According to Open Congress.org, only 33% of visitors to the site support the H.R.4173 - Wall Street Reform and Consumer Protection Act of 2009 which includes the permanent reprieve of Section 404(b) for non-accelerated filers. Again, non-accelerated filers have a market cap of less than $75M and have been granted a reprieve on Section 404(b) since SOX was adopted. In November, 2009, the SEC announced that non-accelerated filers will have to comply with Section 404(b) by June 15, 2010 and H.R. 4173 was put through as an effort to permanently repeal the need for non-accelerated filers to have to comply. Open Congress.org has some nice visual displays detailing the progress of the bill.
Amendment to strike 404(b) reprieve from the omnibus financial reform bill
Congressman Paul E. Kanjorski attempted to push through an amendment to the omnibus financial reform bill (H.R. 4173) or the "Wall Street Reform and Consumer Protection Act of 2009" on December 10, 2009 to strike the provisions within H.R. 4173 that would exempt non-accelerated filers from Section 404(b). Kanjorski's amendment was voted down, 153 - 271. As is stands, the bill will go to the Senate for final vote. The vote has yet to be scheduled.
Follow the progress of the Wall Street Reform and Customer Protection Act of 2009
Follow the progress of the omnibus financial reform bill (H.R. 4173) or the "Wall Street Reform and Consumer Protection Act of 2009" via this link:
Status of Non-Accelerated Filer Permanent 404(b) Reprieve
The omnibus financial reform bill (H.R. 4173) or the "Wall Street Reform and Consumer Protection Act of 2009" was passed by the House of Representatives via a vote of 223-202 on December 11, 2009. This bill would seek to permanently grant a 404(b) reprieve for non-accelerated filers (those with a market capitalization below $75 million). The bill must now be passed by the Senate to be put into law and their vote has yet to be scheduled. As it stands now, non-accelerated filers must comply with 404(b) by June 15, 2010; 404(a) has been in effect since 2007 and is not in debate.
Non-Accelerated Filers Have a 46% Higher Chance of Restatement
This is from Sarah Johnson of CFO.com on December 2, 2009:
Tags: Sarbanes-Oxley Articles & Information, Non-accelerated filer 404(b) information