SEC modifies compliance rules to Sarbanes-Oxley for overseas companies and postpones deadline for smaller companies compliance to SOX
The US Securities & Exchange Commission (SEC) has announced that it will ease rules for overseas companies having to comply with Sarbanes-Oxley regulations. The most significant change being the conditions which tie overseas companies into a long-term US listing.
At the moment, overseas companies that have raised capital through secondary US flotations cannot delist from the US exchanges as long as there are 300 US investors holding these shares. This ties companies into complying with Sarbanes
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