Fabio
76b8ec33a7
Ingested titles 12–51 and 54 from OLRC USLM XML @119-100 (the whole Code now, uniform edition; Title 53 is reserved/empty). LegalText 11,221 -> 59,740; repo total 105,704 records. Deterministic (byte-identical rerun, verified on Title 42's 8,356 sections); make check green. make legal-us-code default now covers every title. Co-Authored-By: Claude Opus 4.8 <noreply@anthropic.com>
56 lines
2.6 KiB
Markdown
56 lines
2.6 KiB
Markdown
---
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type: "LegalText"
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title: "15 U.S.C. § 7265"
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description: "Disclosure of audit committee financial expert"
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jurisdiction: "us"
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corpus: "united_states_code"
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kind: "code_section"
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title_number: 15
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title_name: "COMMERCE AND TRADE"
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chapter_number: "98"
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chapter_name: "PUBLIC COMPANY ACCOUNTING REFORM AND CORPORATE RESPONSIBILITY"
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section: "7265"
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citation: "15 U.S.C. § 7265"
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status: "current"
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release_point: "119-100"
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release_date: "2026-06-26"
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source: "official"
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source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc15@119-100.zip"
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source_identifier: "/us/usc/t15/s7265"
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source_file: "data/legal/raw/us/code/title-15/usc15.xml"
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source_hash: "6e74e360e36e87f666f4fd7fe3ee0a68c1d4118e4020d3d98ea96032e15633ca"
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raw_snapshot_hash: "6982338d990ef19d6b52bff6825089bdd6d0ee1233d9382673faf533decd5059"
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text_hash: "b71cdee56e2d99ca4e452e3e6d284a5c2a4a46e2f3aa7a5cd4df3ade25c05810"
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retrieved_at: "2026-07-04"
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confidence: "official"
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tags: ["legal", "us-code"]
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---
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# 15 U.S.C. § 7265 - Disclosure of audit committee financial expert
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## Text
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(a) Rules defining “financial expert” 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 78m(a) and 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.
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(b) Considerations In defining the term “financial expert” for purposes of subsection (a), 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—
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(1) an understanding of generally accepted accounting principles and financial statements;
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(2) experience in—
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(A) the preparation or auditing of financial statements of generally comparable issuers; and
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(B) the application of such principles in connection with the accounting for estimates, accruals, and reserves;
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(3) experience with internal accounting controls; and
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(4) an understanding of audit committee functions.
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(c) Deadline for rulemaking The Commission shall—
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(1) propose rules to implement this section, not later than 90 days after July 30, 2002; and
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(2) issue final rules to implement this section, not later than 180 days after July 30, 2002.
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(Pub. L. 107–204, title IV, § 407, July 30, 2002, 116 Stat. 790.)
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