Page 552

124 STAT. 1926 PUBLIC LAW 111–203—JULY 21, 2010

(2) CONSULTATION.—In conducting the study required
under paragraph (1), the Comptroller General shall consult
with the principal organizations representing State governors,
legislators, local elected officials, and State and local finance
officers.
(3) REPORT.—Not later than 180 days after the date of
enactment of this Act, the Comptroller General shall submit
to the Committee on Banking, Housing, and Urban Affairs
of the Senate and the Committee on Financial Services of
the House of Representatives a report on the study required
under paragraph (1).

15 USC 78o–4a. SEC. 979. COMMISSION OFFICE OF MUNICIPAL SECURITIES.
Establishment. (a) IN GENERAL.—There shall be in the Commission an Office
of Municipal Securities, which shall—
(1) administer the rules of the Commission with respect
to the practices of municipal securities brokers and dealers,
municipal securities advisors, municipal securities investors,
and municipal securities issuers; and
(2) coordinate with the Municipal Securities Rulemaking
Board for rulemaking and enforcement actions as required by
law.
(b) DIRECTOR OF THE OFFICE.—The head of the Office of Munic-
ipal Securities shall be the Director, who shall report to the Chair-
man.
(c) STAFFING.—
(1) IN GENERAL.—The Office of Municipal Securities shall
be staffed sufficiently to carry out the requirements of this
section.
(2) REQUIREMENT.—The staff of the Office of Municipal
Securities shall include individuals with knowledge of and
expertise in municipal finance.

Subtitle I—Public Company Accounting
Oversight Board, Portfolio Margining,
and Other Matters

SEC. 981. AUTHORITY TO SHARE CERTAIN INFORMATION WITH FOR- EIGN AUTHORITIES. (a) DEFINITION.—Section 2(a) of the Sarbanes-Oxley Act of 2002 (15 U.S.C. 7201(a)) is amended by adding at the end the following: ‘‘(17) FOREIGN AUDITOR OVERSIGHT AUTHORITY.—The term ‘foreign auditor oversight authority’ means any governmental body or other entity empowered by a foreign government to conduct inspections of public accounting firms or otherwise to administer or enforce laws related to the regulation of public accounting firms.’’. (b) AVAILABILITY TO SHARE INFORMATION.—Section 105(b)(5) of the Sarbanes-Oxley Act of 2002 (15 U.S.C. 7215(b)(5)) is amended by adding at the end the following: ‘‘(C) AVAILABILITY TO FOREIGN OVERSIGHT AUTHORI- TIES.—Without the loss of its status as confidential and LAWS privileged in the hands of the Board, all information referred to in subparagraph (A) that relates to a public accounting firm that a foreign government has empoweredPUBLIC with on anorris VerDate Nov 24 2008 03:41 Aug 28, 2010 Jkt 089139 PO 00203 Frm 00552 Fmt 6580 Sfmt 6581 E:\PUBLAW\PUBL203.111 GPO1 PsN: PUBL203