Securities Lawyer's Deskbook
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Sarbanes-Oxley Act of 2002

Section 601 -- Authorization of Appropriations

Section 35 of the Securities Exchange Act of 1934 is amended to read as follows:

    "In addition to any other funds authorized to be appropriated to the Commission, there are authorized to be appropriated to carry out the functions, powers, and duties of the Commission, $ 776,000,000 for fiscal year 2003, of which--
      "(1) $ 102,700,000 shall be available to fund additional compensation, including salaries and benefits, as authorized in the Investor and Capital Markets Fee Relief Act (Public Law 107-123; 115 Stat. 2390 et seq.);
      "(2) $ 108,400,000 shall be available for information technology, security enhancements, and recovery and mitigation activities in light of the terrorist attacks of September 11, 2001; and
      "(3) $ 98,000,000 shall be available to add not fewer than an additional 200 qualified professionals to provide enhanced oversight of auditors and audit services required by the Federal securities laws, and to improve Commission investigative and disciplinary efforts with respect to such auditors and services, as well as for additional professional support staff necessary to strengthen the programs of the Commission involving Full Disclosure and Prevention and Suppression of Fraud, risk management, industry technology review, compliance, inspections, examinations, market regulation, and investment management.".

Legislative History

July 30, 2002, 107 P.L. 204, Title VI, § 601, 116 Stat. 745.

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