Page:United States Statutes at Large Volume 116 Part 1.djvu/790

 116 STAT. 764 PUBLIC LAW 107-204-JULY 30, 2002 care should have known, of such suspension or bar, to permit such an association, without the consent of the Board or the Commission. (d) REPORTING OF SANCTIONS.— (1) RECIPIENTS. —I f the Board imposes a disciplinary sanction, in accordance with this section, the Board shall report the sanction to— (A) the Commission; (B) any appropriate State regulatory authority or any foreign accountancy licensing board with which such firm or person is licensed or certified; and (C) the public (once any stay on the imposition of such sanction has been lifted). (2) CONTENTS.— The information reported under paragraph (1) shall include— (A) the name of the sanctioned person; (B) a description of the sanction and the basis for its imposition; and (C) such other information as the Board deems appropriate. (e) STAY OF SANCTIONS.— (1) IN GENERAL. — Application to the Commission for review, or the institution by the Commission of review, of any disciplinary action of the Board shall operate as a stay of any such disciplinary action, unless and until the Commission orders (summarily or after notice and opportunity for hearing on the question of a stay, which hearing may consist solely of the submission of affidavits or presentation of oral arguments) that no such stay shall continue to operate. (2) EXPEDITED PROCEDURES.— The Commission shall establish for appropriate cases an expedited procedure for consideration and determination of the question of the duration of a stay pending review of any disciplinary action of the Board under this subsection. 15 USC 7216. SEC.106. FOREIGN PUBLIC ACCOUNTING FIRMS. (a) APPLICABILITY TO CERTAIN FOREIGN FIRMS.— (1) IN GENERAL.— Any foreign public accounting firm that prepares or furnishes an audit report with respect to any issuer, shall be subject to this Act and the rules of the Board and the Commission issued under this Act, in the same manner and to the same extent as a public accounting firm that is organized and operates under the laws of the United States or any State, except that registration pursuant to section 102 shall not by itself provide a basis for subjecting such a foreign public accounting firm to the jurisdiction of the Federal or State courts, other than with respect to controversies between such firms and the Board. (2) BOARD AUTHORITY.—The Board may, by rule, determine that a foreign public accounting firm (or a class of such firms) that does not issue audit reports nonetheless plays such a substantial role in the preparation and furnishing of such reports for particular issuers, that it is necessary or appropriate, in light of the purposes of this Act and in the public interest or for the protection of investors, that such firm (or class of firms) should be treated as a public accounting firm

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