SEC Advisory Committee Adopts New SOX Rules

Law360, New York (December 14, 2005, 12:00 AM EST) -- An advisory committee for the Securities and Exchange Commission adopted Wednesday rules to exempt smaller companies from costly financial requirements mandated by the 2002 Sarbanes-Oxley Act.

The regulatory agency’s Advisory Committee on Smaller Public Companies released a preliminary recommendation earlier this month after being tasked with seeking recommendations for improving the impact of SOX on small public companies.

The SEC and many experts estimate that roughly 80% of U.S. companies fall into the range of "smaller" companies that would benefit from the advisory committee's rules if...
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