September 22, 2005
Comments on the SEC Delays Dated Sept 21
We were in attendance at the SEC meetings earlier in the week in San Francisco. While we think another delay for small companies does little other than cause more procrastination, we are pleased at the change in approach in a couple of areas.
The first area is to recognize that Foreign Private Issuers (FPI) should have the same treatment as US based companies. As of yesterday, companies headquartered outside the US are now dealt with in the same manner - by market cap - really now by public float. So instead of treating foreign companies as small companies they are now treated equally with US companies.
The implication of this is that now FPI's with market cap exceeding $700 million, will file next year not in 2007. This makes sense since the thinking at the SEC is exposure of total market cap not headquarters locations. To see the text of this release, click here.
If your company needs to reduce costs and improve its quality of its Sarbanes-Oxley project, see www.issuescentral.com to learn more about the Compliance Playbook(tm).
The first area is to recognize that Foreign Private Issuers (FPI) should have the same treatment as US based companies. As of yesterday, companies headquartered outside the US are now dealt with in the same manner - by market cap - really now by public float. So instead of treating foreign companies as small companies they are now treated equally with US companies.
The implication of this is that now FPI's with market cap exceeding $700 million, will file next year not in 2007. This makes sense since the thinking at the SEC is exposure of total market cap not headquarters locations. To see the text of this release, click here.
If your company needs to reduce costs and improve its quality of its Sarbanes-Oxley project, see www.issuescentral.com to learn more about the Compliance Playbook(tm).
