2011 US Code
Title 15 - Commerce and Trade
Chapter 98 - PUBLIC COMPANY ACCOUNTING REFORM AND CORPORATE RESPONSIBILITY (§§ 7201 - 7266)
Subchapter III - CORPORATE RESPONSIBILITY (§§ 7241 - 7246)
Section 7243 - Forfeiture of certain bonuses and profits
View Metadata| Publication Title | United States Code, 2006 Edition, Supplement 5, Title 15 - COMMERCE AND TRADE |
| Category | Bills and Statutes |
| Collection | United States Code |
| SuDoc Class Number | Y 1.2/5: |
| Contained Within | Title 15 - COMMERCE AND TRADE CHAPTER 98 - PUBLIC COMPANY ACCOUNTING REFORM AND CORPORATE RESPONSIBILITY SUBCHAPTER III - CORPORATE RESPONSIBILITY Sec. 7243 - Forfeiture of certain bonuses and profits |
| Contains | section 7243 |
| Date | 2011 |
| Laws in Effect as of Date | January 3, 2012 |
| Positive Law | No |
| Disposition | standard |
| Source Credit | Pub. L. 107-204, title III, §304, July 30, 2002, 116 Stat. 778. |
| Statutes at Large Reference | 116 Stat. 778 |
| Public Law Reference | Public Law 107-204 |
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If an issuer is required to prepare an accounting restatement due to the material noncompliance of the issuer, as a result of misconduct, with any financial reporting requirement under the securities laws, the chief executive officer and chief financial officer of the issuer shall reimburse the issuer for—
(1) any bonus or other incentive-based or equity-based compensation received by that person from the issuer during the 12-month period following the first public issuance or filing with the Commission (whichever first occurs) of the financial document embodying such financial reporting requirement; and
(2) any profits realized from the sale of securities of the issuer during that 12-month period.
(b) Commission exemption authorityThe Commission may exempt any person from the application of subsection (a) of this section, as it deems necessary and appropriate.
(Pub. L. 107–204, title III, §304, July 30, 2002, 116 Stat. 778.)
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