SEC Can Issue SOX Exemptions, Argues Rep. Oxley

Law360, New York (March 3, 2006, 12:00 AM EST) -- Small companies hoping for exemption from certain provisions of the stringent Sarbanes-Oxley Act (SOX) have found an unexpected ally in their corner: one of the Act’s authors.

House Financial Service Committee Chairman Michael G. Oxley, a representative from Ohio, asserted that the U.S. Securities and Exchange Commission does possess the authority to scale back the corporate fraud reform law, passed by Congress in 2002.

"We write to offer our support of the view that the Commission currently possesses the authority to provide relief from provisions of...
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