Page:United States Statutes at Large Volume 109 Part 1.djvu/780

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109 STAT. 764 PUBLIC LAW 104-67—DEC. 22, 1995 "(4) REPORT AFTER RESIGNATION. — If an independent public accountant resigns from an engagement under paragraph (3)(A), the accountant shall, not later than 1 business day following the failure by the issuer to notify the Commission under paragraph (3), furnish to the Commission a copy of the accountant's report (or the documentation of any oral report given). "(c) AUDITOR LIABILITY LIMITATION.— No independent public accountant shall be liable in a private action for any finding, conclusion, or statement expressed in a report made pursuant to paragraph (3) or (4) of subsection (b), including any rule promulgated pursuant thereto. "(d) CIVIL PENALTIES IN CEASE-AND-DESIST PROCEEDINGS.— If the Commission finds, after notice and opportunity for hearing in a proceeding instituted pursuant to section 21C, that an independent public accountant has willfully violated paragraph (3) or (4) of subsection (b), the Commission may, in addition to entering an order under section 21C, impose a civil penalty against the independent public accountant and any other person that the Commission finds was a cause of such violation. The determination to impose a civil penalty and the amount of the penalty shall be governed by the standards set forth in section 2IB. "(e) PRESERVATION OF EXISTING AUTHORITY.— Except as provided in subsection (d), nothing in this section shall be held to limit or otherwise affect the authority of the Commission under this title. "(0 DEFINITION.— As used in this section, the term 'illegal act' means an act or omission that violates any law, or any rule or regulation having the force of law.". 15 USC 78J-1 (b) EFFECTIVE DATES.—The amendment made by subsection note. (a) shall apply to each annual report— (1) for any period beginning on or after January 1, 1996, with respect to any registrant that is required to file selected quarterly financial data pursuant to the rules or regulations of the Securities and Exchange Commission; and (2) for any period beginning on or after January 1, 1997, with respect to any other registrant. Newt Gingrich Speaker of the House of Representatives. Strom Thurmond President of the Senate pro tempore. IN THE HOUSE OF REPRESENTATIVES, U.S. December 20, 1995. The House of Representatives having proceeded to reconsider the bill (H.R. 1058) entitled "An Act to reform Federal securities litigation, and for other purposes", returned by the President of the United States with his objections, to the House of Representatives, in which it originated, it was