§ 308.603. Automatic removal, suspension, and debarment.
213 words·~1 min read·
/us/cfr/t12/s§ 308.603·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(a)An independent public accountant or accounting firm may not perform audit services for insured depository institutions for which the FDIC is the appropriate Federal banking agency if the accountant or firm:
(1)Is subject to a final order of removal, suspension, or debarment (other than a limited scope order) issued by the Board of Governors of the Federal Reserve System, the Office of the Comptroller of the Currency, or the Office of Thrift Supervision under section 36 of the FDIA;
(2)Is subject to a temporary suspension or permanent revocation of registration or a temporary or permanent suspension or bar from further association with any registered public accounting firm issued by the Public Company Accounting Oversight Board or the Securities and Exchange Commission under sections 105(c)(4)(A) or
(B)of the Sarbanes-Oxley Act (15 U.S.C. 7215(c)(4)(A) or (B)); or
(3)Is subject to an order of suspension or denial of the privilege of appearing or practicing before the Securities and Exchange Commission.
(b)Upon written request, the FDIC, for good cause shown, may grant written permission to such accountant or firm to perform audit services for insured depository institutions for which the FDIC is the appropriate Federal banking agency. The written request must comply with the requirements of § 303.3 of this chapter.
Connectionstraces to 1
Traces to 1 document
Citation graph
cites case law
§ 308.603
Automatic removal, suspension, and debarment.
Cites 1Cited by 0 across 0 sources