Sec. 4. Backstop
201 words·~1 min read·
/bill/117/s/1815/is/section-4A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
In this section— the term Commission means the Securities and Exchange Commission; the term covered issuer means an issuer that is required to file an annual report under section 13(a) or section 15(d) of the Securities Exchange Act of 1934 ( 15 U.S.C. 78m(a) , 78o(d)); and the term issuer has the meaning given the term in section 3(a) of the Securities Exchange Act of 1934 ( 15 U.S.C. 78c(a) ). If, as of the date that is 2 years after the date of enactment of this Act, the Commission has not promulgated the regulations required under subsection
(s)of section 13 of the Securities Exchange Act of 1934 ( 15 U.S.C. 78m ), as added by section 3 of this Act, a covered issuer, during the period beginning on that date and ending on the date on which the Commission promulgates those regulations, shall be deemed to be in compliance with such subsection
(s)if disclosures set forth in the annual report of the covered issuer satisfy the public disclosure standards of the International Organization for Standardization’s ISO 30414, or any successor standards for external workforce reporting, as supplemented or adjusted by rules, guidance, or other comments from the Commission.
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