Sec. 2. No initial public offerings for unaccountable actors
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/bill/117/s/1914/is/section-2·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
In this section— the term Board means the Public Company Accounting Oversight Board; the term Commission means the Securities and Exchange Commission; the term covered entity means— an entity that is headquartered in, or otherwise controlled by an entity that is headquartered in, a foreign jurisdiction in which the Board is prevented from conducting an inspection or investigation of a registered public accounting firm under section 104 of the Sarbanes-Oxley Act of 2002 ( 15 U.S.C. 7214 ) because of a position taken by an authority in that foreign jurisdiction, as determined by the Board; or an entity that— is headquartered in, or otherwise controlled by an entity that is headquartered in, a foreign jurisdiction; and retains a registered public accounting firm described in section 104(i)(2)(A) of the Sarbanes-Oxley Act of 2002 ( 15 U.S.C. 7214(i)(2)(A) ); the terms exchange , issuer , and security have the meanings given the terms in section 3(a) of the Securities Exchange Act of 1934 ( 15 U.S.C. 78c(a) ); and the term national securities exchange means an exchange registered as a national securities exchange under section 6 of the Securities Exchange Act of 1934 ( 15 U.S.C. 78f ).
Beginning on the date that is 1 year after the date of enactment of this Act— the Commission shall prohibit the initial listing of the securities of a covered entity on a national securities exchange; if the securities of an issuer are listed on a national securities exchange and, as a result of a business combination, that issuer becomes a covered entity, the Commission shall prohibit the national securities exchange from continuing to list the securities of the issuer; and a covered entity may not register a security of the covered entity under section 12(b) of the Securities Exchange Act of 1934 ( 15 U.S.C. 78l(b) ).
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Sec. 2
No initial public offerings for unaccountable actors
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