SEC proposes relaxation of Sarbox for foreign firms
The US Securities and Exchange Commission (SEC) has proposed a relaxation of the Sarbanes-Oxley rules, allowing foreign companies listing on US exchanges an extra year to comply with the regulations.
Under the proposals, small to medium-sized companies in the US and overseas firms will obtain a year's exemption from Section 404 of the Sarbanes-Oxley Act, which requires companies to establish stringent internal controls and for these processes to be checked by auditors.
Christopher Cox
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