(B) by striking ‘‘(or Board)’’. 
SEC. 7. FUNDING. 
Section 109 of the Sarbanes-Oxley Act of 2002 (15 
U.S.C. 7219) is amended— 
(1) by amending subsection (b) to read as fol-
lows: 
‘‘(b) ANNUAL BUDGETS.— 
‘‘(1) STANDARD SETTING BODY.—The standard 
setting body referred to in subsection (a) shall estab-
lish a budget for each fiscal year, which shall be re-
viewed and approved according to their respective in-
ternal procedures not less than 1 month prior to the 
commencement of the fiscal year to which the budg-
et pertains. 
‘‘(2) THE OFFICE.—The Commission shall es-
tablish the budget for the Office for each fiscal 
year.’’; 
(2) in subsection (c)— 
(A) by amending paragraph (1) to read as 
follows: 
‘‘(1) RECOVERABLE BUDGET EXPENSES.— 
‘‘(A) STANDARD
SETTING
BODY.—The 
budget of the standard setting body referred to 
in subsection (a) for each fiscal year shall be 
payable from annual accounting support fees, in 
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accordance with subsections (d) and (e). Ac-
counting support fees and other receipts of such 
standard-setting body shall not be considered 
public monies of the United States. 
‘‘(B) THE OFFICE.—The budget of the Of-
fice (reduced by any registration or annual fees 
received under section 102(f) for the year pre-
ceding the year for which the budget is being 
computed) for each fiscal year may be payable 
from annual accounting support fees, in accord-
ance with subsections (d) and (e). Accounting 
support fees and other receipts of the Office.’’; 
(B) in paragraph (2), by striking ‘‘shall’’ 
and inserting ‘‘may’’; 
(3) in subsection (d)— 
(A) in the heading, by striking ‘‘THE 
BOARD’’ and inserting ‘‘THE OFFICE’’; 
(B) in paragraph (1), by striking ‘‘The 
Board shall establish, with the approval of the 
Commission,’’ and inserting ‘‘The Commission 
may establish’’; 
(C) in paragraph (2), by striking ‘‘shall’’ 
and inserting ‘‘may’’; and 
(D) by striking paragraph (3); 
(4) in subsection (j)— 
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(A) by striking ‘‘either the Board,’’; and 
(B) by striking ‘‘, or both,’’; and 
(5) by striking subsection (k). 
SEC. 8. DEFINITIONS. 
Section 110 of the Sarbanes-Oxley Act of 2002 (15 
U.S.C. 7220) is amended— 
(1) by redesignating paragraphs (5) and (6) as 
paragraphs (6) and (7); and 
(2) by inserting after paragraph (4) the fol-
lowing: 
‘‘(5) OFFICE.—The term ‘Office’ means the Of-
fice of Public Accounting Oversight of the Office of 
the Chief Accountant of the Commission.’’. 
SEC. 9. TECHNICAL AND CONFORMING AMENDMENTS. 
(a) DEFINITIONS.—Section 2(a)(9)(C) of the Sar-
banes-Oxley Act of 2002 (15 U.S.C. 7201) is amended by 
striking ‘‘, 101(c), 105, and 107(c) and the rules of the 
Board and Commission issued thereunder’’ and inserting 
‘‘and 101(c) and the rules of the Commission thereunder’’. 
(b) EXEMPTION AUTHORITY.—Section 201(b) of the 
Sarbanes-Oxley Act of 2002 (15 U.S.C. 7231(b)) is 
amended— 
(1) by striking ‘‘The Board may’’ and inserting 
‘‘The Commission may’’; and 
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(2) by striking ‘‘in the same manner as for 
rules of the Board under section 107’’. 
(c) 
SELF-REGULATORY
ORGANIZATION.—Section 
603(y)(3) of the Consumer Credit Protection Act (15 
U.S.C. 1681a(y)(3)) is amended by striking ‘‘any entity 
established under title I of the Sarbanes-Oxley Act of 
2002,’’. 
SEC. 10. RULE OF CONSTRUCTION WITH RESPECT TO CO-
OPERATIVE ARRANGEMENTS. 
Nothing in this Act, or the amendments made by this 
Act, shall be construed to invalidate or otherwise affect 
a cooperative arrangement between the Public Company 
Accounting Oversight Board and a foreign auditor over-
sight authority (as defined in section 2(a) of the Sarbanes- 
Oxley Act of 2002 (15 U.S.C. 7201(a))) in effect on the 
date that is 2 years after the date of the enactment of 
this Act. 
SEC. 11. REGULATIONS. 
The Securities and Exchange Commission may issue 
such regulations as may be necessary to carry out this 
Act. 
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SEC. 12. EFFECTIVE DATE. 
The amendments made by this Act shall take effect 
on the date that is 2 years after the date of the enactment 
of this Act. 
Æ 
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