3.0.0 2824 2023-01-13T04:48:18Z 2023-01-13T04:48:18Z Senate S S 2006-05-17 109 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Standing Referred to 2006-05-17T20:59:19Z Competitive and Open Markets that Protect and Enhance the Treatment of Entrepreneurs Act 109 5405 HR 2006-05-17 Referred to the House Committee on Financial Services. Related bill CRS 2006-05-17 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. IntroReferral 2006-05-17 Introduced in Senate IntroReferral 10000 9 Library of Congress D000595 Sen. DeMint, Jim [R-SC] James DeMint R SC W. N E000194 Sen. Ensign, John [R-NV] JOHN ENSIGN R NV 2006-05-17 True M001162 Sen. Martinez, Mel [R-FL] Mel Martinez R FL 2006-05-17 True I000024 Sen. Inhofe, James M. [R-OK] Jim Inhofe R OK 2006-05-17 True B001126 Sen. Burns, Conrad R. [R-MT] CONRAD BURNS R MT R. 2006-05-17 True A000121 Sen. Allen, George [R-VA] GEORGE ALLEN R VA F. 2006-05-17 True B000611 Sen. Bond, Christopher S. [R-MO] CHRISTOPHER BOND R MO S. 2006-05-18 False B001135 Sen. Burr, Richard [R-NC] Richard Burr R NC Mauze 2006-05-25 False V000127 Sen. Vitter, David [R-LA] David Vitter R LA 2006-06-06 False B000953 Sen. Brownback, Sam [R-KS] SAM BROWNBACK R KS 2006-07-26 False C000560 Sen. Coburn, Tom [R-OK] TOM COBURN R OK 2006-09-28 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 Senate 2006-06-19T19:42:11Z 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.

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 A bill to reduce the burdens of the implementation of section 404 of the Sarbanes-Oxley Act of 2002. Introduced in Senate IS 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 Senate 2006-05-17T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-109s2824is/xml/BILLS-109s2824is.xml 2006-05-17 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. 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.