April 25, 2006
Chairman SEC Cox says Thanks and Goodbye to the ACSPC
Well, at least he said thanks to the ACSPC (SEC Advisory Committe on Smaller Public Companies). I do not think this is the outcome that the committee was hoping for. See below, an excerpt of Chairman Cox's remarks yesterday:
"Statement of SEC Chairman Christopher Cox Regarding Final Report and Recommendations of Advisory Committee on Smaller Public Companies
by
Chairman Christopher Cox
U.S. Securities and Exchange Commission
Washington, DCApril 24, 2006
The Advisory Committee’s members and staff have performed an extraordinarily valuable public service in so thoroughly and professionally setting forth the views of America’s smaller public companies. I congratulate the Committee, its co-chairs, and every member for their hard work and valuable advice.
The Committee’s Final Report includes a compelling affirmation of the Sarbanes-Oxley Act of 2002 and the improved corporate governance and accountability the Act provides.
The report’s 32 recommendations reflect the culmination of a thoughtful, comprehensive and open process that included more than a dozen public meetings across the country, testimony from 42 expert witnesses, and countless hours of study and deliberation over the past 13 months. The Commission will carefully consider these and other recommendations as we go forward. For now, as we receive this report, the Commission can say with honest appreciation: thank you for a job well done."
As they say in sports, it ain't over til it's over! I think it is over! The fat lady is warming up. Better get those SOX 404 projects going again. Dust those binders off and review those internal controls over financial reporting. Welcome back to the highest standards in the world!
But there are choices. In the Dubai Stock Exchange, where there ARE no rules. You can start the year with the index at approximately 1200 and recently dive to around 600. This is what happens where there is total speculation and no regulation. Lots of money can be made on insider trading and other pasttimes, but there is no investor protection.
Congratulations to Chairman Cox for having the guts to speak the truth. Standards are a good thing. Stay the course.
"Statement of SEC Chairman Christopher Cox Regarding Final Report and Recommendations of Advisory Committee on Smaller Public Companies
by
Chairman Christopher Cox
U.S. Securities and Exchange Commission
Washington, DCApril 24, 2006
The Advisory Committee’s members and staff have performed an extraordinarily valuable public service in so thoroughly and professionally setting forth the views of America’s smaller public companies. I congratulate the Committee, its co-chairs, and every member for their hard work and valuable advice.
The Committee’s Final Report includes a compelling affirmation of the Sarbanes-Oxley Act of 2002 and the improved corporate governance and accountability the Act provides.
The report’s 32 recommendations reflect the culmination of a thoughtful, comprehensive and open process that included more than a dozen public meetings across the country, testimony from 42 expert witnesses, and countless hours of study and deliberation over the past 13 months. The Commission will carefully consider these and other recommendations as we go forward. For now, as we receive this report, the Commission can say with honest appreciation: thank you for a job well done."
As they say in sports, it ain't over til it's over! I think it is over! The fat lady is warming up. Better get those SOX 404 projects going again. Dust those binders off and review those internal controls over financial reporting. Welcome back to the highest standards in the world!
But there are choices. In the Dubai Stock Exchange, where there ARE no rules. You can start the year with the index at approximately 1200 and recently dive to around 600. This is what happens where there is total speculation and no regulation. Lots of money can be made on insider trading and other pasttimes, but there is no investor protection.
Congratulations to Chairman Cox for having the guts to speak the truth. Standards are a good thing. Stay the course.
