TITLE IX - WHITE-COLLAR CRIME PENALTY ENHANCEMENTS
SEC. 906. CORPORATE RESPONSIBILITY FOR FINANCIAL REPORTS.
(a) IN GENERAL. - Chapter 63 of title 18, United States Code, is amended by
inserting after section 1349, as created by this Act, the following:
"§ 1350. Failure of corporate officers to certify financial reports
(a) CERTIFICATION OF PERIODIC FINANCIAL REPORTS. - Each periodic
report containing financial statements filed by an issuer with the Securities
Exchange Commission pursuant to section 13(a) or 15(d) of the Securities Exchange
Act of 1934 (15 U.S.C. 78m(a) or 78o(d)) shall be accompanied by a written statement
by the chief executive officer and chief financial officer (or equivalent thereof)
of the issuer.
"(b) CONTENT. - The statement required under subsection
(a) shall certify that the periodic report containing the financial statements
fully complies with the requirements of section 13(a) or 15(d) of the Securities
Exchange Act pf 1934 (15 U.S.C. 78m or 78o(d)) and that information contained
in the periodic report fairly presents, in all material respects, the financial
condition and results of operations of the issuer.
"(c) CRIMINAL PENALTIES. - Whoever -
"(1) certifies any statement as set forth in subsections
(a) and (b) of this section knowing that the periodic report accompanying the
statement does not comport with all the requirements set forth in this section
shall be fined not more than $1,000,000 or imprisoned not more than 10 years,
or both; or
"(2) willfully certifies any statement as set forth in
subsections (a) and (b) of this section knowing that the periodic report accompanying
the statement does not comport with all the requirements set forth in this section
shall be fined not more than $5,000,000, or imprisoned not more than 20 years,
or both.".
(b) CLERICAL AMENDMENT. - The table of sections at the beginning of chapter
63 of title 18, United States Code, is amended by adding at the end the following:
"1350. Failure of corporate officers to certify financial reports.".
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