by T. GormanPosted on Posted in SECActions

Bob Greifeld, President and CEO of Nasdaq, called for a small issuer exemption from SOX in an article published today. Specifically, Mr Greifeld urged that the proposal recommended by the SEC’s Advisory Committee on Smaller Public Companies be adopted. Under that proposal issuers with less than $128 million in market capital and revenue under $125 million would be exempt from Section 404. Companies with up to $78 million in market capital and less than $250 million in revenue would receive a partial exemption. Wall Street Journal, A 14 (March 6, 2006).

by T. GormanPosted on Posted in Subpoena Enforcement

Following the announcement by Chairman Cox that the agency would withdraw subpoenas previously issued to journalists, the SEC announced that it would write a policy to determine when the issuance of such subpoenas is appropriate. This is a welcome clarification of policy by the SEC. At the same time one can only hope that the application of any such policy is more transparent than that of the previously announced standards governing credit for cooperation and for the determination of fines. See New York Times, at C3, March 3, 2006.