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SEC reconsiders Sarbanes-Oxley impact on foreign corporations

SEC reconsiders Sarbanes-Oxley impact on foreign corporations

by Rick Turoczy on January 27, 2005

Leading Tuesday’s corporations and securities law news, SEC Chairman William Donaldson [SEC biography] stated in a speech today that the agency is considering changes to the Sarbanes-Oxley Act [text, PDF] to ease burden on foreign companies. Companies in both Europe and the US have complained of the costs to meet the act’s requirements. European companies also contend that some of the regulations conflict with EU practices. Donaldson has asked the SEC staff to “consider whether to recommend that we delay the effective date of the internal control on financial reporting requirements for non-US companies” in wake of the complaints.

SEC reconsiders Sarbanes-Oxley impact on foreign corporations

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