萨班斯法案重点

TITLE I—PUBLIC COMPANY ACCOUNTING OVERSIGHT BOARD

第一章公众公司会计监察委员会

(a) ESTABLISHMENT OF BOARD.—There is established the Public Company Accounting Oversight Board, to oversee the audit of public companies that are subject to the securities laws, and related matters,

(a) 委员会的组建——为了保护投资者以及公众的利益，兹组建公众公司会计监察委员会。

The Board shall be a body corporate, operate as a nonprofit corporation, and have succession until dissolved by an Act of Congress.

委员会应当是一个法人，作为非盈利公司持续经营，直至被国会出台的法案解散。

No member or person employed by, or agent for,the Board shall be deemed to be an officer or employee of or agent for the Federal Government by reason of such service.

鉴于委员会承担的职能，委员会雇佣的任何委员或职员，以及所属机构不应视为联邦政府的官员、雇员或机构。

(b) STATUS.—The Board shall not be an agency or establishment of the United States Government, and, except as otherwise provided in this Act, shall be subject to, and have all the powers conferred upon a nonprofit corporation by, the District of Columbia Nonprofit Corporation Act.

(b) 法律地位——委员会不应作为美国政府的部门或机构，除非本法另有规定，否则应当遵从哥伦比亚非盈利公司法，并应当拥有该法所授予一个非盈利公司的所有权力。

(1) register public accounting firms that prepare audit reports for issuers, in accordance with section 102;

(1) 根据第102节的规定，对为发行证券的公司出具审计报告的注册会计师事务所进行注册；

(2) establish or adopt, or both, by rule, auditing, quality control, ethics, independence, and other standards relating to the preparation of audit reports for issuers, in accordance with section 103;

(2) 根据第103节规定，制定或(以及)采纳与为发行证券的公司编制审计报告有关的审计、质量控制、道德、独立性及其他准则；

(3) conduct inspections of registered public accounting firms, in accordance with section 104 and the rules of the Board;

(3) 根据第104节和委员会的规定，对注册的会计师事务所进行检查；

(4) conduct investigations and disciplinary proceedings con-cerning, and impose appropriate sanctions where justified upon,registered public accounting firms and associated persons of such firms, in accordance with section 105;

(4) 根据第105节规定，对注册的会计师事务所及相关人员进行调查、惩诫，以及处罚；

(5) perform such other duties or functions as the Board(or the Commission, by rule or order) determines are necessary or appropriate to promote high professional standards among, and improve the quality of audit services offered by, registered public accounting firms and associated persons thereof, or other-wise to carry out this Act, in order to protect investors, or to further the public interest;

(5) 106实施其他委员会认为(或SEC认为、或法规、法令中规定)是必要的职责或职能，以便提高注册的会计师事务所职业标准，提高审计质量；或执行本法，以便保护投资者或公众利益；

(6) enforce compliance with this Act, the rules of the Board,professional standards, and the securities laws relating to the preparation and issuance of audit reports and the obligations and liabilities of accountants with respect thereto, by registered public accounting firms and associated persons thereof; and

(6)107 强制执行本法、委员会的规定、专业准则及与编制及公布审计报告、相关注册的会计师事务所和相关人员的责任与义务有关的证券法规；

(7) set the budget and manage the operations of the Board and the staff of the Board.

(7)108 制定预算，管理委员会的运行，以及管理委员会的工作人员。

(1) COMPOSITION.—The Board shall have 5 members,

(1) 组成——委员会应有5名委员，从具有诚信和名誉的著名人士中任命，

(3) F ULL-TIME INDEPENDENT SERVICE.—Each member of the

Board shall serve on a full-time basis, and may not, concurrent with service on the Board, be employed by any other person or engage in any other professional or business activity.

(3) 全职独立服务——委员会的每一名委员应全职工作，不可以在委员会任职的同时，在其他任何职业或商业机构中兼职。

IN GENERAL.—The term of service of each Board(A) I member shall be 5 years, and until a successor is appointed,

(A) 总则——每名委员在继任者任命前的任期应为5年：

TERM LIMITATION.—No person may serve as a(B) T member of the Board, or as chairperson of the Board,for more than 2 terms, whether or not such terms of service are consecutive.

