February 13, 2007
SEC says Section 404 is being Copied...
Relief from Section 404 does not appear likely. The legislation is being copied in other jurisdictions. The US started a ball rolling and investors like the results. When you have high standards, many people will squawk but other markets will see the competitive advantage and follow.
See the comments from two SEC commissioners from the February 9th SEC meeting in Washington.
"SEC Commissioner Annette Nazareth, a Democrat, said at the conference she is seeing other markets adopt similarly tough rules over financial reporting even though Sarbanes-Oxley, most notably its internal control requirement contained in §404, has been greatly criticized.
"It is interesting that several jurisdictions are adopting regulations similar to SOX in an effort to improve investor protections, encourage private investment and as a result increase the depth of their markets," she said.
However, Casey, the newest commissioner and a Republican, said the SEC needs to continue reaching out to regulators both at home and abroad, and regulators "need to fix 404."
"The commission needs to continue in its efforts to engage cooperatively with other regulators both domestically and internationally," she said."
If your company needs assistance in the effective and sustainable compliance in SOX 404 or MI 52-109, contact http://www.issuescentral.com/ for more information on Compliance Playbook® for companies based outside of Canada. For Canadian based companies, see http://www.compliancepartner.ca/ for more information on Compliance Partner™ from Thomson Carswell.
See the comments from two SEC commissioners from the February 9th SEC meeting in Washington.
"SEC Commissioner Annette Nazareth, a Democrat, said at the conference she is seeing other markets adopt similarly tough rules over financial reporting even though Sarbanes-Oxley, most notably its internal control requirement contained in §404, has been greatly criticized.
"It is interesting that several jurisdictions are adopting regulations similar to SOX in an effort to improve investor protections, encourage private investment and as a result increase the depth of their markets," she said.
However, Casey, the newest commissioner and a Republican, said the SEC needs to continue reaching out to regulators both at home and abroad, and regulators "need to fix 404."
"The commission needs to continue in its efforts to engage cooperatively with other regulators both domestically and internationally," she said."
If your company needs assistance in the effective and sustainable compliance in SOX 404 or MI 52-109, contact http://www.issuescentral.com/ for more information on Compliance Playbook® for companies based outside of Canada. For Canadian based companies, see http://www.compliancepartner.ca/ for more information on Compliance Partner™ from Thomson Carswell.
