Saturday, March 17, 2007

SEC chief rejects easing of Sarbanes-Oxley rules

Christopher Cox, chairman of the Securities and Exchange Commission, on Wednesday rebuffed a call from America's largest business lobby that Sarbanes-Oxley be changed to allow the regulator to ease the burden of complying with the law.

His comments came a day after the US Chamber of Commerce made the recommendation as part of a six-point plan to address perceptions that the US risks losing its global pre-eminence in the capital markets.

It also came as divisions emerged on whether the US capital markets were suffering from the effects of Sarbox and the US legal environment, among factors blamed in recent high-level reports for a declining US share of company listings.

The chamber's report said Sarbox should be incorporated into the landmark 1934 federal securities act to give the SEC clearer authority to issue rules and make exemptions on important aspects of Sarbox.

SEC chief rejects easing of Sarbanes-Oxley rules

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