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![handle is hein.congrecreports/crptxacbj0001 and id is 1 raw text is: AUT-ENTICATED
U.S.GOVERNMENT
INFORMATION
O
115TH CONGRESS REPORT
2d Session HOUSE OF REPRESENTATIVES 115-1075
SMALL BUSINESS AUDIT CORRECTION ACT OF 2018
DECEMBER 12, 2018.-Committed to the Committee of the Whole House on the State
of the Union and ordered to be printed
Mr. HENSARLING, from the Committee on Financial Services,
submitted the following
REPORT
together with
MINORITY VIEWS
[To accompany H.R. 6021]
[Including cost estimate of the Congressional Budget Office]
The Committee on Financial Services, to whom was referred the
bill (H.R. 6021) to amend the Sarbanes-Oxley Act of 2002 to ex-
clude privately held, non-custody brokers and dealers that are in
good standing from certain requirements under title I of that Act,
and for other purposes, having considered the same, report favor-
ably thereon with amendments and recommend that the bill as
amended do pass.
The amendments are as follows:
Strike all after the enacting clause and insert the following:
SECTION 1. SHORT TITLE.
This Act may be cited as the Small Business Audit Correction Act of 2018.
SEC. 2. EXEMPTION.
(a) AMENDMENTS TO TITLE I OF THE SARBANE-OXLEY ACT OF 2002.-Section 110
of the Sarbanes-Oxley Act of 2002 (15 U.S.C. 7220) is amended-
(1) in paragraph (3), by inserting , except that the term does not include a
non-custody broker or dealer that is privately held and in good standing after
registered public accounting firm;
(2) in paragraph (4), by inserting , except that the term does not include a
non-custody broker or dealer that is privately held and in good standing after
registered public accounting firm;
(3) by redesignating paragraphs (5) and (6) as paragraphs (8) and (9), respec-
tively; and
(4) by inserting after paragraph (4) the following:
(5) IN GOOD STANDING.-The term 'in good standing' means, with respect to
a broker or dealer (as those terms are defined in section 3(a) of the Securities
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