Snow Calls For Balance In Enforcement Of Sarbanes-Oxley
Speaking last week, US Treasury Secretary, John Snow called for "balance"
in the way that the Sarbanes-Oxley corporate governance legislation is enforced
by regulators. Mr Snow suggested that many within the US business community feel that the
enforcement of the act by regulatory bodies such as the SEC, and by prosecutors,
is unfair. He also warned against the criminalisation of innocent mistakes. "We have to have balance in the administration of those rules. There is a perception
that - on the part of business leaders - the system today is not in as good
balance as it should be. It's a subject, I think, the SEC (Securities and Exchange
Commission), the new Attorney General, the regulators need to think about,"
he announced, continuing: "Fraud needs to be dealt with. Violations of fiduciary duty need to be
dealt with. At the same time, we don't want to criminalise mistakes." Meanwhile, it also emerged last week that the SEC will be conducting an examination
of the corporate governance legislation's impact on small businesses in the
United States since its introduction in 2002. .
|
|
IMPORTANT NOTICE: THE LOWTAX NETWORK has taken reasonable care in sourcing and presenting the information contained on this site, but accepts no responsibility for any financial or other loss or damage that may result from its use. In particular, users of the site are advised to take appropriate professional advice before committing themselves to involvement in offshore jurisdictions, offshore trusts or offshore investments. All materials on this site copyright THE LOWTAX NETWORK 1999 to 2009. Contact us for further information.