arrow_back Back to App

Easier Audits for Small Brokerage Firms

This new law reduces audit burdens for small, privately held brokerage firms that do not hold customer funds and meet specific criteria. This aims to simplify their operations and lower costs, potentially affecting the accessibility of financial services.
Key points
Smaller brokerage firms not holding customer assets will be exempt from certain audit requirements.
Exemption applies to firms meeting criteria like registration, good standing, and no serious past misconduct.
The goal is to support small businesses and reduce bureaucracy in the financial sector.
article Official text account_balance Process page
Expired
Citizen Poll
No votes cast
Additional Information
Print number: 117_S_4292
Sponsor: Sen. Cotton, Tom [R-AR]
Process start date: 2022-05-24
Lustra uses Artificial Intelligence. Verify details in source documents.
Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
AI work logs for this document launch

OFFICIAL LEGAL TITLE

Small Business Audit Correction Act of 2022

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_S_4292.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2022-05-24.

What are the main provisions?

Key points include:

  • Smaller brokerage firms not holding customer assets will be exempt from certain audit requirements.
  • Exemption applies to firms meeting criteria like registration, good standing, and no serious past misconduct.
  • The goal is to support small businesses and reduce bureaucracy in the financial sector.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Sen. Cotton, Tom [R-AR].

What is the latest detailed status?

The latest detailed status is: Introduced in Senate

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-29.

CATEGORIES

Economy