(B) 任期限制——委员会任何委员或主席的任期不超过两届，不论连续还是累计。

the rules of the Board, to provide to that issuer, contemporaneously with the audit, any non-audit service, including—“

在执行审计业务的同时，提供如下非审计业务是非法的：

„„(1) bookkeeping or other services related to the accounting records or financial statements of the audit client;„„(1) 涉及被审计客户的会计记录及财务报表的簿记或其他业务；

(2) financial information systems design and implementation; (2) 设计及执行财务信息系统；

„„(3) appraisal or valuation services, fairness opinions, or contribution-in-kind reports; (3) 评估或估价业务、公正业务或出具实物捐赠报告书；

„„(4) actuarial services; (4) 精算业务；

„„(5) internal audit outsourcing services; (5) 内部审计外部化业务；

„„(6) management functions or human resources; (6) 代行使管理或人力资源职能；

„„(7) broker or dealer, investment adviser, or investment banking services; (7) 作为客户的经纪人或经销商，投资顾问，或提供投资银行服务；

„„(8) legal services and expert services unrelated to theaudit; and(8) 提供与审计无关的法律服务或专家服务；

„„(9) any other service that the Board determines, by regulation, is impermissible.

(9) 任何委员会所规定的未被许可的业务。

„„(B) MINIMUS EXCEPTION.—The preapproval requirement under subparagraph (A) is waived with respect to the provision of non-audit services for an issuer, if—

(B)最少例外——下述情况，可以豁免注册会计师事务所在提供非审计业务前必须获得许可(上段(A)的规定)：

„„(i) the aggregate amount of all such non-audit services provided to the issuer constitutes not more than 5 percent of the total amount of revenues paid by the issuer to its auditor during the fiscal year in which the nonaudit services are provided; (i) 在提供非审计业务的一个财政年度中，发行证券公司的审计师提供给公司所有非审计业务的总费用不超过该公司支付给其审计师费用总额的5%；

„„(ii) such services were not recognized by the issuer at the time of the engagement to be non-audit services;and

(ii) 在签定业务约定书时，公司并不认为该业务是非审计业务；以及

„„(iii) such services are promptly brought to the attention of the audit committee of the issuer and approved prior to the completion of the audit by the audit committee or by 1 or more members of the audit committee who are members of the board of directors

to whom authority to grant such approvals has been delegated by the audit committee. (iii) 该业务已引起了公司审计委员会的注意，并在审计完成前得到了审计委员会的许可，以及得到了一名或多名既是审计委员会成员又是董事会成员(审计委员会授予了该成员批准这种许可的权力)的许可。

(a) STUDY AND REVIEW REQUIRED.—The Comptroller General

of the United States shall conduct a study and review of the potential effects of requiring the mandatory

rotation of registered public accounting firms.

第207节关于强制轮换注册会计师事务所的研究

(a) 关于研究及评论的要求——总审计长应就强制要求轮换注册会计师事务所的潜在影响进行研究和评论。

TITLE III—CORPORATE RESPONSIBILITY

第三章公司的责任

„„(2) RESPONSIBILITIES RELATING TO REGISTERED PUBLIC.—The audit committee of each issuer, in ACCOUNTING FIRMS its capacity as a committee of the board of directors, shall be directly responsible for the appointment, compensation, and oversight of the work of any registered public accounting firm employed by that issuer (including resolution of disagreements between management and the auditor regarding financial reporting) for the purpose of preparing or issuing an audit report or related work, (2) 与注册会计师事务所相关的责任——以董事会下属委员会的身份，发行证券公司的审计委员会对受雇于公司以编制、出具审计报告为目的注册会计师事务所的聘用、酬金以及监督，包括公司管理者同审计方关于财务报告差异的协调负直接责任。

„„(A) IN GENERAL.—Each member of the audit committee of the issuer shall be a member of the board of directors of the issuer, and shall otherwise be independent.

