; (2) in subparagraph (B)— (A) by striking fifth and inserting 7-year ; and (B) by adding or at the end; (3) in subparagraph (C), by striking ; or and inserting a period; and (4) by striking subparagraph (D). (b) Securities Exchange Act of 1934 Section 3(a) of the Securities Exchange Act of 1934 ( 15 U.S.C. 78c(a) ) is amended, in the first paragraph (80) (related to emerging growth companies)— (1) by striking $1,000,000,000 each place such term appears and inserting $1,500,000,000 ; (2) in subparagraph (B)— (A) by striking fifth and inserting 7-year ; and (B) by adding or at the end; (3) in subparagraph (C), by striking ; or and inserting a period; and (4) by striking subparagraph (D). III SEC and PCAOB Auditor Requirements for Newly Public Companies 1301. Auditor independence for certain past audits occurring before an issuer is a public company (a) Auditor independence standards of the Public Company Accounting Oversight Board Section 103 of the Sarbanes-Oxley Act of 2002 ( 15 U.S.C. 7213 ) is amended by adding at the end the following: (e) 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 Board 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