3.0.0 5405 2023-01-13T04:48:27Z 2023-01-13T04:48:27Z House H HR 2006-05-17 109 hsba00 Financial Services Committee House Standing Referred to 2006-05-17T14:01:45Z Competitive and Open Markets that Protect and Enhance the Treatment of Entrepreneurs Act 109 2824 S 2006-05-17 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. Related bill CRS 2006-05-17 Referred to the House Committee on Financial Services. IntroReferral H11100 2 House floor actions hsba00 Financial Services Committee 2006-05-17 Introduced in House IntroReferral Intro-H 9 Library of Congress 2006-05-17 Introduced in House IntroReferral 1000 9 Library of Congress F000447 Rep. Feeney, Tom [R-FL-24] Tom Feeney R FL 24 N M001137 Rep. Meeks, Gregory W. [D-NY-6] GREGORY MEEKS D NY W. 6 2006-05-17 True S000250 Rep. Sessions, Pete [R-TX-32] PETE SESSIONS R TX 32 2006-05-17 True M001150 Rep. Miller, Candice S. [R-MI-10] Candice Miller R MI S. 10 2006-05-17 True H001036 Rep. Hensarling, Jeb [R-TX-5] Jeb Hensarling R TX 5 2006-05-17 True J000255 Rep. Jones, Walter B., Jr. [R-NC-3] WALTER JONES R NC B. 3 2006-05-17 True F000450 Rep. Foxx, Virginia [R-NC-5] Virginia Foxx R NC 5 2006-05-17 True G000548 Rep. Garrett, Scott [R-NJ-5] Scott Garrett R NJ 5 2006-05-17 True S000822 Rep. Stearns, Cliff [R-FL-6] CLIFF STEARNS R FL 6 2006-05-17 True T000260 Rep. Tiahrt, Todd [R-KS-4] TODD TIAHRT R KS 4 2006-05-17 True W000437 Rep. Wicker, Roger F. [R-MS-1] Roger Wicker R MS F. 1 2006-05-17 True R000487 Rep. Royce, Edward R. [R-CA-40] ED ROYCE R CA 40 2006-05-17 True P000587 Rep. Pence, Mike [R-IN-6] MIKE PENCE R IN 6 2006-05-17 True F000444 Rep. Flake, Jeff [R-AZ-6] JEFF FLAKE R AZ 6 2006-05-17 True B001248 Rep. Burgess, Michael C. [R-TX-26] Michael Burgess R TX C. 26 2006-05-24 False L000321 Rep. Linder, John [R-GA-7] JOHN LINDER R GA 7 2006-05-24 False K000364 Rep. Kuhl, John R. "Randy", Jr. [R-NY-29] John Kuhl R NY R. "Randy" 29 2006-05-24 False B001239 Rep. Barrett, J. Gresham [R-SC-3] J. Barrett R SC Gresham 3 2006-05-25 False D000603 Rep. Davis, Geoff [R-KY-4] Geoff Davis R KY 4 2006-05-25 False B001243 Rep. Blackburn, Marsha [R-TN-7] Marsha Blackburn R TN 7 2006-05-25 False F000448 Rep. Franks, Trent [R-AZ-2] Trent Franks R AZ 2 2006-05-25 False G000289 Rep. Goodlatte, Bob [R-VA-6] ROBERT GOODLATTE R VA W. 6 2006-06-07 False K000362 Rep. King, Steve [R-IA-5] Steve King R IA 5 2006-06-07 False S000275 Rep. Shadegg, John B. [R-AZ-3] JOHN SHADEGG R AZ 3 2006-06-13 False G000552 Rep. Gohmert, Louie [R-TX-1] Louie Gohmert R TX 1 2006-07-10 False M001147 Rep. McCotter, Thaddeus G. [R-MI-11] Thaddeus McCotter R MI G. 11 2006-07-19 False Finance and Financial Sector Accounting Administrative procedure Auditing Commerce Congressional reporting requirements Consultants Corporate accountability Corporate finance Corporate management Europe Financial statements Government Operations and Politics Government paperwork Governmental investigations Independent regulatory commissions Information disclosure (Securities law) Law Securities and Exchange Commission Securities regulation Small business United Kingdom Finance and Financial Sector 00 2006-05-17 Introduced in House 2006-06-19T19:42:42Z Competitive and Open Markets that Protect and Enhance the Treatment of Entrepreneurs Act, or the COMPETE Act - Amends the Sarbanes-Oxley Act of 2002 regarding the management assessment of internal controls in the annual report of each issuer of registered securities to require certain rules of the Securities and Exchange Commission (SEC) to permit a small public company to elect voluntarily not to provide in its annual report an assessment of (or a related public accounting firm attestation concerning) the effectiveness of its internal control structure and financial reporting procedures, if it meets specified size criteria. Includes among such criteria: (1) total market capitalization of less than $700 million; (2) total product revenue of less than $125 million; and (3) fewer than 1500 record beneficial holders.

Requires SEC rules to provide for random audits after the first year for which an attestation and report of such a small public company is made by a registered public accounting firm.

Directs the SEC and the Public Company Accounting Oversight Board (Board) to: (1) alter the standard for review from a remote likelihood standard for noting weaknesses to a 5% de minimus material weakness criterion (based on 5% of net profits); (2) establish specific guidelines for measuring certain terms; and (3) modify independence rules to allow prudent interaction between registered public accounting firms performing such assessments and internal consultants.

Directs the SEC and the Board to: (1) jointly study and report to Congress on the principles-based Turnbull Guidance under the securities laws of the United Kingdom; and (2) compare and contrast such principles to the implementation of Sarbanes-Oxley requirements.

]]> Competitive and Open Markets that Protect and Enhance the Treatment of Entrepreneurs Act Display Title Competitive and Open Markets that Protect and Enhance the Treatment of Entrepreneurs Act Official Title as Introduced To reduce the burdens of the implementation of section 404 of the Sarbanes-Oxley Act of 2002. Introduced in House IH Short Titles as Introduced Competitive and Open Markets that Protect and Enhance the Treatment of Entrepreneurs Act Short Titles as Introduced COMPETE Act Introduced in House 2006-05-17T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-109hr5405ih/xml/BILLS-109hr5405ih.xml 2006-05-17 Referred to the House Committee on Financial Services. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.