(A) 总则——发行证券公司审计委员会由公司董事会成员组成，并且是独立的。

„„(B) CRITERIA.—In order to be considered to be independent for purposes of this paragraph, a member of an audit committee of an issuer may not, other than in his or her capacity as a member of the audit committee, the board of directors, or any other board committee—

(B) 标准——除了作为公司审计委员会, 董事会或其他董事会委员会成员外，发行证券公司审计委员会成员不能从发行证券公司---。达到上述要求的发行证券公司审计委员会成员是独立的。

„„(i) accept any consulting, advisory, or other compensatory fee from the issuer; or

„„(ii) be an affiliated person of the issuer or any subsidiary thereof.

(i)收受任何咨询或其他报酬，

(ii)亦不能成为发行证券公司或其任何附属机构的关联人员

SEC. 302. CORPORATE RESPONSIBILITY FOR FINANCIAL REPORTS.

第302节公司对财务报告的责任

(a) REGULATIONS REQUIRED.—The Commission shall, by rule,require, for each company filing periodic reports under section 13(a)or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m,78o(d)), that the principal executive officer or officers and the principal financial officer or officers, or persons performing similar functions, certify in each annual or quarterly report filed or submitted under either such section of such Act that—(a) 对制定规章的要求——SEC应颁布规定，对于按照1934年的证券交易法的13(a)或15(d)部分编制定期报告的公司，应要求这些公司的首要官员（们）及首要财务官（们）（或担任同等职务的人员）在每一年度报告或季度报告中保证如下内容：

(1) the signing officer has reviewed the report; (1) 签字的官员已审阅过该报告；

(2) based on the officer‟s knowledge, the report does not contain any untrue statement of a material fact or omit to

state a material fact necessary in order to make the statements made, in light of the circumstances under which such statements were made, not misleading;

(2) 该官员认为报告中不存在重大的错报、漏报；

(3) based on such officer‟s knowledge, the financial statements, and other financial information included in

the report,fairly present in all material respects the financial condition and results of operations of the issuer as of, and for, the periods presented in the report; (3) 该官员认为报告中的会计报表及其他财务信息在所有重大方面，公允地反映了公司在该报告期末的财务状况及该报告期内的经营成果。

(a) ADDITIONAL COMPENSATION PRIOR TO NONCOMPLIANCE WITH COMMISSION FINANCIAL REPORTING REQUIREMENTS.

—If an issuer is required to prepare an accounting restatement due to the materialnoncompliance 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

—(a) 若发行证券公司因行为不当引起的原始材料与任何证券法之规定不符而被要求重编会计报表，则公司首席执行官与首席财务主管应偿还发行证券公司：

(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

(1) 在该公司首次发行证券或其在SEC备案(备案的财务资料中含有要求重遍的会计报告)后12个月内，从公司收到所有奖金、红利或其他奖金性或权益性酬金；

(2) any profits realized from the sale of securities of the issuer during that 12-month period.

(2) 在上述12个月内通过买、卖该公司证券而实现的收益。

(1) IN GENERAL.—Except to the extent otherwise provided by rule of the Commission pursuant to paragraph (3), it shall be unlawful for any director or executive officer of an issuer of any equity security (other than an exempted security),directly or indirectly, to purchase, sell, or otherwise acquire or transfer any equity security of the issuer (other than an exempted security) during any blackout period with respect to such equity security if such director or officer acquires such equity security in connection with his or her service or employment as a director or executive officer.

(1) 总则——除了下段(3)所述的SEC的有关规定之外，对于发行权益证券公司的所有董事、执行官因任职而获得的其所任职公司的权益证券，在该权益证券的管制期间，这些董事或执行官直接或间接买卖或获取、转让这些权益证券的行为是非法的。

(2) REMEDY.—

(A) IN GENERAL.—Any profit realized by a director or executive officer referred to in paragraph (1) from any purchase, sale, or other acquisition or transfer in violation of this subsection shall inure to and be recoverable by the issuer, irrespective of any intention on the part of such director or executive officer in entering into the transaction.

(2) 补偿――

(A)总则——公司董事或执行官通过违反上述(1)段的规定买卖或获取、转让而实现的收益应由该发行证券公司所有。

(B) ACTIONS TO RECOVER PROFITS.—An action to

recover profits in accordance with this subsection may be instituted at law or in equity in any court of competent jurisdiction by the issuer, or by the owner of any security of the issuer in the name and in behalf of the issuer if the issuer fails or refuses to bring such action within 60 days after the date of request, or fails diligently to prosecute the action thereafter, except that no such suit shall be brought more than 2 years after the date on which such profit was realized.

