SEC to delay Sarbox requirements yet again
UK plc could get another six months to come to terms with regulations on internal control
UK companies that are required to comply with costly regulations in the
Sarbanes-Oxley Act could receive yet another deadline extension, the US
financial regulator has indicated.
Securities and Exchange Commission chairman Christopher Cox said he would
address the concerns of foreign companies as he reviews the impact of the Act.
An official for the regulator told The Times that it is now likely
that another extension will be granted for foreign firms to comply with the
burdensome Section 404, dealing with internal control.
It is thought that the extension will be for another six months. The previous
deadline would have seen Section 404 coming into force for UK companies
registered with the SEC from July.