|"Sec. 1519. Destruction, alteration, or falsification of records in
Federal investigations and bankruptcy
|"Whoever knowingly alters, destroys, mutilates, conceals, covers up,
falsifies, or makes a false entry in any record, document, or tangible
object with the intent to impede, obstruct, or influence the investigation
or proper administration of any matter within the jurisdiction of any
department or agency of the United States or any case filed under title
11, or in relation to or contemplation of any such matter or case, shall
be fined under this title, imprisoned not more than 20 years, or both.
|"Sec. 1520. Destruction of corporate audit records
"(a)(1) Any accountant who conducts an audit of an issuer of securities
to which section 10A(a) of the Securities Exchange Act of 1934 (15 U.S.C.
78j-1(a)) applies, shall maintain all audit or review workpapers for
a period of 5 years from the end of the fiscal period in which the audit
or review was concluded.
"(2) The Securities and Exchange Commission shall promulgate, within
180 days, after adequate notice and an opportunity for comment, such
rules and regulations, as are reasonably necessary, relating to the
retention of relevant records such as workpapers, documents that form
the basis of an audit or review, memoranda, correspondence, communications,
other documents, and records (including electronic records) which are
created, sent, or received in connection with an audit or review and
contain conclusions, opinions, analyses, or financial data relating
to such an audit or review, which is conducted by any accountant who
conducts an audit of an issuer of securities to which section 10A(a)
of the Securities Exchange Act of 1934 (15 U.S.C. 78j-1(a)) applies.
The Commission may, from time to time, amend or supplement the rules
and regulations that it is required to promulgate under this section,
after adequate notice and an opportunity for comment, in order to ensure
that such rules and regulations adequately comport with the purposes
of this section.
|"(b) Whoever knowingly and willfully violates subsection (a)(1), or
any rule or regulation promulgated by the Securities and Exchange Commission
under subsection (a)(2), shall be fined under this title, imprisoned
not more than 10 years, or both.
|"(c) Nothing in this section shall be deemed to diminish or relieve
any person of any other duty or obligation imposed by Federal or State
law or regulation to maintain, or refrain from destroying, any document.".