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Sarbanes Oxley Act

SEC. 402. ENHANCED CONFLICT OF INTEREST PROVISIONS.
 
(a) PROHIBITION ON PERSONAL LOANS TO EXECUTIVES.—Section
13 of the Securities Exchange Act of 1934 (15 U.S.C. 78m), as
amended by this Act, is amended by adding at the end the following:
 
‘‘(k) PROHIBITION ON PERSONAL LOANS TO EXECUTIVES.—
 
‘‘(1) IN GENERAL.—It shall be unlawful for any issuer (as
defined in section 2 of the Sarbanes-Oxley Act of 2002), directly
or indirectly, including through any subsidiary, to extend or
maintain credit, to arrange for the extension of credit, or to
renew an extension of credit, in the form of a personal loan
to or for any director or executive officer (or equivalent thereof)
of that issuer. An extension of credit maintained by the issuer
on the date of enactment of this subsection shall not be subject
to the provisions of this subsection, provided that there is
no material modification to any term of any such extension
of credit or any renewal of any such extension of credit on
or after that date of enactment.
 
‘‘(2) LIMITATION.—Paragraph (1) does not preclude any
home improvement and manufactured home loans (as that term
is defined in section 5 of the Home Owners’ Loan Act (12
U.S.C. 1464)), consumer credit (as defined in section 103 of
the Truth in Lending Act (15 U.S.C. 1602)), or any extension
of credit under an open end credit plan (as defined in section
103 of the Truth in Lending Act (15 U.S.C. 1602)), or a charge
card (as defined in section 127(c)(4)(e) of the Truth in Lending
Act (15 U.S.C. 1637(c)(4)(e)), or any extension of credit by
a broker or dealer registered under section 15 of this title
to an employee of that broker or dealer to buy, trade, or
carry securities, that is permitted under rules or regulations
of the Board of Governors of the Federal Reserve System pursuant
to section 7 of this title (other than an extension of credit
that would be used to purchase the stock of that issuer), that
is—
 
‘‘(A) made or provided in the ordinary course of the
consumer credit business of such issuer;
 
‘‘(B) of a type that is generally made available by
such issuer to the public; and
 
‘‘(C) made by such issuer on market terms, or terms
that are no more favorable than those offered by the issuer
to the general public for such extensions of credit.
 
‘‘(3) RULE OF CONSTRUCTION FOR CERTAIN LOANS.—Paragraph
(1) does not apply to any loan made or maintained
by an insured depository institution (as defined in section 3
of the Federal Deposit Insurance Act (12 U.S.C. 1813)), if
the loan is subject to the insider lending restrictions of section
22(h) of the Federal Reserve Act (12 U.S.C. 375b).’’.
 

 

 

Sarbanes Oxley Certification and Training / Distance Learning
 
The Cost: US$ 147
What is included in this price:
 
A. The official presentations we use in our instructor-led classes (720 slides)
B. Up to 3 Online Exams
C. Personalized Membership Certificate printed in full colour.
 
To learn more:
www.sarbanes-oxley-association.com/Distance_Learning_and_Certification.htm