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. (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 offerings. Not later than 9 months after the date of the enactment of this subtitle, the Commission shall transmit a report of such study to Congress. SEC. 989H. CORRECTIVE RESPONSES BY HEADS OF CERTAIN 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 (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. (a) STUDY REGARDING EXEMPTION FOR SMALLER ISSUERS.—The Comptroller General of the United States shall carry out a study Certification. 5USCapp.5 note. Deadline. Reports. 15 USC 7262.
