; (2) in the item relating to section 103, by striking and independence standards and inserting standards, and ; and (3) by striking the items relating to sections 104, 105, and 107. 509. Rule of construction with respect to cooperative arrangements Nothing in this title, or the amendments made by this title, shall be construed to invalidate or otherwise affect a cooperative arrangement between the Public Company Accounting Oversight Board and a foreign auditor oversight authority (as defined in section 2(a) of the Sarbanes-Oxley Act of 2002 ( 15 U.S.C. 7201(a) )) in effect on the date that is 2 years after the date of the enactment of this Act. 510. Regulations The Securities and Exchange Commission may issue such regulations as may be necessary to carry out this title. 511. Effective date The amendments made by this title shall take effect on the date that is 2 years after the date of the enactment of this Act. VI Study Regarding Major Rules Issued by the Securities and Exchange Commission 601. GAO study regarding major rules Section 4 of the Securities Exchange Act of 1934 ( 15 U.S.C. 78d ), as amended by section 401, is further amended by adding at the end the following: (n) GAO study regarding major rules (1) Study required (A) In general Subject to subparagraph (C), not later than 1 year after the date of the enactment of this subsection, and every 3 years thereafter, the Comptroller General of the United States shall carry out a study on each of the major rules issued by the Commission since the last such review. (B) Elements The study required under subparagraph (A) shall include, with respect to each major rule described in such subparagraph— (i) a cost benefit analysis of such major rule; (ii) a comparison between the cost benefit analysis under clause (i) and the cost benefit analysis for the same major rule carried out by the Commission; (iii) a comparison between the projected costs of the major rule and the actual costs of the major rule