Page 486

124 STAT. 1860 PUBLIC LAW 111–203—JULY 21, 2010

Designation. ‘‘(2) SPECIFIC AUDIT WORK.—Any foreign public accounting
firm that performs material services upon which a registered
public accounting firm relies in the conduct of an audit or
interim review, issues an audit report, performs audit work,
or, performs interim reviews, shall designate to the Commission
or the Board an agent in the United States upon whom may
be served any request by the Commission or the Board under
this section or upon whom may be served any process, pleading,
or other papers in any action brought to enforce this section.
‘‘(e) SANCTIONS.—A willful refusal to comply, in whole in or
in part, with any request by the Commission or the Board under
this section, shall be deemed a violation of this Act.
‘‘(f) OTHER MEANS OF SATISFYING PRODUCTION OBLIGATIONS.—
Notwithstanding any other provisions of this section, the staff of
the Commission or the Board may allow a foreign public accounting
firm that is subject to this section to meet production obligations
under this section through alternate means, such as through foreign
counterparts of the Commission or the Board.’’.

SEC. 929K. SHARING PRIVILEGED INFORMATION WITH OTHER
AUTHORITIES.
Section 24 of the Securities Exchange Act of 1934 (15 U.S.C.
78x) is amended—
(1) in subsection (d), as amended by subsection (d)(1)(A),
by striking ‘‘subsection (f)’’ and inserting ‘‘subsection (g)’’;
(2) in subsection (e), as added by subsection (d)(1)(C), by
striking ‘‘subsection (f)’’ and inserting ‘‘subsection (g)’’;
(3) by redesignating subsection (f) as subsection (g); and
(4) by inserting after subsection (e) the following:
‘‘(f) SHARING PRIVILEGED INFORMATION WITH OTHER AUTHORI-
TIES.—
‘‘(1) PRIVILEGED INFORMATION PROVIDED BY THE COMMIS-
SION.—The Commission shall not be deemed to have waived
any privilege applicable to any information by transferring
that information to or permitting that information to be used
by—
‘‘(A) any agency (as defined in section 6 of title 18,
United States Code);
‘‘(B) the Public Company Accounting Oversight Board;
‘‘(C) any self-regulatory organization;
‘‘(D) any foreign securities authority;
‘‘(E) any foreign law enforcement authority; or
‘‘(F) any State securities or law enforcement authority.
‘‘(2) NONDISCLOSURE OF PRIVILEGED INFORMATION PROVIDED
TO THE COMMISSION.—The Commission shall not be compelled
to disclose privileged information obtained from any foreign
securities authority, or foreign law enforcement authority, if
the authority has in good faith determined and represented
to the Commission that the information is privileged.
‘‘(3) NONWAIVER OF PRIVILEGED INFORMATION PROVIDED TO
THE COMMISSION.—
‘‘(A) IN GENERAL.—Federal agencies, State securities
and law enforcement authorities, self-regulatory organiza-
tions, and the Public Company Accounting Oversight Board

LAWS shall not be deemed to have waived any privilege applicable to any information by transferring that information to or permitting that information to be used by the Commission.PUBLIC with on anorris VerDate Nov 24 2008 00:49 Aug 26, 2010 Jkt 089139 PO 00203 Frm 00486 Fmt 6580 Sfmt 6581 E:\PUBLAW\PUBL203.111 GPO1 PsN: PUBL203