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Sarbanes Oxley
Act |
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SEC. 704.
STUDY OF ENFORCEMENT ACTIONS.
(a) STUDY REQUIRED.—The
Commission shall review and analyze
all
enforcement actions by the Commission
involving violations
of reporting
requirements imposed under the securities
laws, and
restatements
of financial statements, over the 5-year
period preceding
the date of
enactment of this Act, to identify areas of
reporting
that are most susceptible to fraud,
inappropriate manipulation,
or
inappropriate earnings management, such as
revenue
recognition
and the accounting treatment of off-balance
sheet special
purpose
entities.
(b) REPORT REQUIRED.—The
Commission shall report its
findings to
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, and shall use such
findings to revise
its rules and
regulations, as necessary. The report shall
include
a discussion
of regulatory or legislative steps that are
recommended
or that may
be necessary to address concerns identified in
the
study.
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