Securities Lawyer's Deskbook
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The

Sarbanes-Oxley Act of 2002





Section 703 -- Study and Report on Violators and Violations


  1. 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--

      1. 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

      2. 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--

      1. the specific provision of the Federal securities laws violated;

      2. 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;

      3. the occurrence of multiple violations by the same person or persons, either as an aider or abettor or as a primary violator; and

      4. 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.

  2. 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.


Legislative History


July 30, 2002, 107 P.L. 204, Title VII, § 703, 116 Stat. 745.

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