AUTHORITY TO SHARE CERTAIN INFORMATION WITH FOREIGN AUTHORITIES.

SEC. 981. AUTHORITY TO SHARE CERTAIN INFORMATION WITH FOREIGN AUTHORITIES.(a) Definition.—Section 2(a) of the Sarbanes-Oxley Act of 2002 (15 U.S.C. 7201(a)) is amended by adding at the end the following:“(17) Foreign auditor oversight authority.—The term ‘foreign auditor oversight authority’ means any governmental body or other entity empowered by a foreign government to conduct inspections of public accounting firms or otherwise to administer or enforce laws related to the regulation of public accounting firms.”.(b) Availability to Share Information.—Section 105(b)(5) of the Sarbanes-Oxley Act of 2002 (15 U.S.C. 7215(b)(5)) is amended by adding at the end the following:“(C) Availability to foreign oversight authorities.—Without the loss of its status as confidential and privileged in the hands of the Board, all information referred to in subparagraph (A) that relates to a public accounting firm that a foreign government has empowered 124 STAT. 1927 a foreign auditor oversight authority to inspect or otherwise enforce laws with respect to, may, at the discretion of the Board, be made available to the foreign auditor oversight authority, if—“(i) the Board finds that it is necessary to accomplish the purposes of this Act or to protect investors;“(ii) the foreign auditor oversight authority provides—“(I) such assurances of confidentiality as the Board may request;“(II) a description of the applicable information systems and controls of the foreign auditor oversight authority; and“(III) a description of the laws and regulations of the foreign government of the foreign auditor oversight authority that are relevant to information access; and“(iii) the Board determines that it is appropriate to share such information.”.(c) Conforming Amendment.—Section 105(b)(5)(A) of the Sarbanes-Oxley Act of 2002 (15 U.S.C. 7215(b)(5)(A)) is amended by striking “subparagraph (B)” and inserting “subparagraphs (B) and (C)”.