Sec. 2. Prohibition against the listing of certain firms on national securities exchanges
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Section 6(b) of the Securities Exchange Act of 1934 ( 15 U.S.C. 78f(b) ) is amended by adding at the end the following: The rules of the exchange prohibit the initial listing, after the date of enactment of this paragraph, of any security of an issuer if the registration statement filed with the Commission for such security includes an audit report prepared by a covered foreign public accounting firm. Nothing in subparagraph
(A)may be construed to prevent an exchange from listing a security on the exchange on or after the date of enactment of this paragraph if that security was listed on the exchange or a national securities exchange before the date of enactment of this paragraph. In this paragraph— the term audit report has the meaning given the term in section 2(a) of the Sarbanes-Oxley Act of 2002 ( 15 U.S.C. 7201(a) ); the term covered foreign public accounting firm means a foreign public accounting firm that the Public Company Accounting Oversight Board is unable to inspect or investigate under the Sarbanes-Oxley Act of 2002 ( 15 U.S.C. 7201 et seq.) because of a position taken by an authority outside of the United States; and the term foreign public accounting firm has the meaning given the term in section 106(g) of the Sarbanes-Oxley Act of 2002 ( 15 U.S.C. 7216(g) ). . Not later than 90 days after the date of enactment of this Act, each national securities exchange shall file with the Commission any proposed change to the rules of the exchange that is required as a result of the amendments made by this section. Not later than 1 year after the date of enactment of this Act, each national securities exchange shall have each proposed change described in paragraph
(1)approved by the Commission.
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Sec. 2
Prohibition against the listing of certain firms on national securities exchanges
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