Small-Business Protections Urged By SEC Committee

Law360, New York (April 12, 2006, 12:00 AM EDT) -- Despite widespread criticism, an advisory group of the U.S. Securities and Exchange Commission is likely to forge ahead with its controversial proposal to exempt smaller companies from an internal controls requirement of the 2002 Sarbanes-Oxley Act.

This week, the Advisory Committee on Smaller Public Companies voted to only modify slightly its draft report recommending that the SEC exempt smaller firms from the rule, which tightened corporate accounting practices after a wave of scandals hit Wall Street.

That report has come under fire from industry professionals and...
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