(B)恢复收益的行为——如果发行证券公司在要求的60天内不能或拒绝采取恢复收益的行为或不能真实地执行此行为，任何证券所有者可根据此法案采取法律行动。但在该收益实现超过两年后，任何人都不能再因此而采取上述法律行动。

SEC. 307. RULES OF PROFESSIONAL RESPONSIBILITY FOR ATTORNEYS. 第307节关于律师职业责任的规定

(1) requiring an attorney to report evidence of a material violation of securities law or breach of fiduciary duty

or similar violation by the company or any agent thereof, to the chief legal counsel or the chief executive officer of the company

(or the equivalent thereof); and

(1) 要求律师向公司的首席法律顾问或首席执行官报告公司(或其代理)的违反证券法律的行为及不履行受托义务的行为（或类似的违反行为）；

(2) if the counsel or officer does not appropriately respond to the evidence (adopting, as necessary, appropriate remedial measures or sanctions with respect to the violation), requiring the attorney to report the evidence to the audit committee of the board of directors of the issuer or to another committee of the board of directors comprised solely of directors not employed directly or indirectly by the issuer, or to the board of directors.

(2) 如果该公司的法律顾问或执行官员未对律师的上述报告做出适当回应(如对违法行为采取适当的补救措施或惩罚措施)，则要求律师向该公司的董事会下属的审计委员会报告，或是向该公司董事会下属的某一委员会（该委员会成员是未被公司雇佣的董事）报告，或是直接向该公司的董事会报告。 SEC. 401. DISCLOSURES IN PERIODIC REPORTS.

第401节定期报告中的披露

(a) DISCLOSURES REQUIRED.—Section 13 of the Securities Exchange Act of 1934 (15 U.S.C. 78m) is amended by adding at the end the following:

(a) 信息披露要求——《1934年证券交易法》第13节后面增加下列内容：

„„(i) ACCURACY OF FINANCIAL REPORTS.—Each financial report that contains financial statements, and that is required to be prepared in accordance with (or reconciled to) generally accepted accounting principles under this title and filed with the Commission shall reflect all material correcting adjustments that have been “(i) 财务报告的准确性——根据本法规定，向SEC申报的财务报告必须遵循公认会计原则(或按公认会计原则调整)，

identified by a registered public accounting firm in accordance with generally accepted accounting principles and the rules and regulations of the Commission.

并且应当反映出注册会计师根据公认会计原则以及SEC的规定和信息披露规范所作出的一切重大调整。

„„(j) OFF-BALANCE SHEET TRANSACTIONS.—Not later than 180 days after the date of enactment of the Sarbanes-Oxley Act of 2002, the Commission shall issue final rules providing that each annual and quarterly financial report required to be filed with the Commission shall disclose all material off-balance sheet transactions, arrangements, obligations (including contingent obligations),

(j) 资产负债表的表外业务——SEC将在本法生效后180天内出台相应的规定，要求在公司申报的年度报告和季度报告中披露所有重大的资产负债表外业务、合同、义务(包括或有义务)，

and other relationships of the issuer with unconsolidated entities or other persons, that may have a material current or

future effect on financial condition, changes in financial condition,results of operations, liquidity, capital expenditures, capital

resources, or significant components of revenues or expenses.‟‟

如果发行人同非并表实体和其他个人之间存在可能对公司财务状况及其变动、经营成果、流动性、资本性支出、资本来源以及收入费用构成产生重大影响其他关系，也应当同时披露。”

(b) COMMISSION RULES ON PRO FORMA FIGURES.—Not later than 180 days after the date of enactment of the Sarbanes-Oxley Act fo 2002, the Commission shall issue final rules providing that pro forma financial information included in any periodic or other report filed with the Commission pursuant to the securities laws,or in any public disclosure or press or other release, shall be

presented in a manner that—

(b) SEC对模拟财务数据的规定――SEC在本法生效后180天内将出台关于上市公司定期报告和其他申

报材料中模拟财务信息的规定，要求这些模拟财务信息的编制和披露必须符合证券法和相关信息披露规范的规定，具体包括：

(E) any recommendations of the Commission for improving the transparency and quality of reporting offbalance sheet transactions in the financial statements and disclosures required to be filed by an issuer with the Commission.

