The Securities and Exchange Commission's (SEC) Advisory Committee on Smaller Public Companies released a draft report today containing favorable recommendations to reform Section 404 of the Sarbanes-Oxley Act of 2002. The Biotechnology Industry Organization (BIO) led industry efforts to ease compliance burdens of Section 404 for smaller companies. The draft report reflects a majority of the reforms expressed by BIO.
"Based on these recommendations, it is clear that the advisory panel understands the burden that the Sarbanes-Oxley Act is placing on smaller public companies," said Jim Greenwood, BIO President and CEO. "The recommendations indicate a call for modifications in the implementation of this important legislation."
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