Sarbanes-oxley act of 2002

45 Sec. 
702 
SARBANES-OXLEY ACT OF 2002 
large national and multinational business organizations 
that are subject to the securities laws; 
(2) of the problems, if any, faced by business organizations 
that have resulted from limited competition among public ac-
counting firms, including— 
(A) higher costs; 
(B) lower quality of services; 
(C) impairment of auditor independence; or 
(D) lack of choice; and 
(3) whether and to what extent Federal or State regula-
tions impede competition among public accounting firms. 
(b) C
ONSULTATION
.—In planning and conducting the study 
under this section, the Comptroller General shall consult with— 
(1) the Commission; 
(2) the regulatory agencies that perform functions similar 
to the Commission within the other member countries of the 
Group of Seven Industrialized Nations; 
(3) the Department of Justice; and 
(4) any other public or private sector organization that the 
Comptroller General considers appropriate. 
(c) R
EPORT
R
EQUIRED
.—Not later than 1 year after the date of 
enactment of this Act, the Comptroller General shall submit a re-
port on the results of the study required by this section to the Com-
mittee on Banking, Housing, and Urban Affairs of the Senate and 
the Committee on Financial Services of the House of Representa-
tives. 
SEC. 702. COMMISSION STUDY AND REPORT REGARDING CREDIT RAT-
ING AGENCIES. 
(a) S
TUDY
R
EQUIRED
.— 
(1) I
N GENERAL
.—The Commission shall conduct a study of 
the role and function of credit rating agencies in the operation 
of the securities market. 
(2) A
REAS OF CONSIDERATION
.—The study required by this 
subsection shall examine— 
(A) the role of credit rating agencies in the evaluation 
of issuers of securities; 
(B) the importance of that role to investors and the 
functioning of the securities markets; 
(C) any impediments to the accurate appraisal by 
credit rating agencies of the financial resources and risks 
of issuers of securities; 
(D) any barriers to entry into the business of acting as 
a credit rating agency, and any measures needed to re-
move such barriers; 
(E) any measures which may be required to improve 
the dissemination of information concerning such resources 
and risks when credit rating agencies announce credit rat-
ings; and 
(F) any conflicts of interest in the operation of credit 
rating agencies and measures to prevent such conflicts or 
ameliorate the consequences of such conflicts. 
(b) R
EPORT
R
EQUIRED
.—The Commission shall submit a report 
on the study required by subsection (a) to the President, the Com-
mittee on Financial Services of the House of Representatives, and 
VerDate Mar 15 2010 
18:34 Dec 21, 2020
Jkt 000000
PO 00000
Frm 00045
Fmt 9001
Sfmt 9001
G:\COMP\SEC\SAO2.BEL
HOLC
December 21, 2020 
G:\COMP\SEC\SARBANES-OXLEY ACT OF 2002.XML
As Amended Through P.L. 116-222, Enacted December 18, 2020

---