Schapiro Distances Herself from Cox

Schapiro Distances Herself from Cox - 1/26/2009

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2009 News and Press Releases

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News	News 2009
HEADLINES \| SETTLEMENTS AND DISMISSALS \| COURT FILINGS LINKS TO OTHER NEWS \| NEWS ARCHIVE	HEADLINES ARCHIVED SETTLEMENTS AND DISMISSALS ARCHIVED

HEADLINE NEWS:

Schapiro Distances Herself from Cox, Incoming Sec Chairman Provides Insight Into How She'll Differ From Her Predecessor — Like In Slowing Momentum For International Accounting Standards, And Speeding The Requirement For Small Companies' Sarbox Compliance.
Sarah Johnson

CFO.com. January 26, 2009
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EXCERPT: Companies that try to stay on top of the ever-changing regulations coming out of Washington may have to shift gears under the new Securities and Exchange Commission leadership. Incoming chair Mary Schapiro — the Democrat whose nomination by the Senate was approved last week — plans to slow down some of her predecessor's pet projects, and speed other proposals that Republican predecessor Christopher Cox had allowed to fall by the wayside. For example, she plans to require that small publicly traded companies comply with the auditor-attestation requirement of the Sarbanes-Oxley Act — which they've been able to avoid since the law was passed nearly seven years ago. "Right now, we have a system where some issuers are complying with 404 and others are still exempt from it," Schapiro said in written responses to several questions by Sen. Carl Levin. "It's time we bring uniformity to the system." In her letter, which the Michigan Democrat's office released on Friday, Schapiro gave further detail on her leanings as chairwoman of the SEC than she did during her testimony before the Senate Banking Committee earlier this month. Among her disagreements with Cox is his implication that the Public Company Accounting Oversight Board could trust foreign inspectors to oversee auditing firms that review the financial statements of companies listed on U.S exchanges. Prompted by Levin whether Sarbox allows the SEC to delegate oversight to foreign oversight bodies and whether she would push through a proposal to do so, Schapiro simply answered, "No, I do not; and no, I will not." Schapiro also said that she favors a slowdown of the U.S. adoption of global accounting rules and indicated she would support higher capital requirements, the registration of hedge funds, proxy access, and say-on-pay proposals. To be sure, Schapiro has more pressing demands in her first weeks in office.

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