TITLE VI - COMMISSION RESOURCES AND AUTHORITY
SEC. 602. APPEARANCE AND PRACTICE BEFORE THE COMMISSION.
The Securities Exchange Act of 1934 (15 U.S.C. 78a et seq.) is amended by inserting
after section 4B the following:
"SEC. 4C. APPEARANCE AND PRACTICE BEFORE THE COMMISSION.
"(a) AUTHORITY TO CENSURE. - The Commission may censure any person, or
deny, temporarily or permanently, to any person the privilege of appearing or
practicing before the Commission in any way, if that person is found by the
Commission, after notice and opportunity for hearing in the matter -
"(1) not to possess the requisite qualifications to represent
others;
"(2) to be lacking in character or integrity, or to have
engaged in unethical or improper professional conduct; or
"(3) to have willfully violated, or willfully aided and
abetted the violation of, any provision of the securities laws or the rules
and regulations issued thereunder.
"(b) DEFINITION. - With respect to any registered public accounting firm
or associated person, for purposes of this section, the term ‘improper
professional conduct’ means -
"(1) intentional or knowing conduct, including reckless
conduct, that results in a violation of applicable professional standards; and
"(2) negligent conduct in the form of -
"(A) a single instance of highly unreasonable conduct
that results in a violation of applicable professional standards in circumstances
in which the registered public accounting firm or associated person knows, or
should know, that heightened scrutiny is warranted; or
"(B) repeated instances of unreasonable conduct, each
resulting in a violation of applicable professional standards, that indicate
a lack of competence to practice before the Commission.".
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