PracticeAuditSEC planning more time for 404

SEC planning more time for 404

US watchdog the SEC is considering giving foreign companies until 2006 to comply with the notorious provisions of section 404 of the Sarbanes-Oxley Act.

Link: Donaldson indicates further 404 delay

The Financial Times reports today that the proposal is under review by the SEC, a move that would go some way to assuage the concerns of US-listed companies currently finding comliance with the new rules very expensive.

Two weeks ago, during a speech at the London School of Economics, SEC chief William Donaldson indicated the SEC would consider extending the deadline from July of this year to November.

The latest news would offer foreign SEC registrants an extra year to get their internal control arrangements in order.

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