Possible delay of SOX Section 404 for foreign issuers
09 Feb 2005
The US Securities and Exchange Commission has announced that it will host a roundtable discussion this spring (tentatively in April) regarding registrants' and accounting firms' experiences implementing the new internal control reporting requirements under Section 404 of the Sarbanes-Oxley Act of 2002. At the same time, SEC Chairman William Donaldson indicated that the Commission is considering a delay in applying the internal control reporting requirements to foreign issuers because "many foreign private issuers are facing regulatory and reporting challenges in addition to internal control reporting.