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| Chairman Cox provides relief for non-US issuers |
The SEC announced on August 9 that it had delayed full implementation of the controversial Section 404 of the Sarbanes-Oxley Act for smaller foreign private issuers. The SEC also proposed a related delay for other categories of issuers (whether US domestic or non-US), as well as transitional relief for newly public companies. While the rules mainly benefit smaller issuers, they represent a welcome step in helping to ease the difficulty of full compliance with Section 404.
Foreign private issuers that are accelerated filers, but not so-called large accelerated filers, can wait an additional year to provide an auditor's attestation report on internal control over financial reporting....