(c)COMMISSION REVIEW OF DISCIPLINARY ACTION TAKEN BY THE BOARD.-

　　(1)NOTICE OF SANCTION.-The Board shall promptly file notice with the Commission of any final sanction on any registered public accounting firm or on any associated person thereof,in such form and containing such information as the Commission,by rule,may prescribe.

　　(2)REVIEW OF SANCTIONS.-The provisions of sections 19(d)(2)and 19(e)(1)of the Securities Exchange Act of 1934(15 U.S.C.78s(d)(2)and(e)(1))shall govern the review by the Commission of final disciplinary sanctions imposed by the Board(including sanctions imposed under section 105(b)(3)of this Act for noncooperation in an investigation of the Board),as fully as if the Board were a self-regulatory organization and the Commission were the appropriate regulatory agency for such organization for purposes of those sections 19(d)(2)and 19(e)(1),except that,for purposes of this paragraph-

　　(A)section 105(e)of this Act(rather than that section 19(d)(2))shall govern the extent to which application for,or institution by the Commission on its own motion of,review of any disciplinary action of the Board operates as a stay of such action;

　　(B)references in that section 19(e)(1)to"members"of such an organization shall be deemed to be references to registered public accounting firms;

　　(C)the phrase "consistent with the purposes of this title" in that section 19(e)(1)shall be deemed to read "consistent with the purposes of this title and title I of the Sarbanes-Oxley Act of 2002"1473

　　(D)references to rules of the Municipal Securities Rulemaking Board in that section 19(e)(1)shall not apply;and(E)the reference to section 19(e)(2)of the Securities Exchange Act of 1934 shall refer instead to section 107(c)(3)of this Act.

　　(3)COMMISSION MODIFICATION AUTHORITY.-The Commission may enhance,modify,cancel,reduce,or require the remission of a sanction imposed by the Board upon a registered public accounting firm or associated person thereof,if the Commission,having due regard for the public interest and the protection of investors,finds,after a proceeding in accordance with this subsection,that the sanction-

　　(A)is not necessary or appropriate in furtherance of this Act or the securities laws; or

　　(B)is excessive,oppressive,inadequate,or otherwise not appropriate to the finding or the basis on which the sanction was imposed.