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Big Law

SEC Helps Banks in Low Interest Rate Environment

The U.S. Securities and Exchange Commission) proposed amendments to the definitions of “accelerated filer” and “large accelerated filer” in Exchange Act § 240 12b-2 to reduce the number of issuers that would qualify as accelerated filers and exempt more companies from the Section 404(b) of the Sarbanes-Oxley Act’s requirement to provide an auditor’s attestation of management’s assessment of internal control over financial reporting (ICFR).

 As wonky as that sounds, as explained below, it substantially reduces compliance costs for banks with revenues of less than $100 million – providing relief from the requirement to obtain an attestation on their ICFR and management’s report on such assessment, while also providing more time to file periodic reports. 

Read the source article at Dinsmore

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