【正文】 (B) a person shall be entitled to a review by the Board with respect to any matter so delegated, and the decision of the Board upon such review shall be deemed to be the action of the B。 and Contracts. (6) to enter into contracts, execute instruments, incur liabilities, and do any and all other acts and things necessary, appropriate, or incidental to the conduct of its operations and the exercise of its obligations, rights, and powers imposed or granted by this title. PUBLIC LAW 107–204—JULY 30, 2020 116 STAT. 753 (g) RULES OF THE BOARD.—The rules of the Board shall, subject to the approval of the Commission— (1) provide for the operation and administration of the Board, the exercise of its authority, and the performance of its responsibilities under this Act。 (4) to appoint such employees, accountants, attorneys, and other agents as may be necessary or appropriate, and to determine their qualifications, define their duties, and fix their salaries or other pensation (at a level that is parable to private sector selfregulatory, accounting, technical, supervisory, or other staff or management positions)。 (2) to conduct its operations and maintain offices, and to exercise all other rights and powers authorized by this Act, in any State, without regard to any qualification, licensing, or other provision of law in effect in such State (or a political subdivision thereof)。 and (7) set the budget and manage the operations of the Board and the staff of the Board. (d) COMMISSION DETERMINATION.—The members of the Board shall take such action (including hiring of staff, proposal of rules, and adoption of initial and transitional auditing and other professional standards) as may be necessary or appropriate to enable the Commission to determine, not later than 270 days after the date of enactment of this Act, that the Board is so anized and has the capacity to carry out the requirements of this title, and to enforce pliance with this title by registered public accounting firms and associated persons thereof. The Commission shall be responsible, prior to the appointment of the Board, for the planning for the establishment and administrative transition to the Board’ s operation. (e) BOARD MEMBERSHIP.— (1) COMPOSITION.—The Board shall have 5 members, appointed from among prominent individuals of integrity and reputation who have a demonstrated mitment to the interests of investors and the public, and an understanding of the responsibilities for and nature of the financial disclosures required of issuers under the securities laws and the obligations of accountants with respect to the preparation and issuance of audit reports with respect to such disclosures. (2) LIMITATION.—Two members, and only 2 members, of the Board shall be or have been certified public accountants pursuant to the laws of 1 or more States, provided that, if 1 of those 2 members is the chairperson, he or she may not have been a practicing certified public accountant for at least 5 years prior to his or her appointment to the Board. (3) FULLTIME INDEPENDENT SERVICE.—Each member of the Board shall serve on a fulltime basis, and may not, concurrent with service on the Board, be employed by any other person or engage in any other professional or business activity. No member of the Board may share in any of the profits of, or receive payments from, a public accounting firm (or any other person, as determined by rule of the Commission), other than fixed continuing payments, subject to such conditions as the Commission may impose, under standard arrangements for the retirement of members of public accounting firms. (4) APPOINTMENT OF BOARD MEMBERS.— (A) INITIAL BOARD.—Not later than 90 days after the Deadline. date of enactment of this Act, the Commission, after consultation with the Chairman of the Board of Governors 116 STAT. 752 PUBLIC LAW 107–204—JULY 30, 2020 of the Federal Reserve System and the Secretary of the Treasury, shall appoint the chairperson and other initial members of the Board, and shall designate a term of service for each. (B) VACANCIES.—A vacancy on the Board shall not affect the powers of the Board, but shall be filled in the same manner as provided for appointments under this section. (5) TERM OF SERVICE.— (A) IN GENERAL.—The term of service of each Board member shall be 5 years, and until a successor is appointed, except that— (i) the terms of office of the initial Board members (other than the chairperson) shall expire in annual increments, 1 on each of the first 4 anniversaries of the initial date of appointment。 (5) perform such other duties or functions as the Board (or the Commission, by rule or order) determines are necessary or appropriate to promote high professional standards among, and improve the quality of audit services offered by, registered public accounting firms and associated perso