Welcome to the Sarbanes Oxley Compliance
What is Sarbanes Oxley?|
It is a
United States federal law enacted on July 30, 2002 in response
number of scandals that include Eron
It was named
after Senator Paul Sarbanes
(D-MD) and Representative Michael G. Oxley (R-OH).
The Act was approved by the House by a vote of 423-3 and by the
called Sarbanes Oxley Act rules the “most far-reaching reforms
of American business practices since Franklin Roosevelt was
Objective of the Sarbanes Oxley Act:
To restore public confidence in
American business, which had been badly shaken by huge
corporate scandals, such as those which led to the bankruptcies
of Enron and WorldCom.
Oxley Act created a new regulator: the Public Company Accounting
TO READ THE TEXT OF THE SARBANES
OXLEY ACT CLICK HERE
Criticism of the Sarbanes Oxley Act
Unnecessary and costly
government intrusion into corporate management that places U.S.
corporations at a competitive disadvantage with foreign firms
driving businesses out of the United States...
Incentive for small US firms and foreign firms to deregister
from US stock exchanges...
"The flawed implementation of
the 2002 Sarbanes-Oxley Act (SOX), which produced far heavier
costs than expected"
New York City Mayor Michael R.
Bloomberg and US Senator Charles E. Schumer
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A point of view
"Dear Fellow Americans,
The 20th Century was the American
century in no small part because of our economic dominance in
the financial services industry, which has always been centered
in New York.
Today, Wall Street is booming, and our
nation’s short-term economic outlook is strong.
But to maintain our success over the
long run, we must address a real and growing concern: in today’s
ultra-competitive global marketplace, more and more nations are
challenging our position as the world’s financial capital.
Traditionally, London was our chief competitor in the
financial services industry.
But as technology has virtually
eliminated barriers to the flow of capital, it now freely flows
to the most efficient markets, in all corners of the globe.
Today, in addition to London, we’re increasingly competing
with cities like Dubai, Hong Kong, and Tokyo.
news is that we’re still in the lead. Our financial markets
generate more revenue than any other nation, and we continue to
be home to the world’s leading companies, which help form the
backbone of our national economy.
In fact, for every 100 Americans, five
work in financial services – and these jobs are not just in New
York and Chicago.
In states as diverse as Connecticut,
Delaware, South Dakota and North Carolina, the financial
services industry employs major portions of the workforce.
All Americans have a vested interest
in strengthening America’s financial services industry, and the
time has come to rally support for this effort.
To stay ahead of our hard-charging and
dynamic international competitors, and to ensure our nation’s
long-term economic strength, we can no longer take our
preeminence in the financial services industry for granted.
In fact, the report contains a
chilling fact that if we do nothing, within ten years while we
will remain a leading regional financial center; we will no
longer be the financial capital of the world.
We must take a cold, hard look at the
industry, identifying our weaknesses, learning from the best
practices of other nations, and drawing upon strategies that
will allow us to adapt to the changing realities of the market.
That is exactly why we commissioned
this report.The report provides detailed analyses of market
conditions here and abroad, informed by interviews with more
than 50 respected leaders drawn from the financial services
industry, consumer groups, and other stakeholders.
The findings are quite clear:
our regulatory framework is a thicket of complicated rules,
rather than a streamlined set of commonly understood principles,
as is the case in the United Kingdom and elsewhere.
The flawed implementation of the 2002
Sarbanes-Oxley Act (SOX), which produced far heavier costs than
expected, has only aggravated the situation, as has the
continued requirement that foreign companies conform to U.S.
accounting standards rather than the widely accepted – many
would say superior – international standards.
The time has come not only to
re-examine implementation of SOX, but also to undertake broader
reforms, using a principles based approach to eliminate
duplication and inefficiencies in our regulatory system.
And we must do both while ensuring
that we maintain our strong protections for investors and
Second, the legal environments in other nations,
including Great Britain, far more effectively discourage
While nobody should attempt to
discourage suits with merit, the prevalence of meritless
securities lawsuits and settlements in the U.S. has driven up
the apparent and actual cost of business – and driven away
the highly complex and
fragmented nature of our legal system has led to a perception
that penalties are arbitrary and unfair, a reputation that may
be overblown, but nonetheless diminishes our attractiveness to
To address this, we must consider
legal reforms that will reduce spurious and meritless litigation
and eliminate the perception of arbitrary justice, without
eliminating meritorious actions.
Third, and finally, a highly skilled
workforce is essential for the U.S. to remain dominant in
Although New York is superior in terms
of availability of talent, we are at risk of falling behind in
attracting qualified American and foreign workers.
While we undertake education reforms
to address the fact that fewer American students are graduating
with the deep quantitative skills necessary to drive innovation
in financial services, we must also address U.S. immigration
restrictions, which are shutting out highly-skilled workers who
are ready to work but increasingly find other markets more
The European Union’s free movement of
people, for instance, is attracting more and more talented
people to their financial centers, particularly London.
The United States has always been a
beacon for the world’s best and brightest. But
to compete with
the growing EU and Asian markets—in a way that grows our economy
and creates jobs across the nation—we must ensure that we make
it easier for talented people to move to the U.S. to pursue
education and employment.
We know that addressing these
challenges, and ensuring that we do so in a way that continues
to offer strong protections to consumers and investors, will not
be easy. But other nations have succeeded in this effort, and so
too must we.
The industry will continue to
experience rapid growth in the 21st Century, which holds great
promise for our nation – but only if we take seriously our
competitors, who are rapidly gaining ground.
Failing to do so would be devastating
both for New York City and the entire nation. In the weeks and
months ahead, we will work together to implement the state and
local reforms necessary to strengthen New York City’s position
as the world’s financial capital.
At the same time, we will work with
Congress, the Administration, regulators industry leaders, and
other stakeholders to take the necessary steps to ensure that
America retains its dominant position in the financial services
industry in the 21st Century.
It is our hope that this report will
call attention to the challenges we face in meeting this goal,
and serve as a call to action for members of both political
parties, and for leaders of every branch of government.
Sincerely,New York City Mayor Michael R. BloombergUS Senator
Charles E. Schumer "
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