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SEC: AS5
Sarbanes-Oxley
SEC: AS5
AT ISSUE:
In late May 2007, the Securities and Exchange Commission (SEC)
announced new rules on compliance with Section 404 of Sarbanes-Oxley,
and the Public Company Accounting Oversight Board (PCAOB)
adopted a new guideline, Auditing Standard No. 5 (AS5), relating
to auditing internal control over financial reporting.
OFII had been urged by a number of member
companies, SEC and Treasury contacts to submit comprehensive
comments representing the reactions and concerns of the foreign
private issuer community as it relates to these initiatives.
As such, OFII submitted a letter of comment to the SEC on
the proposed rules, as well as other
issues relating to the competitiveness of U.S. markets.
OFII DOCUMENTS:
OFII
Letter to SEC Officals Concerning Issues and Comments on AS5;
July 11, 2007
AT ISSUE:
On July 30, 2002, President Bush signed into law the Sarbanes-Oxley Act of 2002. The law was passed in order to protect investors by implementing rules governing corporate disclosures. While strongly supporting the need to provide investor protections, certain provisions raise direct conflicts for foreign issuers with rules in their home country. As such, these rules may discourage future foreign listings on U.S. capital and securities markets. OFII is actively working to inform the Securities and Exchange Commission (SEC) on specific areas of conflicting law, and seek exemptions where appropriate.
OFII DOCUMENTS:
OFII Letter to SEC Chairman Donaldson Advocating Compliance Extension; February 22, 2005
OFII Comments on Proposed SEC Rules; November 27, 2002
Sidley Austin Brown & Wood Memo on Unique Impact on Foreign Private Issuers; December 11, 2002
OTHER:
SEC Votes to Propose Interpretive Guidance for Management to Improve Sarbanes-Oxley 404 Implementation
SEC Press Release, December 13, 2006
Non-U.S. Listed Companies, NYSE; October 24, 2005
Depository Receipt Market Update, Bank of NY; June 2005
SEC Press Release on Amendments to Form 20-F for Foreign Private Issuers; April 13, 2005
SEC Press Release on Deadline Extension; March 3, 2005
SEC Chairman William Donaldson’s Speech on SOX; London School of Economics; January 25, 2005
Sarbanes-Oxley Act of 2002
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