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Loosening reporting chains on business

Loosening reporting chains on business

by Rick Turoczy on April 24, 2006

An advisory panel to the Securities and Exchange Commission (SEC) has formally recommended that thousands of smaller publicly traded companies be exempted from the strict accounting and reporting requirements imposed by the 2002 Sarbanes-Oxley law, passed in the wake of the collapse of Enron. “The benefits that are derived by investors are really not worth the costs,” said Robert Robotti, president of Robotti & Co., LLC and a member of the advisory panel.

Although most of the SEC commissioners, including commission chairman and former Newport Beach Congressman Chris Cox, have expressed skepticism about such an exemption, Herbert Wander, chairman of the Advisory Committee on Smaller Public Companies, has expressed confidence that they will approach his committee’s recommendations with an open mind. The commission will start meeting on the issue May 10.

Loosening reporting chains on business

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