Christopher Cox, chairman of the US Securities and Exchange Commission (SEC), has voiced his opposition to the recommendations of a US advisory group, established by the US Chamber of Commerce last year.
The commission on the regulation of US capital markets has suggested that the Sarbanes-Oxley (SOX) regulations should be made part of the Securities Exchange Act of 1934 which it says would give companies more flexibility when implementing SOX. The group indicates that this is necessary because SOX is not fully subject to the SEC’s general powers to issue rules and exemptions for the implementation of federal securities laws
Speaking at a summit to discuss the recommendations, Cox said the SEC had the power and the necessary flexibility to implement the law in a way that makes sense for investors and markets. While he admitted that implementation of section 404 of SOX covering internal control had proved burdensome the SEC had worked to address this and smaller companies and non-US filers did not yet have to comply with the regulations.
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