It shall be unlawful for any person that is not a registered public accounting firm to prepare or issue, or to participate in the preparation or issuance of, any audit report with respect to any issuer, broker, or dealer.
A public accounting firm shall use such form as the Board may prescribe, by rule, to apply for registration under this section.
Each public accounting firm shall submit, as part of its application for registration, in such detail as the Board shall specify-
Each application for registration under this subsection shall include-
The Board shall approve a completed application for registration not later than 45 days after the date of receipt of the application, in accordance with the rules of the Board, unless the Board, prior to such date, issues a written notice of disapproval to, or requests more information from, the prospective registrant.
A written notice of disapproval of a completed application under paragraph (1) for registration shall be treated as a disciplinary sanction for purposes of sections 7215(d) and 7217(c) of this title.
Each registered public accounting firm shall submit an annual report to the Board, and may be required to report more frequently, as necessary to update the information contained in its application for registration under this section, and to provide to the Board such additional information as the Board or the Commission may specify, in accordance with subsection (b)(2).
Registration applications and annual reports required by this subsection, or such portions of such applications or reports as may be designated under rules of the Board, shall be made available for public inspection, subject to rules of the Board or the Commission, and to applicable laws relating to the confidentiality of proprietary, personal, or other information contained in such applications or reports, provided that, in all events, the Board shall protect from public disclosure information reasonably identified by the subject accounting firm as proprietary information.
The Board shall assess and collect a registration fee and an annual fee from each registered public accounting firm, in amounts that are sufficient to recover the costs of processing and reviewing applications and annual reports.
15 U.S.C. § 7212
EDITORIAL NOTES
AMENDMENTS2010-Subsec. (a). Pub. L. 111-203, §982(c)(1), substituted "It" for "Beginning 180 days after the date of the determination of the Commission under section 7211(d) of this title, it". Subsec. (b)(2)(A). Pub. L. 111-203, §982(c)(2)(A), substituted "issuers, brokers, and dealers" for "issuers". Subsec. (b)(2)(B), (G). Pub. L. 111-203, §982(c)(2)(B), substituted "issuer, broker, or dealer" for "issuer" wherever appearing.
STATUTORY NOTES AND RELATED SUBSIDIARIES
EFFECTIVE DATE OF 2010 AMENDMENT Amendment by Pub. L. 111-203 effective 1 day after July 21, 2010, except as otherwise provided, see section 4 of Pub. L. 111-203 set out as an Effective Date note under section 5301 of Title 12, Banks and Banking.