(E) SEC为改善公司在财务报表及披露信息中对表外交易的披露透明度和披露质量所做的建议。 „„SEC. 16. DIRECTORS, OFFICERS, AND PRINCIPAL STOCKHOLDERS.

„„(a) DISCLOSURES REQUIRED.—

“第16节董事、官员和主要股东

(a) 披露要求——

„„(1) DIRECTORS, OFFICERS, AND PRINCIPAL STOCKHOLDERS.—Every person who is directly or indirectly REQUIRED TO FILE the beneficial owner of more than 10 percent of any class of any equity security (other than an exempted security) which is registered pursuant to section 12, or who is a director or an officer of the issuer of such security, shall file the statements required by this subsection with the Commission (and, if such security is registered on a national securities exchange, also with the exchange).

(1) 要求报备的董事、官员和主要股东——超过10%权益证券(依据本法第12节注册。可豁免证券除外)的直接或间接受益人，或发行上述证券的公司之董事、官员，均应按本小节规定向SEC报备（若该证券在证券交易所注册，则也应向相应交易所报备）。

„„(B) within 10 days after he or she becomes such beneficial owner, director, or officer;

(B) 在成为上述证券受益人、董事和官员之后10日内，须完成此条款要求的报备；

SEC. 404. MANAGEMENT ASSESSMENT OF INTERNAL CONTROLS.

第404节管理层对内部控制的评价

(a) RULES REQUIRED.—The Commission shall prescribe rules requiring each annual report required by section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m or 78o(d)) to contain an internal control report, which shall—

(a) 内部控制方面的要求——SEC应当相应的规定，要求按《1934年证券交易法》第13节(a)或15节(d)编制的年度报告中包括内部控制报告，包括：

(1) state the responsibility of management for establishing and maintaining an adequate internal control structure and procedures for financial reporting; and

(1) 强调公司管理层建立和维护内部控制系统及相应控制程序充分有效的责任；

(2) contain an assessment, as of the end of the most recent fiscal year of the issuer, of the effectiveness of the internal control structure and procedures of the issuer for financial

reporting.

(2) 发行人管理层最近财政年度末对内部控制体系及控制程序有效性的评价；

(a) RULES DEFINING „„FINANCIAL EXPERT‟‟.—The Commission shall issue rules, as necessary or appropriate in the public interest and consistent with the protection of investors, to require each issuer, together with periodic reports required pursuant to sections 13(a) and 15(d) of the Securities Exchange Act of 1934, to disclose whether or not, and if not, the reasons therefor, the audit committee of that issuer is comprised of at least 1 member who is a financial expert, as such term is defined by the Commission.

(a) 定义“财务专家”的相关规定——SEC应当从保护公众利益和投资者权益的角度出发，制定相应的规定，要求发行申请人在根据本法第13节(a)和《1934年证券交易法》第15节(d)的规定编制定期报告时，披露是否在审计委员会中至少存在1名由SEC定义的“财务专家”，如果没有应当说明原因。

(b) REVIEW CRITERIA.—For purposes of scheduling the reviews required by subsection (a), the Commission shall consider, among other factors—

(b) 复核的标准——为了安排上段要求的复核，SEC应重点考虑如下公司：

(1) issuers that have issued material restatements of financial results;

(1) 有重大重编报表行为的公司；

(2) issuers that experience significant volatility in their stock price as compared to other issuers;

(2) 与其他公司相比，股价波动异常的公司；

(3) issuers with the largest market capitalization;

(3) 市值最大的公司；

(4) emerging companies with disparities in price to earning

ratios;

(4) 市盈率不一致的新兴公司；

(5) issuers whose operations significantly affect any material sector of the economy; and

(5) 其经营状况能对国民经济的重要方面产生重要影响的公司；

(6) any other factors that the Commission may consider relevant.

