SEC to review success of section 404
The SEC has announced that it is to conduct a review of the success of the notorius section 404 of the Sarbanes-Oxley Act later this year.
The review will focus on the experiences of accountancy firms and companies in the US implementing the new rules over the past year.
SEC chief William Donaldson revealed in London last month that the regulator would consider a further delay to implementation of 404 for foreign companies in the UK and Europe. That would take the deadline from July this year to November or December.