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United States · Law · HR

H.R. 3763 (107th)

Sarbanes-Oxley Act of 2002

enactedUnited States· United States Congress· EN

Introduced

14 February 2002

Last action

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Status

Became Public Law No: 107-204.

Sponsors

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Subjects

Discovery layer

Source updated

7 April 2025

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Summary

Corporate and Auditing Accountability, Responsibility, and Transparency Act of 2002 - States that the Securities and Exchange Commission (SEC) shall not accept a financial statement certified by an accountant unless such accountant is subject to oversight by a public regulatory organization (PRO), and is in good standing with it. Directs the SEC to: (1) prescribe the criteria that would permit recognition of a PRO for purposes of this Act; and (2) revise auditor independence regulations so as to exclude certain non-audit services from activities permissible for an independent auditor. Prescribes procedural guidelines for: (1) prompt notification of PRO sanctions to the SEC; and (2) SEC review of such sanctions. Prohibits an officer, director, or affiliated persons of an issuer of a registered security from exerting improper influence upon the conduct of audits. Mandates, upon SEC request, rapid disclosure of an issuer's financial condition or operations, including electronic disclosure of insider and affiliate transactions. Prohibits a ten percent beneficial owner from engaging in insider trades during pension fund blackout periods. Exempts certain such owners from this proscription. Bars a lawsuit for violation of such insider trades two years after the date the insider trade profit was realized. Permits the SEC to design exemptions. Directs the SEC to: (1) modify regulations governing corporate disclosures; (2) set minimum periodic review requirements for certain securities; and (3) study and report to specified congressional committees on rules relating to analyst conflicts of interest, corporate governance practices, enforcement actions, and credit rating agencies.

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Documents

19 official files

Enrolled Bill (text)

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