SEC Chairman Christopher Cox’s new plan to extend Sarbanes-Oxley (SOX) deadlines for smaller public companies helps small business by minimising compliance burdens and by rejecting one-size-fits-all regulation. Chairman Cox unveiled his plan during recent congressional testimony. “Chairman Cox is doing the right thing for smaller public companies,” said Thomas M. Sullivan, Chief Counsel for Advocacy. “By asking for an extension of the deadline for compliance with Section 404(b) of SOX, and calling for a complete study of the costs and benefits of Section 404, he has clearly shown that he listened to the voice of small business.” In May, Sullivan asked the SEC to revisit the issue of compliance deadline extensions for smaller public firms. The request mirrored that of Senators John Kerry (D-Mass.), Chairman of the U.S. Senate Committee on Small Business & Entrepreneurship, and Olympia Snowe (R-Maine), the Ranking Member. In April, Sullivan testified before Congress that, “There is a compelling record demonstrating that the costs of complying with Section 404 are large and disproportionately high for small public companies. . . Advocacy believes that the excessive cost of Section 404 internal controls reporting may restrict a new generation of small innovative companies from seeking capital in the U.S. capital markets.” Based on years of involvement in the issue and listening to concerns raised by affected small businesses, Sullivan testified that “Advocacy strongly recommends that the SEC continue to provide further extensions for small public companies.”
The annual BNP Paribas Cash Management University kicked off on Thursday morning with treasury professionals congregating in Paris from across Europe.
APIs may be a solution to MT940 challenges, says Karen Fagan, treasury operation manager, for British television company, ITV.
Kicking off the first day of the Singapore Fintech Festival, issues with cryptocurrencies were addressed by MIT media labs director, Joi Ito, and panels of technology leaders discussed how they’re using data analytics.
Sibos 2017 day two highlights: Brexit and banking, and why ‘data is the new oil’ in financial services
How nation first politics can impact global financial organisations It’s clear that data and regulation are the two key topics that are ... read more