(6) SEC认定的其他情况。

602

„„(a) AUTHORITY TO CENSURE.—The Commission may censure any person, or deny, temporarily or permanently, to any person the privilege of appearing or practicing before the Commission in any way, if that person is found by the Commission, after notice and opportunity for hearing in the matter—

(a) SEC的谴责权——在存在特定事项，并经SEC调查确认以及给予当事人听证机会后，SEC可以谴责当事人，并根据情况暂时或永久停止当事人执行同SEC有关业务的资格。这些事项包括：

„„(1) not to possess the requisite qualifications to represent others;

(1) 未取得代理权的情况下代理他人行为；

„„(2) to be lacking in character or integrity, or to have engaged in unethical or improper professional conduct;

(2) 缺乏诚信基础，或者参与不道德和不适当的专业行为；

„„(3) to have willfully violated, or willfully aided and abetted the violation of, any provision of the securities laws or the rules and regulations issued thereunder.

(3) 蓄意违反，或蓄意帮助和教唆违反联邦证券法律、规定和规范。

„„(A) IN GENERAL.—In any proceeding under paragraph (1)against any person participating in, or, at the time of the alleged misconduct who was participating in, an offering of penny stock, the court may prohibit that person from participating in an offering of penny stock, conditionally or uncondi-

tionally, and permanently or for such period of time as the court shall determine.

(A) 总体要求——根据第(1)段的规定，对于在低价股票发行中存在不当行为的人，法院可以有条件或无条件地暂时或永久禁止当事人参与股票发行业务。

„„(H) is subject to any final order of a State securities commission (or any agency or officer performing like functions),State authority that supervises or examines banks, savings associations, or credit unions, State insurance commission (or any agency or office performing like functions), an appropriate Federal banking agency (as defined in section 3 of the Federal Deposit Insurance Act (12 U.S.C. 1813(q))), or the National Credit Union Administration, that—

“(H)授予国家证券监管机构(或类似职能的组织)，银行、储蓄银行、信贷联盟的监管机构、保险监管机构、联邦银行机构以及国家信贷管理机构相应的权力：

„„(i) bars such person from association with an entity regulated by such commission, authority, agency, or officer,or from engaging in the business of securities, insurance,banking, savings association activities, or credit union activities; or

(i) 禁止特定人员加入上述委员会或监管机构监管的组织，或从事证券、保险、银行、储蓄和信贷业务活动；

„„(ii) constitutes a final order based on violations of any laws or regulations that prohibit fraudulent, manipulative, or deceptive conduct.‟‟

(ii) 在违反禁止欺诈、操纵和欺骗法律规定的基础上，制定新的规定。”

SEC. 701. GAO STUDY AND REPORT REGARDING CONSOLIDATION OF

PUBLIC ACCOUNTING FIRMS.

第701节审计总署对会计师事务所合并行为的研究及报告

(a) STUDY REQUIRED.—The Comptroller General of the United

States shall conduct a study—

(a) 研究要求——总审计长在进行研究时应当：

(1) to identify— (1) 确定：

(A) the factors that have led to the consolidation of public accounting firms since 1989 and the consequent reduction in the number of firms capable of providing audit services to large national and multi-national business organizations that are subject to the securities laws;

(A) 自1989年以来导致会计师事务所不断合并的原因，合并导致会计师事务所数量减少，但可以执行证券法律规定的国内及跨国公司审计业务；

(B) the present and future impact of the condition described in subparagraph (A) on capital formation and securities markets, both domestic and international; and

(B) (A)中所描述的趋势对现时和未来国际、国内证券市场的影响；

(C) solutions to any problems identified under subparagraph (B), including ways to increase competition and the number of firms capable of providing audit services to

large national and multinational business organizations that are subject to the securities laws;

(2) of the problems, if any, faced by business organizations that have resulted from limited competition among public accounting firms, including—

(2) 由于会计师事务所间的有限竞争导致客户公司面临的问题：

(A) higher costs;

(B) lower quality of services;

(D) lack of choice; and

(A) 高额成本；

(B) 服务质量较低；

(D) 别无选择；以及

第702节委员会对评级机构的研究及报告

(2) AREAS OF CONSIDERATION.—The study required by this subsection shall examine—

(2) 应当考虑的领域——SEC的上述研究应当考察：

(A) the role of credit rating agencies in the evaluation of issuers of securities;

