In remarks to reporters after a speech in Washington, Securities and Exchange Commission Chairman Christopher Cox said that small companies aren't likely to receive any exemptions from the Sarbanes-Oxley Act.
In December, the SEC's Advisory Committee on Smaller Public Companies published an exposure draft of its final report, outlining changes to the Sarbanes-Oxley Act for micro-cap and small-cap public companies -- effectively, a proposal to free an estimated 80 percent of public companies, with market values less than $125 million, from at least part of the act's internal controls provisions.
A Bloomberg News article said that after delivering a speech on executive compensation to a Stanford Law School forum on corporate governance, Cox told reporters the SEC's emphasis is on making Section 404 work and implementing it in a cost-effective and investor-protected way, rather than simply waiving it. His comments were the first he has publicly offered on the matter.
See full Article.
Posts
