Page:United States Statutes at Large Volume 116 Part 1.djvu/791

 PUBLIC LAW 107-204-JULY 30, 2002 116 STAT. 765 (or firms) for purposes of registration under, and oversight by the Board in accordance with, this title. (b) PRODUCTION OF AUDIT WORKPAPERS. — (1) CONSENT BY FOREIGN FIRMS.—I f a foreign public accounting firm issues an opinion or otherwise performs material services upon which a registered public accounting firm relies in issuing all or part of any audit report or any opinion contained in an audit report, that foreign public accounting firm shall be deemed to have consented— (A) to produce its audit workpapers for the Board or the Commission in connection with any investigation by either body with respect to that audit report; and (B) to be subject to the jurisdiction of the courts of the United States for purposes of enforcement of any request for production of such workpapers. (2) CONSENT BY DOMESTIC FIRMS. —A registered public accounting firm that relies upon the opinion of a foreign public accounting firm, as described in paragraph (1), shall be deemed— (A) to have consented to supplying the audit workpapers of that foreign public accounting firm in response to a request for production by the Board or the Commission; and (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. 15 USC 7217. (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)(l)), and of section 17(b)(1) of the Securities Exchange Act of 1934 (15 U.S.C. 78q(b)(l)) 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.

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