imposed on that entity under that subparagraph for the year in which the penalty would be imposed to exceed the lesser of the following: (i) $1 per user or customer of the entity (as applicable), as of the date on which the penalty would be imposed. (ii) 10 basis points of the total assets under management by the entity, as of the date on which the penalty would be imposed. (2) Publication The Under Secretary, through the Office, shall make publicly available, with respect to the most recent 24-month period, the name of each entity that is subject to the requirements under subsection (a) and has failed to satisfy those requirements. (3) Appeals (A) In general The Under Secretary shall establish a process through which an entity on which a penalty is imposed under paragraph (1) may appeal that penalty. (B) Waiver of penalty The Under Secretary shall waive a penalty imposed under paragraph (1) if the Under Secretary determines in an appeal brought under subparagraph (A) of this paragraph that the reason that the Under Secretary did not receive a report under subsection (b)(1) is because of an action or omission by an auditing firm and not the entity on which the Under Secretary imposed the penalty. (C) Pause in payment An entity on which the Under Secretary imposes a penalty under paragraph (1) shall not be required to pay that penalty during the period in which an appeal brought by the entity under this paragraph is pending. (d) Effective date This section shall take effect on the date on which the Public Company Accounting Oversight Board and the American Institute of Certified Public Accountants jointly approve, under subsection (a)(3), an industry standard for the attestations required under this section.