Amendment107th Congress
Amendment in the nature of a substitute sought to provide for the creation of a Public Regulatory Organization, define the nature and composition of the organization, and delineate its specific roles and responsibilities.
- Amendment Number
- 458
- Description
- Amendment in the nature of a substitute sought to provide for the creation of a Public Regulatory Organization, define the nature and composition of the organization, and delineate its specific roles and responsibilities.
- Purpose
- An amendment in the nature of a substitute numbered 5 printed in House Report 107-418 to replace the regulatory structure in the bill with one that requires establishment of a public regulator with specified duties and authority; to modify definitions of non-audit services to make the two bans on non-audit services included in the bill effective; to provide for approval of non-audit services by the audit committee; to replace the executive responsibility provisions in the bill to require executive certification of financial statements; to improve the ability of the SEC to bar officers and directors from future service in public companies; to enable the SEC to obtain disgorgement of stock bonuses from executives who have falsified financial statements; to place limits on analyst conflicts of interest and improve corporate governance by giving audit committees oversight of auditors; and to establish an independent nominating committee for independent directors.
- Congress
- 107
- Type
- HAMDT
- Latest Action Date
- Apr 24, 2002
- Latest Action Text
- On agreeing to the LaFalce amendment (A005) Failed by recorded vote: 202 - 219 (Roll no. 108).
- Latest Action Time
- 14:41:20
- Submitted Date
- Apr 24, 2002
- Chamber
- House of Representatives
- Update Date
- Aug 15, 2021