The U.S. Sarbanes Oxley Act 2002 and Corporate Governance. Big Brother is Watching You?

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GRIN Verlag, 25 iun. 2007 - 32 pagini
Essay from the year 2005 in the subject Law - Comparative Legal Systems, Comparative Law, grade: 19 (von 20), University of Aberdeen, course: LL.M. Internationales Wirtschaftsrecht, 49 entries in the bibliography, language: English, abstract: Corporate Governance has become one of the hottest fields of international company law and economics. Whereas many European countries have chosen self - regulatory market based approaches or favour "comply or explain" provisions, the U.S. government decided to take mandatory legislative actions in the aftermath of various accounting and corporate governance scandals, headed up by Enron and WorldCom. This article explains why most, if not all of the relevant provisions regarding corporate governance, are ill conceived and thus should be withdrawn the sooner the better to prevent future economic harm. The author concludes with an evaluation and an outlook for alternatives.

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Pagina 7 - Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3.
Pagina 7 - ... shall be fined under this title or imprisoned not more than five years, or both. If the violation affects a financial institution, such person shall be fined not more than $1,000,000 or imprisoned not more than 30 years, or both 18 USC §1343.
Pagina 17 - Commission may prescribe as necessary or appropriate in the public interest, for the protection of investors...
Pagina 10 - ... credit, to arrange for the extension of credit, or to renew an extension of credit, in the form of a personal loan to or for any director or executive officer (or equivalent thereof) of that issuer. An extension of credit maintained by the issuer on the date of enactment of this subsection shall not be subject to the provisions of this subsection, provided that there is no material modification to any term of any such extension of credit or any renewal of any such extension of credit on or after...
Pagina 10 - lender" means — (I) an insured depository institution (as defined in section 3 of the Federal Deposit Insurance Act...
Pagina 7 - USC 78m or 78o(d)) and that information contained in the periodic report fairly presents, in all material respects, the financial condition and results of operations of the issuer.
Pagina 7 - ... its consolidated subsidiaries is made known to such officers by others within those entities, particularly during the period in which the periodic reports are being prepared...
Pagina 7 - ... any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal controls; and 6.
Pagina 10 - Act of 2002), directly or indirectly, including through any subsidiary, to extend or maintain credit, to arrange for the extension of credit, or to renew an extension of credit, in the form of a personal loan to or for any director or executive officer (or equivalent thereof) ofthat issuer.
Pagina 7 - ... the signing officers have indicated in the report whether or not there were significant changes in internal controls or in other factors that could significantly affect internal controls subsequent to the date of their evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses.

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