There is one summary for this bill. Bill summaries are authored by CRS.

Shown Here:
Introduced in House (02/28/2002)

Comprehensive Investor Protection Act of 2002 - Amends the Securities Exchange Act of 1934 to set forth auditor independence requirements, including a prohibition against: (1) nonaudit services for audit clients; and (2) improper influence exerted upon the conduct of audits.

Establishes the Public Accounting Regulatory Board to: (1) establish audit quality standards; (2) review public accounting firms and individual audits; (3) conduct disciplinary and investigation proceedings; and (4) suspend or revoke registration for noncompliance.

Permits State licensing boards to participate in such proceedings and impose sanctions.

Authorizes the Securities and Exchange Commission (SEC) to oversee the Board.

Subjects to Board jurisdiction foreign accounting firms that already fall within SEC jurisdiction.

Proscribes insider trades during pension fund blackout periods.

Mandates an SEC rulemaking proceeding to attain increased financial disclosure of : (1) off-balance sheet transactions; (2) insider transactions; (3) relationships between SEC registrants and philanthropic organizations; (4) insider controlled affiliates; and (5) provision of services by related persons.

Instructs the SEC to: (1) initiate additional rulemaking proceedings regarding plain language financial reports; (2) implement a current disclosure reporting system; and (3) conduct enhanced oversight of issuers' periodic financial statements.

Mandates electronic disclosure of affiliate transactions.

Amends the Securities Act of 1933, the Investment Company Act of 1940, and the Investment Advisers Act of 1940, to establish liability for aiding and abetting securities violations.

Mandates preservation of audit records for seven years.

Amends the Securities Exchange Act of 1934 and the Securities Act of 1933 to require preservation of records during shareholder litigation.

Amends the Securities Exchange Act of 1934 establish a statute of limitations for an implied private right of action.

Directs the SEC to study and report to specified congressional committees on credit rating agencies and analyst conflicts of interest.