The Sarbanes-Oxley Act of 2002: Impact On And Considerations For Financial Institutions
- Topics:
- Sarbanes Oxley Compliance
- Tags:
- Banking Company,
- Business Operations,
- Corporate Governance,
- Corporate Law,
- Financial,
- Sarbanes-Oxley Act
- Source:
- Gibson, Dunn & Crutcher
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Overview: Article talks about the Act, which is largely an investor protection statute, and many of its provisions apply to "issuers." An "issuer" is defined in Section 2(a)(7) of the Act to include any issuer with debt or equity securities registered under Section 12 of the Exchange Act or required to file reports under Section 15(d) of the Exchange Act, as well as any issuer that files or has filed a registration statement that has not yet become effective under the Securities Act and that it has not withdrawn. On May 5, 2003, the OTS, the Federal Reserve, and the OCC issued a joint statement declaring that they did not expect to take steps to apply the board composition, director independence, audit committee, auditor independence and other corporate governance requirements of the Act and of proposed NYSE and NASDAQ listing standards to non-public banking organizations that are not otherwise subject to those requirements. Article also talks about the agencies encouraged all non-public banking organizations to review periodically their policies and procedures relating to corporate governance and auditing, and ensure that such policies and procedures are consistent with applicable law, regulations and supervisory guidance and remain appropriate given the organization's size, operations and resources. See CEO Letter 174, "Statement by the Federal Reserve Board, the Comptroller of the Currency, and the Office of Thrift Supervision on Application of Recent Corporate Governance Initiatives to Non-Public Bank Organizations.”
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Format: PDF | Size: 249KB | Date: Sep 2003 | Pages: 63
