12 U.S.C. § 5237 — Authority to suspend mark-to-market accounting
submitted 18 years ago by Pub. L. 110-343 to r/title-12-BANKS-AND-BANKING · 124 words · no verdicts yet
This section gives the SEC authority to suspend Statement 157 in specified circumstances. It preserves the SEC's other authority as of October 3, 2008.
(a) Authority. Under the securities laws, the Securities and Exchange Commission may suspend by rule, regulation, or order the application of Financial Accounting Standards Board* Statement Number 157 to an issuer or a class or category of transaction if the Commission finds suspension necessary or appropriate in the public interest and consistent with investor protection. “Securities laws” and “issuer” have the meanings supplied by the cited section; this section does not define them. (b) Preservation. Subsection (a) does not restrict or limit SEC authority under securities laws as they existed October 3, 2008.
The Securities and Exchange Commission shall have the authority under the securities laws (as such term is defined in section 78c(a)(47) of title 15) to suspend, by rule, regulation, or order, the application of Statement Number 157 of the Financial Accounting Standards Board* for any issuer (as such term is defined in section 78c(a)(8) of such title) or with respect to any class or category of transaction if the Commission determines that is necessary or appropriate in the public interest and is consistent with the protection of investors.
Nothing in subsection (a) shall be construed to restrict or limit any authority of the Securities and Exchange Commission under securities laws as in effect on October 3, 2008.
Source credit: (Pub. L. 110–343, div. A, title I, § 132, Oct. 3, 2008, 122 Stat. 3798.)
- 2008Enacted · Pub. L. 110-343 · 122 Stat. 3798
A history note hasn’t been published yet. The record shows enactment by Pub. L. 110-343 on 2008-10-03.
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