Sarbanes-Oxley
SEC Proposes Years Exemption on 404
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The Securities and Exchange Commission has proposed giving foreign companies listing in the US, a further years exemption from having to comply with Section 404. The proposals come as foreign companies choose to list in lighter regulated London instead of New York. Section 404, which requires companies to attest to the effectiveness of internal controls is the most contentious part of the Act. Companies would not have to file an auditors attestation report or management report until they had filed an annual report. Small American companies, those with a market capitalisation between $75m and $700m would also receive an extra years grace. |
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