Audit Board Proposes $15M In Broker-Dealer Fees

Law360, New York (December 14, 2010, 4:42 PM EST) -- Large securities brokers and dealers could be required to pay more than $1 million annually to cover costs related to audits mandated by the Dodd-Frank Wall Street Reform and Consumer Protection Act if the U.S. Securities and Exchange Commission adopts rules proposed Tuesday.

The Public Accounting Oversight Board, which was formed under the Sarbanes-Oxley Act, unanimously proposed the rules that would establish and fund inspections of accounting firms that audit brokers and dealers.

Under the suggested rules, the largest broker-dealers would bear the burden of the...
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