SEC Reform and Restructuring Act

(a) Definitions. Section 2(a) of the Sarbanes-Oxley Act of 2002 (15 U.S.C. 7201(a)) is amended—

(1) in paragraph (2), by striking the Board or the Commission (or, for the period preceding the adoption of applicable rules of the Board under section 103, in accordance with then-applicable generally accepted auditing and related standards for such purposes) and inserting the Commission;

(2) by striking paragraphs (5) and (13);

(3) by redesignating paragraphs (6) through (12) and (14) through (17) as paragraphs (5) through (15), respectively;

(4) in paragraph (8), as so redesignated—

(A) in subparagraph (B), by striking Board each place such term appears and inserting Commission; and

(B) in subparagraph (C)—

(i) by striking , 101(c), 105, and 107(c) and the rules of the Board and Commission issued thereunder and inserting and 101(c) and the rules of the Commission thereunder; and

(ii) in clause (ii)(II), by striking Board and inserting Commission;

(5) in subparagraph (B) of paragraph (9), as so redesignated—

(A) by striking the Board or;

(B) in clause (ii), by striking Board and inserting Commission;

(6) in subparagraph (B) of paragraph (10), as so redesignated, by striking Board and inserting Commission; and

(7) in paragraph (11), as so redesignated, by striking Board and inserting Commission.

(b) Commission rules and enforcement. Section 3 of the Sarbanes-Oxley Act of 2002 (15 U.S.C. 7202) is amended—

(1) in subsection (b), by striking or any rule of the Board; and

(2) in subsection (c), by striking or the rules of the Board.

(c) Exemption authority. Section 201(b) of the Sarbanes-Oxley Act of 2002 (15 U.S.C. 7231(b)) is amended—

(1) by striking The Board may and inserting The Commission may; and

(2) by striking in the same manner as for rules of the Board under section 107.

(d) Internal control evaluation and reporting. Section 404(b) of the Sarbanes-Oxley Act of 2002 (15 U.S.C. 7262(b)) is amended by striking Board and inserting Commission.

(e) Self-Regulatory organization. Section 603(y)(3) of the Consumer Credit Protection Act (15 U.S.C. 1681a(y)(3)) is amended by striking any entity established under title I of the Sarbanes-Oxley Act of 2002,.

(f) Clerical amendment. The table of contents in section 1(b) of the Sarbanes-Oxley Act of 2002 is amended—

(1) by striking the item relating to title I and inserting the following new item:

(2) in the item relating to section 102, by striking the Board and inserting the Office;

(3) in the item relating to section 103, by striking and independence standards and inserting standards,; and

(4) by striking the items relating to sections 104, 105, and 107.