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EVENT:
Commissioner Cynthia Glassman, who favoured reforming aspects of the Sarbanes-Oxley Act, yesterday announced that she would retire from the Securities and Exchange Commission (SEC) next month.
SIGNIFICANCE:
The SEC and the Public Company Accounting Oversight Board (PCAOB) conducted a public roundtable on Sarbanes-Oxley's internal control and reporting and auditing provisions on May 10. Pressure is building to relax certain Sarbanes-Oxley provisions, due to complaints about the impact of compliance costs on small businesses.
Word Count (approx): 1207
Headings
- Criticisms of Sarbanes-Oxley
- Costs and burdens
- Small business concerns
- Reforming Section 404
- SEC resists exemptions
- Costs overstated?
- Obstacles to change
- Consumer groups and investors
- Congressional roadblocks
- Corporate self-interest
- Likely outcome
- Limited exemptions
- Improved guidelines
- Foreign issuers
- Clearer language
Primary Keywords: NA, United States, industry, corporate, government, legislation, reform, regulation
Secondary Keywords: EU, economy, politics, equities
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