Small Business Reading Room

Thursday, September 14, 2006

How do you spell SOX relief?

In exciting business news, The Committee on Capital Markets Regulation made its debut this week.

One of the first activities of this committee will be to study the degree to which U.S. public markets are losing ground to foreign and private markets, the causes of this decline, and its impact on the financial industry and the economy.

In a November interim report it should include recommendations on:

1. Liability issues affecting public companies and gatekeepers (such as auditors and directors) with a focus on securities class action
litigation, criminal enforcement and federal versus state authority.

2. The Sarbanes-Oxley Act, with major emphasis on Section 404, which
requires auditors and senior managers to certify the adequacy of
internal controls.

3. Overall regulatory processes to allow the United States to do a better
job of evaluating changes of law and regulation, prospectively,
initially and on an ongoing basis.

4. Shareholder rights.

It is the hope of many that this new committee will help bring about changes to the 2002 Sarbanes-Oxley Act and other laws and regulations that they conclude hinder the competitiveness of U.S. capital markets.


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