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Sarbanes-Oxley: Driving the narrow path between extremes

Sarbanes-Oxley: Driving the narrow path between extremes

by Rick Turoczy on August 24, 2006

At one extreme there is an alliance of small US companies and Wall Street investment banks supported by US exchanges. The other extreme is the politicians’ and governments’ belief that American investors need to be protected against fraud.

In the midst of this, Christopher Cox, the SEC’s Chairman, is having to steer a narrow course designed to satisfy all parties. He has made some temporary concessions, in further delaying the implementation of SOX for small US companies and all but the largest foreign issuers, as well as delaying compliance for a year for new issuers, but these concessions have met with little warmth. More relevant is the statement that the SEC would “continue the Commission’s efforts to be sensitive and responsive to the particular needs of smaller public companies and foreign private issuers, and to minimize the burdens that Section 404 may impose on them.”

Sarbanes-Oxley: Driving the narrow path between extremes

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