TITLE XI - CORPORATE FRAUD ACCOUNTABILITY
SEC. 1104. AMENDMENT TO THE FEDERAL SENTENCING GUIDELINES.
(a) REQUEST FOR IMMEDIATE CONSIDERATION BY THE UNITED STATES SENTENCING COMMISSION.
— Pursuant to its authority under section 994(p) of title 28, United States
Code, and in accordance with this section, the United States Sentencing Commission
is requested to -
(1) promptly review the sentencing guidelines applicable to
securities and accounting fraud and related offenses;
(2) expeditiously consider the promulgation of new sentencing
guidelines or amendments to existing sentencing guidelines to provide an enhancement
for officers or directors of publicly traded corporations who commit fraud and
related offenses; and
(3) submit to Congress an explanation of actions taken by
the Sentencing Commission pursuant to paragraph (2) and any additional policy
recommendations the Sentencing Commission may have for combating offenses described
in paragraph (1).
(b) CONSIDERATIONS IN REVIEW. — In carrying out this section, the Sentencing
Commission is requested to —
(1) ensure that the sentencing guidelines and policy statements
reflect the serious nature of securities, pension, and accounting fraud and
the need for aggressive and appropriate law enforcement action to prevent such
offenses;
(2) assure reasonable consistency with other relevant directives
and with other guidelines;
(3) account for any aggravating or mitigating circumstances
that might justify exceptions, including circumstances for which the sentencing
guidelines currently provide sentencing enhancements;
(4) ensure that guideline offense levels and enhancements
for an obstruction of justice offense are adequate in cases where documents
or other physical evidence are actually destroyed or fabricated;
(5) ensure that the guideline offense levels and enhancements
under United States Sentencing Guideline 2B1.1 (as in effect on the date of
enactment of this Act) are sufficient for a fraud offense when the number of
victims adversely involved is significantly greater than 50;
(6) make any necessary conforming changes to the sentencing
guidelines; and
(7) assure that the guidelines adequately meet the purposes
of sentencing as set forth in section 3553 (a)(2) of title 18, United States
Code.
(c) EMERGENCY AUTHORITY AND DEADLINE FOR COMMISSION ACTION. — The United
States Sentencing Commission is requested to promulgate the guidelines or amendments
provided for under this section as soon as practicable, and in any event not
later than the 180 days after the date of enactment of this Act, in accordance
with the procedures sent forth in section 21(a) of the Sentencing Reform Act
of 1987, as though the authority under that Act had not expired.
About OpenPages
OpenPages is the leading provider of Governance, Compliance and Risk
Management solutions
for Sarbanes-Oxley Compliance, Financial Controls Management, General
Compliance Management, Operational
Risk Management and IT
Governance.
The company’s solutions provide the visibility, decision support and
control to improve accountability, better manage risk, achieve compliance
with numerous regulations, improve operational performance and align strategies
to ensure better results.
Market-leading corporations in financial services, manufacturing, telecommunications,
media/entertainment, retail/consumer, energy, high technology, health services
and life sciences rely on OpenPages to help them achieve sustainable governance,
risk and compliance management -- enabling them to become well-governed businesses.
Founded in 1996, the company is headquartered in Waltham, Massachusetts, with
regional offices throughout North America and international offices in London, Munich, Paris, Tokyo and Hong Kong.
For more information on OpenPages' suite of business governance software solutions
or to register for an online demonstration, please call 781-693-5999 or visit
www.openpages.com.
|
