; or (2) with respect to a foreign issuer, the auditor is independent under comparable standards applicable to certified public accountants in the issuer’s home country. . (b) Auditor independence standards of the Securities and Exchange Commission Section 10A of the Securities Exchange Act of 1934 ( 15 U.S.C. 78j–1 ) is amended by adding at the end the following: (n) Auditor independence for certain past audits occurring before an issuer is a public company With respect to an issuer that is a public company or an issuer that has filed a registration statement to become a public company, the auditor independence rules established by the Commission under the securities laws with respect to audits occurring before the last fiscal year of the issuer completed before the issuer filed a registration statement to become a public company shall treat an auditor as independent if— (1) the auditor is independent under standards established by the American Institute of Certified Public Accountants applicable to certified public accountants in United States; or (2) with respect to a foreign issuer, the auditor is independent under comparable standards applicable to certified public accountants in the issuer’s home country. . IV Expand the Protection for Research Reports to Cover All Securities of All Issuers 1401. Provision of research Section 2(a)(3) of the Securities Act of 1933 ( 15 U.S.C. 77b(a)(3) ) is amended— (a) by striking an emerging growth company and inserting an issuer ; (b) by striking the common equity and inserting any ; and (c) by striking such emerging growth company and inserting such issuer . V Exclude QIBs and IAAs from the Record Holder Count for Mandatory Registration 1501. Exclusions from mandatory registration threshold (a) In general Section 12(g)(1) of the Securities Exchange Act of 1934 ( 15 U.S.C. 78l(g)(1) ) is amended— (1) in subparagraph (A)(i), by inserting after persons the following: (that are not a qualified institutional buyer or an institutional accredited investor)