Page:United States Statutes at Large Volume 116 Part 1.djvu/824

 116 STAT. 798 PUBLIC LAW 107-204-^ULY 30, 2002 (B) the importance of that role to investors and the functioning of the securities markets; (C) any impediments to the accurate appraisal by credit rating agencies of the financial resources and risks of issuers of securities; (D) any barriers to entry into the business of acting as a credit rating agency, and any measures needed to remove such barriers; (E) any measures which may be required to improve the dissemination of information concerning such resources and risks when credit rating agencies announce credit ratings; and (F) any conflicts of interest in the operation of credit rating agencies and measures to prevent such conflicts or ameliorate the consequences of such conflicts. Deadline. (b) REPORT REQUIRED.—The Commission shall submit a report on the study required by subsection (a) to the President, the Committee on Financial Services of the House of Representatives, and the Committee on Banking, Housing, and Urban Affairs of the Senate not later than 180 days after the date of enactment of this Act. SEC. 703. STUDY AND REPORT ON VIOLATORS AND VIOLATIONS. (a) STUDY.— The Commission shall conduct a study to determine, based upon information for the period from January 1, 1998, to December 31, 2001— (1) the number of securities professionals, defined as public accountants, public accounting firms, investment bsiiikers, investment advisers, brokers, dealers, attorneys, and other securities professionals practicing before the Commission— (A) who have been foiuid to have aided and abetted a violation of the Federal securities laws, including rules or regulations promulgated thereunder (collectively referred to in this section as "Federal securities laws"), but who have not been sanctioned, disciplined, or otherwise penalized as a primary violator in any administrative action or civil proceeding, including in any settlement of such an action or proceeding (referred to in this section as "aiders and abettors"); and (B) who have been found to have been primary violators of the Federal securities laws; (2) a description of the Federal securities laws violations committed by aiders and abettors and by primary violators, including— (A) the specific provision of the Federal securities laws violated; (B) the specific sanctions and penalties imposed upon such aiders and abettors and primary violators, including the amount of any monetary penalties assessed upon and collected from such persons; (C) the occurrence of multiple violations by the same person or persons, either as an aider or abettor or as a primary violator; and (D) whether, as to each such violator, disciplinary sanctions have been imposed, including any censure, suspension, temporary bar, or permanent bar to practice before the Commission; and

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