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(From Reinsurance)
The Securities and Exchange Commission (SEC) is considering additional relief for small companies in complying with the Sarbanes-Oxley Act.
At the start of August, the SEC's Advisory Committee on Smaller Public Companies recommended that small companies be given an additional year to meet the requirements of Sarbanes-Oxley Section 404, which requires companies to document their internal controls.
The committee also reportedly suggested that the definition of 'small company' be widened to benefit a larger number of businesses. Last year, the commission gave a break to 'non-accelerated filers' - defined by the SEC as companies with a market capitalisation under $75m - by extended for one year ...