Summary

1. COMMISSION RULES

   1. IN GENERAL Effective not later than 270 days after the date of enactment of this sub-section, the Commission shall, by rule, direct the national securities exchanges and national securities associations to prohibit the listing of any security of an issuer that is not in compliance with the requirements of any portion of paragraphs (2) through (6). (Section 10A SEC)

   2. OPPORTUNITY TO CURE DEFECTS The rules of the Commission under subparagraph (A) shall provide for appropriate procedures for an issuer to have an opportunity to cure any defects that would be the basis for a prohibition under subparagraph (A), before the imposition of such prohibition.

2. RESPONSIBILITIES RELATING TO REGISTERED PUBLIC ACCOUNTING FIRMS The audit committee of each issuer, in its capacity as a committee of the board of directors, shall be directly responsible for the appointment, compensation, and oversight of the work of any registered public accounting firm employed by that issuer (including resolution of disagreements between management and the auditor regarding financial reporting) for the purpose of preparing or issuing an audit report or related work, and each such registered public accounting firm shall report directly to the audit committee.

3. INDEPENDENCE

   1. IN GENERAL Each member of the audit committee of the issuer shall be a member of the board of directors of the issuer, and shall otherwise be independent.

   2. CRITERIA In order to be considered to be independent for purposes of this paragraph, a member of an audit committee of an issuer...