Adds new definitions and limits on who may audit issuers for U.S. securities markets: it defines when an auditor or an auditor office is a “compromised auditor,” what counts as a “covered country,” and prohibits trading in securities of issuers that rely on a compromised auditor in a covered country. It also narrows when hearings about these issues are public, making Board hearings private except when a compromised auditor is a party or the Board orders a public hearing for good cause with party consent.

The changes amend existing Sarbanes‑Oxley Act auditor and hearing rules to create a trading prohibition tied to auditor integrity in specified foreign jurisdictions and to adjust public access to enforcement/disciplinary hearings regarding those matters.