)
by striking “the Board” each place it appears and inserting “the Office”;
renumbered
was (2)(6)
by striking “The Board” each place it appears and inserting “The Office”; and
renumbered
was (2)(7)
by striking “the Board’s” each place it appears and inserting “the Office’s”.
Repeals— Sections 104, 105, and 107 of the Sarbanes-Oxley Act of 2002 (15 U.S.C. 7214; 15 U.S.C. 7215; 15 U.S.C. 7217) are repealed.
References— Beginning on the date that is 2 years after the date of the enactment of this Act, any reference to the Public Company Accounting Oversight Board in any law, regulation, map, document, record, or other paper of the United States shall be deemed to be a reference to the Office of Public Accounting Oversight of the Office of the Chief Accountant of the Securities and Exchange Commission.
Termination of existing Board— The Public Company Accounting Oversight Board shall terminate on the date that is 2 years after the date of the enactment of this Act.
Sec. 504 Auditing, quality control, standards, and rules
Section 103 of the Sarbanes-Oxley Act of 2002 (15 U.S.C. 7213) is amended—
changed
in the heading, by striking “and independence standards” and inserting “standards, and”;“standards,”;
in subsection (a)(3)—
in subparagraph (A)(i), by striking “, subject to the terms of section 107,”;
by striking subparagraph (B); and
by redesignating subparagraph (C) as subparagraph (B);
in subsection (c) in the heading of paragraph (2), by striking “Board” and inserting “Office”; and
in subsection (d), by striking “101(h)” and inserting “101(g)”.
Sec. 508 Technical and conforming amendments
Definitions— Section 2(a)(9)(C) of the Sarbanes-Oxley Act of 2002 (15 U.S.C. 7201) is amended by striking “, 101(c), 105, and 107(c) and the rules of the Board and Commission issued thereunder” and inserting “and 101(c) and the rules of the Commission thereunder”.
Exemption authority— Section 201(b) of the Sarbanes-Oxley Act of 2002 (15 U.S.C. 7231(b)) is amended—
by striking “The Board may” and inserting “The Commission may”; and
by striking “in the same manner as for rules of the Board under section 107”.
Self-Regulatory organization— Section 603(y)(3) of the Consumer Credit Protection Act (15 U.S.C. 1681a(y)(3)) is amended by striking “any entity established under title I of the Sarbanes-Oxley Act of 2002,”.
Clerical amendment— The table of contents in section 1(b) of the Sarbanes-Oxley Act of 2002 is amended—
added
renumbered
was (5)(3)
in the item relating to section 102, by striking “the Board” and inserting “the Office”;
added
in the item relating to section 103, by striking “and independence standards” and inserting “standards,”; and
removed
in the item relating to section 103, by striking “and independence standards” and inserting “standards, and”; and
renumbered
was (5)(5)
by striking the items relating to sections 104, 105, and 107.