The bill would exempt certain privately held, non-carrying brokers and dealers in good standing from some audit requirements under Title I of the Sarbanes-Oxley Act. To qualify, a firm must meet limits on its size and activities and meet conditions related to registration, financial compliance, and disciplinary history. The bill would still require an annual audit under generally accepted auditing standards, an independent and qualified auditor, and an exemption report. It would take effect 180 days after enactment and direct the SEC and PCAOB to update relevant rules.
Eligible firms could have their audits conducted under generally accepted auditing standards instead of the specified PCAOB audit requirements. The bill would not remove the annual audit or exemption-report requirements. Whether a firm qualifies depends on the conditions set out in the bill.
The bill does not specify costs or funding amounts.
No publicly available information.
No publicly available information.