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A SOX amputation won't work

Bob Greifeld, head of Nasdaq and self-styled "consistent supporter of the principles of Sarbanes-Oxley," now sees that something must be done about it. Writing in today's WSJ, he's worried that the burdens imposed by SOX are forcing foreign companies to leave US capital markets. His solution is to support the recommendations of the SEC's Advisory Committee on Smaller Public Companies to exempt small public firms from 404.

As I write here, this attempt at cure by amputation won't work. Congress needs to revisit, and possibly repeal, the Act. Possible spurs to action include the suit over the Constitutionality of the PCAOB and the groundswell to exempt small firms -- which the SEC may not be authorized to do.

More on this Monday at the AEI.



Rafael Mangual
Project Manager,
Legal Policy

Manhattan Institute


Published by the Manhattan Institute

The Manhattan Insitute's Center for Legal Policy.