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Sarbanes Oxley
Act |
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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 bankers,
investment
advisers, brokers, dealers, attorneys, and
other
securities
professionals practicing before the
Commission—
(A) who have
been found 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
(3) the
amount of disgorgement, restitution, or any
other
fines or
payments that the Commission has assessed upon
and collected
from, aiders and abettors and from primary
violators.
(b) REPORT.—A
report based upon the study conducted pursuant
to subsection
(a) shall be submitted to the Committee on
Banking,
Housing, and
Urban Affairs of the Senate, and the Committee
on Financial
Services of the House of Representatives not
later
than 6 months
after the date of enactment of this Act.
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