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
78o(d) of this title, 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.
In defining the term “financial expert” for purposes of subsection (a) of this section, the Commission shall consider whether a person has, through education and experience as a public accountant or auditor or a principal financial officer, comptroller, or principal accounting officer of an issuer, or from a position involving the performance of similar functions—
(1)an understanding of generally accepted accounting principles and financial statements;
(A)the preparation or auditing of financial statements of generally comparable issuers; and
(B)the application of such principles in connection with the accounting for estimates, accruals, and reserves;
(3)experience with internal accounting controls; and
(4)an understanding of audit committee functions.
(c) Deadline for rulemaking
The Commission shall—
(1)propose rules to implement this section, not later than 90 days after July 30, 2002; and
(2)issue final rules to implement this section, not later than 180 days after July 30, 2002.
The table below lists the classification updates, since Jan. 3, 2012, for this section. Updates to a broader range of sections may be found at the update page for containing chapter, title, etc.
The most recent Classification Table update that we have noticed was Tuesday, August 13, 2013
An empty table indicates that we see no relevant changes listed in the classification tables. If you suspect that our system may be missing something, please double-check with the Office of the Law Revision Counsel.