No CRS summary available for this bill.
This section exempts non-carrying brokers and dealers that are privately held and in good standing from the definitions of broker and dealer under the Sarbanes-Oxley Act, thereby relieving them of the requirement that their financial statements be certified by a registered public accounting firm. It defines "in good standing" to require Commission registration, national securities association membership, compliance with Rule 15c3-1 net capital and ratio requirements, no Commission orders or felony convictions in the prior 10 years, and no suspensions or injunctions; "non-carrying broker or dealer" to mean entities with no more than 150 associated persons that do not receive, hold, or carry customer funds or securities; and "privately held" to mean entities without registered securities under section 12 of the Securities Exchange Act.