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SOX 404 delayed for non-accelerated filers

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22 Sep 2005

The US Securities and Exchange Commission has decided to postpone, until financial years ending on or after 15 July 2007, the initial compliance date for filing internal control reports under Section 404 of the Sarbanes-Oxley Act of 2002 by companies not designated as accelerated filers, including foreign private issuers that are not accelerated filers.

A foreign private issuer that is an accelerated filer and that files its annual reports on Form 20-F or Form 40-F must begin its Section 404 reporting in the annual report for its first financial year ending on or after 15 July 2006. Accelerated filers are SEC registrants that have at least $75 million in worldwide public float. The SEC also has proposed to create the class of 'large accelerated filers' – registrants with $700 million or more in worldwide public float. Large accelerated filers would be subject to a 60-day Form 10-K annual report deadline and a 40-day Form 10-Q quarterly report deadline starting in 2006. Other accelerated filers would continue to have a 75-day Form 10-K annual report deadline and 40-day Form 10-Q quarterly report deadline. Click for (PDF 77k).

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