Sarbanes-Oxley 404(b) Update

Posted by Teresa Bockwoldt on May 19, 2010

Sarbanes-Oxley 404(b) updateI held discussions today with Senator Benjamin L. Cardin's office to try to gain some clarity on the Wall Street Reform Act, Section 404(b) permanent reprieve.  I learned some very interesting news.  The Section 404(b) reprieve amendment FAILED in the House on December 11, 2009 at 11:14 AM by a vote of 153 - 271.  That is what this link depicts:

Additionally, I learned that the bill before the Senate, which can be found here:

does not include discussions for the Section 404(b) reprieve.   You may also look here: to see more information about the Wall Street Reform Act under the Key Issues section.  

The Senator's office also said that IF someone were to add an amendment to the Wall Street Reform Act to grant a permanent reprieve and IF it was voted upon and passed, it would have to be reconciled with the House's bill and re-voted upon by the House because the two bills would not match.  

Sounds like a lot of IF's to me.  And, it sounds like anyone holding out hope for permanent reprieve to the Sarbanes-Oxley Section 404(b) should now reconsider their position.  It appears to be here after all and will be effective this year.

Tags: Non-accelerated filer 404(b) information