12-06-2004, 07:13 AM
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For our younger members a brief introduction to the SOX or the Sarbanes-Oxley Act,.. a major component of the 'Corporate Governance' ideology
The Sarbanes-Oxley Act of 2002 (HR 3763), signed into law on 30 July 2002, is considered the most significant change to federal securities laws in the United States since the New Deal. It came in the wake of a series of corporate financial scandals, including those affecting Enron, Arthur Andersen, and WorldCom. The law is named after Senator Paul Sarbanes and Representative Michael G. Oxley.
Its major provisions include
Certification of financial reports by CEOs and CFOs
Ban on personal loans to Executive Officers and Directors
Accelerated reporting of trades by insiders
Prohibition on insider trades during pension fund blackout periods
Disgorgement of CEO and CFO compensation and profits
Additional disclosure
Auditor independence, including outright bans on certain types of work and pre-certification by the company's Audit Committee of all other non-audit work
Criminal and civil penalties for securities violations
Whilst addressing a number of domestic concerns, the Act has been criticised by foreign regulators for seeking jurisdiction over their national affairs.
"Allah does not change the state of people unless they change what is within themselves" Quran 1311
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and from where i can download whole act?
There is a will. There is a way.
www.sarfraz.cjb.net
0333-4502662
For our younger members a brief introduction to the SOX or the Sarbanes-Oxley Act,.. a major component of the 'Corporate Governance' ideology
The Sarbanes-Oxley Act of 2002 (HR 3763), signed into law on 30 July 2002, is considered the most significant change to federal securities laws in the United States since the New Deal. It came in the wake of a series of corporate financial scandals, including those affecting Enron, Arthur Andersen, and WorldCom. The law is named after Senator Paul Sarbanes and Representative Michael G. Oxley.
Its major provisions include
Certification of financial reports by CEOs and CFOs
Ban on personal loans to Executive Officers and Directors
Accelerated reporting of trades by insiders
Prohibition on insider trades during pension fund blackout periods
Disgorgement of CEO and CFO compensation and profits
Additional disclosure
Auditor independence, including outright bans on certain types of work and pre-certification by the company's Audit Committee of all other non-audit work
Criminal and civil penalties for securities violations
Whilst addressing a number of domestic concerns, the Act has been criticised by foreign regulators for seeking jurisdiction over their national affairs.
"Allah does not change the state of people unless they change what is within themselves" Quran 1311
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and from where i can download whole act?
There is a will. There is a way.
www.sarfraz.cjb.net
0333-4502662
