SEC Urged To Relax SOX Burden For Small Companies

Law360, New York (December 9, 2005, 12:00 AM EST) -- Smaller companies should be exempt from costly financial rules mandated by the 2002 Sarbanes-Oxley Act, an advisory panel to the Securities and Exchange Commission recommended Thursday.

The panel, the Advisory Committee on Smaller Public Companies, released a preliminary recommendation but is scheduled to formally vote on the proposal on Wednesday, December 14, the SEC said.

The SEC formed the committee, which has been holding public hearings to seek recommendations from stakeholders, to consider ways of improving the impact of SOX on small public companies.

In particular,...
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