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 Thursday, September 22, 2005 |
Small firms get second one-year reprieve on Sarbanes-Oxley rules
Tom Henry at 1:22 PM ET
[JURIST] The US Securities and Exchange Commission [official website] voted 5-0 at a public meeting Wednesday to give small public companies an additional extra year to comply with requirements to file reports on the strength of their internal financial controls under the Sarbanes-Oxley Act of 2002 [PDF text]. As with last year's extension for small businesses [JURIST report], the SEC decision was driven by complaints from smaller companies that they lack the resources to easily undergo the expensive reviews. SEC Chairman Christopher Cox [official biography], recently chosen by President Bush to lead the agency, stressed that the additional reprieve "in no way reflects any desire to back away" from the requirements of the Sarbanes-Oxley law. Thursday's Washington Post has more.
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Paper Chase is JURIST's real-time legal news service, powered by a team of 30 law student reporters and editors led by law professor Bernard Hibbitts at the University of Pittsburgh School of Law. As an educational service, Paper Chase is dedicated to presenting important legal news and materials rapidly, objectively and intelligibly in an accessible, ad-free format.
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