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Codified Statutes
- U.S. Code
- TITLE 15 — COMMERCE AND TRADE
- CHAPTER 98 — PUBLIC COMPANY ACCOUNTING REFORM AND CORPORATE RESPONSIBILITY(§§ 7201 to 7266)
- SUBCHAPTER III — CORPORATE RESPONSIBILITY(§§ 7241 to 7246)
15 U.S.C. § 7243. Forfeiture of certain bonuses and profits
(a) Additional compensation prior to noncompliance with Commission financial reporting
requirements —
If an issuer is required to prepare an accounting restatement due to the material
noncompliance 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—
(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
(2)
any profits realized from the sale of securities of the issuer during that 12-month
period.
(b) Commission exemption authority —
The Commission may exempt any person from the application of subsection (a) of this
section, as it deems necessary and appropriate.
Pub. L. 107-204, title III, Sec. 304, July 30, 2002, 116 Stat. 778.
SECTION REFERRED TO IN OTHER SECTIONS
This section is referred to in section 78l of this title.