TITLE VII - STUDIES AND REPORTS
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.
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.
|
