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Lawmakers Take Aim At SEC’s Compliance Arm

Law360 (January 9, 2006, 12:00 AM EST) -- If two congressmen have their way, the U.S. Securities and Exchange Commission’s Office of Compliance will face some major changes this year. Reps. Michael Castle of Delaware and Vito Fossella of New York have proposed legislation that will completely decentralize SEC compliance efforts.

The bill, known as the Compliance, Examinations and Inspections Restructuring Act of 2005 and introduced in late December, aims to make inspections of companies monitored by the SEC more efficient.

“This bill is designed to enhance the SEC’s oversight and make inspections more...
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