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The Greater Boston
Chamber has released a report that outlines the overly burdensome
impact of the Sarbanes-Oxley Act (SOX) on small and mid-cap
companies, and recommends specific changes the Securities and
Exchange Commission (SEC) should implement that would keep the
legislation’s intent intact.
A Fairer Climb: Improving Sarbanes
Oxley acknowledges the positive effects of SOX, but cautions
that it has unnecessarily hampered the growth of the nation’s
innovation economy. The report outlines key recommendations for
changes that would reflect the intent of SOX – to prevent, detect,
and punish corporate fraud – while removing unfair obstacles for
companies that are climbing toward the goal of going public.
The report was commissioned by the
Greater Boston Chamber for presentation to the SEC Advisory
Committee on Smaller Public Companies during the public comment
period on SOX [Feb. 27-March 29, 2006], and is based on interviews
with public and private company executives, financiers, and
accounting and legal professionals.
To read the
report, or for further information on the Chamber's position, please see the links below:
A Fairer Climb: Improving
Sarbanes-Oxley
This report compiles the Chamber's research and makes
recommendations to the SEC for changes that would relieve some of
the burden on small and mid-cap companies without altering the
original intent of the legislation.
Chamber Press Release
The press release sent out by the Chamber regarding the report
emphasizes the national impact of the legislation, as several other
chambers of commerce from other high tech areas voiced their
support.
Press Coverage
Boston Globe (3-1-2006)
Boston Herald (3-1-2006)
The Patriot Ledger (3-1-2006)
Financial
Executives International Blog
Inside Sarbanes-Oxley Blog
For more information on A Fairer Climb: Improving Sarbanes-Oxley, please contact
Tim Sweeney,
assistant director of government affairs.
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