Page:United States Statutes at Large Volume 116 Part 1.djvu/819

 PUBLIC LAW 107-204-^ULY 30, 2002 116 STAT. 793 "(4) whether the securities analyst received compensation with respect to a research report, based upon (among any other factors) the investment banking revenues (either generally or specifically earned from the issuer being analyzed) of the registered broker or dealer; and "(5) such other disclosures of conflicts of interest that are material to investors, research analysts, or the broker or dealer as the Commission, or such association or exchange, determines appropriate. "(c) DEFINITIONS. —In this section— "(1) the term 'securities analyst' means any associated person of a registered broker or dealer that is principally responsible for, and any associated person who reports directly or indirectly to a securities analyst in connection with, the preparation of the substance of a research report, whether or not any such person has the job title of 'securities analyst'; and "(2) the term 'research report' means a written or electronic communication that includes an analysis of equity securities of individual companies or industries, and that provides information reasonably sufficient upon which to base an investment decision.". (b) ENFORCEMENT.— Section 21B(a) of the Securities Exchange Act of 1934 (15 U.S.C. 78u-2(a)) is amended by inserting "15D," before "15B". (c) COMMISSION AUTHORITY.— The Commission may promulgate 15 USC 78o-6 and amend its regulations, or direct a registered securities associa- note. tion or national securities exchange to promulgate and amend its rules, to carry out section 15D of the Securities Exchange Act of 1934, as added by this section, as is necessary for the protection of investors and in the public interest. TITLE VI—COMMISSION RESOURCES AND AUTHORITY SEC. 601. AUTHORIZATION OF APPROPRIATIONS. Section 35 of the Securities Exchange Act of 1934 (15 U.S.C. 78kk) is amended to read as follows: "SEC. 35. AUTHORIZATION OF APPROPRIATIONS. "In addition to any other funds authorized to be appropriated to the Commission, there are authorized to be appropriated to carry out the functions, powers, and duties of the Commission, $776,000,000 for fiscal year 2003, of which— "(1) $102,700,000 shall be available to fund additional compensation, including salaries and benefits, as authorized in the Investor and Capital Markets Fee Relief Act (Public Law 107-123; 115 Stat. 2390 et seq.); "(2) $108,400,000 shall be available for information technology, security enhancements, and recovery and mitigation activities in light of the terrorist attacks of September 11, 2001; and "(3) $98,000,000 shall be available to add not fewer than an additional 200 qualified professionals to provide enhanced oversight of auditors and audit services required by the Federal securities laws, and to improve Commission investigative and

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