(A) 评级机构评价证券发行人时的扮演的角色；

(B) the importance of that role to investors and the functioning of the securities markets;

(B) 上述角色对投资者的重要程度，以及对证券市场功能发挥所起到的作用；

(C) any impediments to the accurate appraisal by credit rating agencies of the financial resources and risks of issuers of securities;

(D) any barriers to entry into the business of acting

as a credit rating agency, and any measures needed to remove such barriers;

(D) 进入评级行业的障碍，以及如何打破这种障碍；

(E) any measures which may be required to improve

the dissemination of information concerning such resources and risks when credit rating agencies announce credit ratings; and

(E) 评级机构宣布评级结果后，采取何种方法提高信息的传递效率；

(F) any conflicts of interest in the operation of credit rating agencies and measures to prevent such conflicts or ameliorate the consequences of such conflicts.

(F) 评级机构运作中可能存在的利益冲突，以及避免或改善该种利益冲突的方法。

(1) the number of securities professionals, defined as public

accountants, public accounting firms, investment bankers,investment advisers, brokers, dealers, attorneys, and other securities professionals practicing before the Commission—

（1）证券从业人员，包括注册会计师、会计师事务所、投资银行、投资顾问、经纪人、经销商、律师和其他从业人员，在SEC前曾经有过以下行为的人数：

SEC. 705. STUDY OF INVESTMENT BANKS.

第705节投资银行研究

(a) GAO STUDY.—The Comptroller General of the United States shall conduct a study on whether investment banks and financial

advisers assisted public companies in manipulating their earnings and obfuscating their true financial condition.

（a）美国会计总署（GAO）研究。——美国总审计长应进行一项关于是否投资银行和财务顾问帮助公众公司操纵盈利和掩饰真实的财务状况的研究。

The study should address the rule of investment banks and financial advisers—

研究应该阐述投资银行和财务顾问在下列活动中的手法——

(1) in the collapse of the Enron Corporation, including

with respect to the design and implementation of derivatives transactions, transactions involving special purpose vehicles, and other financial arrangements that may have had the effect of altering the company‟s reported financial statements in ways

that obscured the true financial picture of the company;

（1）在安然公司崩溃中，应包括设计和实施衍生交易，特殊目的实体交易和其他可能以隐藏公司真实财务状况的方式影响财务报表的财务安排；

(2) in the failure of Global Crossing, including with respect to transactions involving swaps of fiberoptic cable capacity,

in the designing transactions that may have had the effect of altering the company‟s reported financial statements in ways that obscured the true financial picture of the company; and

（2）在环球电讯(Global Crossing)失败中，应包括光纤电缆传输能力互换交易，和其他可能以隐藏公司真实财务状况的方式影响财务报表的交易设计；

(3) generally, in creating and marketing transactions which may have been designed solely to enable companies to manipulate revenue streams, obtain loans, or move liabilities off balance sheets without altering the economic and business risks faced by the companies or any other mechanism to obscure a company‟s financial picture.

（3）一般情况下，应包括有关创造和实现唯一目的是让公司能够操纵收入，得到贷款或将负债转移表外，而没有改变公司面临的经济和业务风险的交易，以及其它混淆公司真实财务的作法。

SEC. 1104. AMENDMENT TO THE FEDERAL SENTENCING GUIDELINES.

(a) REQUEST FOR IMMEDIATE CONSIDERATION BY THE UNITED STATES SENTENCING COMMISSION.—Pursuant to its authority under section 994(p) of title 28, United States Code, and in accordance with this section, the United State Sentencing Commission is requested to—

(1) promptly review the sentencing guidelines applicable to securities and accounting fraud and related offenses;

(2) expeditiously consider the promulgation of new sentencing guidelines or amendments to existing sentencing guidelines to provide an enhancement for officers or directors of publicly traded corporations who commit fraud and related offenses; and

(3) submit to Congress an explanation of actions taken by the Sentencing Commission pursuant to paragraph (2) and any additional policy recommendations the Sentencing Commission may have for combating offenses described in paragraph