SB 112-37: Sarbanes-Oxley Reform Act (Passed)

[Mr. Reactionary]

SARBANES-OXLEY REFORM ACT

SENATE BILL

to relax burdensome regulations on smaller companies

Be it enacted,

SECTION I: NAME

1. This act shall be called the Sarbanes-Oxley Reform Act.

SECTION II: EXEMPTION FOR SMALLER COMPANIES

1. The regulation requiring all publicly traded companies with an aggregate worldwide market value at $75 million to conduct a PCAOB approved audit each year shall be amended to exempt all such companies with an aggregate worldwide market value of $700 Million or less. Nothing in this section shall affect any criminal penalties for any crime committed by the publicly traded company. 17 CFR 240.12b-2 shall be amended accordingly.

SECTION III: TIME

1. This Act shall take effect July 1, 2023.

Sponsor: OSR
Debate on this bill is now open.

[Mr. Reactionary]

IIRC this bill exempts smaller firms from federal sarbanes-oxley paperwork and repirting requirements to help them compete against larger businesses that can more easily afford compliance. Fair bill to help smaller businesses.

[Mr. Reactionary]

Oh great so now small business can engage in accounting fraud

I forgot, you prefer big businesses be exempt.

In 2002, the Sarbanes-Oxley Act was passed. It created the Public Company Accounting Oversight Board to audit companies with a worldwide value of over $75 millions, to protect investors. However, in 2010, the Dodd Frank Wall Street Reform and Consumer Protection Act, gave greater power to the PCAOB, regarding oversight of brokers and dealers. This bill caps that amount at $700 million. This law, thus takes large companies out of that additional regulation. Lastly, these companies that are exempted, may still be subject to internal audits, with this bill.

[Mr. Reactionary]

16 hours to object to the amendment

[Mr. Reactionary]

A vote on the DeadPrez Amendment is now open. Until noon esstern on monday. Please vote aye, nay, or abstain.

[Mr. Reactionary]

Aye

[Mr. Reactionary]

Amendment fails by a vote of 2-4-0-12

[Mr. Reactionary]

I move for a final vote. 24 hours to object.

[Mr. Reactionary]

A final vote is now open on this bill lasting until noon Eastern on Wednesday (73 hours). Please vote Aye, Nay, or Abstain.

SARBANES-OXLEY REFORM ACT

SENATE BILL

to relax burdensome regulations on smaller companies

Be it enacted,

SECTION I: NAME

1. This act shall be called the Sarbanes-Oxley Reform Act.

SECTION II: EXEMPTION FOR SMALLER COMPANIES

1. The regulation requiring all publicly traded companies with an aggregate worldwide market value at $75 million to conduct a PCAOB approved audit each year shall be amended to exempt all such companies with an aggregate worldwide market value of $700 Million or less. Nothing in this section shall affect any criminal penalties for any crime committed by the publicly traded company. 17 CFR 240.12b-2 shall be amended accordingly.

SECTION III: TIME

1. This Act shall take effect July 1, 2023.

[Mr. Reactionary]

Aye

[Mr. Reactionary]

Bill passes 5-4-0-9

[Mr. Reactionary]

SARBANES-OXLEY REFORM ACT

SENATE BILL

to relax burdensome regulations on smaller companies

Be it enacted,

SECTION I: NAME

1. This act shall be called the Sarbanes-Oxley Reform Act.

SECTION II: EXEMPTION FOR SMALLER COMPANIES

1. The regulation requiring all publicly traded companies with an aggregate worldwide market value at $75 million to conduct a PCAOB approved audit each year shall be amended to exempt all such companies with an aggregate worldwide market value of $700 Million or less. Nothing in this section shall affect any criminal penalties for any crime committed by the publicly traded company. 17 CFR 240.12b-2 shall be amended accordingly.

SECTION III: TIME

1. This Act shall take effect July 1, 2023.

Passed 5-4-0-9 in the Atlasian Senate Assembled.

- R, PPT