BusinessCompany NewsDonaldson indicates further 404 delay

Donaldson indicates further 404 delay

Chairman of the Securities and Exchange Commission, William Donaldson, has said the US financial regulator will offer non-US companies a delay in complying with Section 404 of Sarbanes-Oxley.

Link: Hundreds of US companies admit accounting flaws

Speaking at the London School of Economics today, Donaldson said: ‘I have asked the staff of the Commission to consider whether to recommend that we delay the effective date of the internal control on financial reporting requirements for non-US companies.’

He also indicated that the SEC would be willing to remove some of the hurdles stopping companies from de-listing from US markets if they so wish.

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