Page 574 — Public Law 111-203 including PTFA amendments

124 STAT. 1948 PUBLIC LAW 111–203—JULY 21, 2010

(E) the uses of person to person lending.
(b) REPORT.—
(1) IN GENERAL.—Not later than 1 year after the date
of enactment of this Act, the Comptroller General shall submit
a report on the study required under subsection (a) to the
Committee on Banking, Housing, and Urban Affairs of the
Senate and the Committee on Financial Services of the House
of Representatives.
(2) CONTENT OF REPORT.—The report required under para-
graph (1) shall include alternative regulatory options,
including—
(A) the involvement of other Federal agencies; and
(B) alternative approaches by the Commission and rec-
ommendations on whether the alternative approaches are
effective.

SEC. 989G. EXEMPTION FOR NONACCELERATED FILERS.
15 USC 7262. (a) EXEMPTION.—Section 404 of the Sarbanes-Oxley Act of 2002
is amended by adding at the end the following:
‘‘(c) EXEMPTION FOR SMALLER ISSUERS.—Subsection (b) shall
not apply with respect to any audit report prepared for an issuer
that is neither a ‘large accelerated filer’ nor an ‘accelerated filer’
as those terms are defined in Rule 12b–2 of the Commission (17
C.F.R. 240.12b–2).’’.
(b) STUDY.—The Securities and Exchange Commission shall
conduct a study to determine how the Commission could reduce
the burden of complying with section 404(b) of the Sarbanes-Oxley
Act of 2002 for companies whose market capitalization is between
$75,000,000 and $250,000,000 for the relevant reporting period
while maintaining investor protections for such companies. The
study shall also consider whether any such methods of reducing
the compliance burden or a complete exemption for such companies
from compliance with such section would encourage companies to
list on exchanges in the United States in their initial public
Deadline. offerings. Not later than 9 months after the date of the enactment
Reports. of this subtitle, the Commission shall transmit a report of such
study to Congress.

5 USC app. 5 SEC. 989H. CORRECTIVE RESPONSES BY HEADS OF CERTAIN
note. ESTABLISHMENTS TO DEFICIENCIES IDENTIFIED BY
INSPECTORS GENERAL.
The Chairman of the Board of Governors of the Federal Reserve
System, the Chairman of the Commodity Futures Trading Commis-
sion, the Chairman of the National Credit Union Administration,
the Director of the Pension Benefit Guaranty Corporation, and
the Chairman of the Securities and Exchange Commission shall
each—
(1) take action to address deficiencies identified by a report
or investigation of the Inspector General of the establishment
concerned; or
Certification. (2) certify to both Houses of Congress that no action is
necessary or appropriate in connection with a deficiency
described in paragraph (1).

SEC. 989I. GAO STUDY REGARDING EXEMPTION FOR SMALLER
ISSUERS.

LAWS (a) STUDY REGARDING EXEMPTION FOR SMALLER ISSUERS.—The Comptroller General of the United States shall carry out a studyPUBLIC with on anorris VerDate Nov 24 2008 03:41 Aug 28, 2010 Jkt 089139 PO 00203 Frm 00574 Fmt 6580 Sfmt 6581 E:\PUBLAW\PUBL203.111 GPO1 PsN: PUBL203