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US SEC to consider easing new rules for small cos

US SEC to consider easing new rules for small cos

by Rick Turoczy on September 20, 2005

The U.S. Securities and Exchange Commission is poised to ease regulations on Wednesday for small and mid-sized companies in two areas — internal financial controls and accelerated report filing.

The SEC is also expected to give more public guidance on “soft-dollar” deals in which mutual fund managers get free research and other services from brokerages in exchange for sending buy and sell orders for securities to the brokerages.

The SEC said it will consider these measures in a public meeting — the first for recently named SEC Chairman Christopher Cox. The former congressman was named this summer by the White House to head up the investor protection agency.

Two of the measures to come before the SEC at the meeting will culminate months of complaints by businesses, large and small, about the burdens of two controversial rules.

One rule requires U.S.-listed corporations to explain their internal financial controls publicly every year, and to get their outside auditors to comment as well. The rule is part of Section 404 of 2002′s post-Enron Sarbanes-Oxley reforms.

US SEC to consider easing new rules for small cos

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