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Thursday, Sep 29, 2022
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Panel Expected to Recommend Changes to SOX

An advisory committee examining the effects of the Sarbanes-Oxley Act on small cap public companies is scheduled to deliver its preliminary recommendations on Wednesday. The group, a committee under the Securities and Exchange Commission, is expected to recommend exempting some companies from the SOX requirements, which involve implementing costly financial controls and procedures that small companies have said are especially burdensome. According to the Independent Community Bankers of America, a group that has been lobbying to exempt small, publicly-held banks from the requirements, the committee is expected to recommend that companies with market capitalizations under $125 million and revenues up to $125 million be exempted entirely from the recommendations. The preliminary recommendations also suggest that companies with market capitalizations between $125 million and $750 million and revenues no greater than $250 million should be exempted from a portion of the SOX requirements, the banking group said.

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