Compliance Alert: More News on the Sarbanes-Oxley 404(b) Reprieve

Posted by Teresa Bockwoldt on June 20, 2010

PriceWaterHouseCoopers posted a great update today. Please read the quoted summary below and follow the link to read the full update!

"Breaking News: Regulatory Reform Conference Committee Takes Steps to Provide Smaller Companies with Permanent Exemption from the Sarbanes-Oxley Internal Control Audit Requirements

Information From: PwC

Published: 06/21/2010

The U.S. House of Representatives and the U.S. Senate have each passed separate versions of financial regulatory reform legislation. A select group of Senators and Congressmen (commonly referred to as a conference committee) is currently working to reconcile the separate versions of the legislation into a single bill. Although changes are still possible, the conference committee recently took steps to provide smaller companies with a permanent exemption from the Sarbanes-Oxley internal control audit requirements. The conference committee has also agreed to direct the SEC to conduct a study on how to reduce the cost of complying with the internal control audit requirements for companies with market capitalizations between $75 million and $250 million. There are a number of steps that must be completed before any permanent exemption would become effective. The provision must be included in the final, agreed-to legislation -- called a conference report; the conference report must be approved by both houses of Congress; and the President must sign the bill into law."

Please follow this link to read the full article.

Tags: Sarbanes-Oxley Articles & Information, Non-accelerated filer 404(b) information, Sarbanes-Oxley