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At 4, Sarbanes-Oxley worth celebrating, not maligning

At 4, Sarbanes-Oxley worth celebrating, not maligning

by Rick Turoczy on August 10, 2006

“I see a growing trend of entrepreneurial companies deciding not to go public or listed companies opting to delist because of the high costs of complying with Section 404, which requires designing, documenting and auditing of financial controls,” Neal Wolkoff, chairman and chief executive of the American Stock Exchange, wrote in the Financial Times this week.

He says that as a result, “many innovative companies are turning to foreign exchanges to list. Before the implementation of Sox they would have automatically listed on a U.S. exchange.”

I say this: we don’t want any stinking companies that choose to list on foreign exchanges as opposed to ours in order to avoid compliance issues. Those companies, I’ll bet, aren’t the crème de la crème anyway. Investors should expect better of companies on U.S. stock exchanges.

At 4, Sarbanes-Oxley worth celebrating, not maligning

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