Sarbanes-Oxley Act
The Sarbanes-Oxley Act of 2002 (HR 3763), signed into law on 30 July 2002, is considered the most significant change to federal securities laws in the United States since the New Deal. It came in the wake of a series of corporate financial scandals, including those affecting Enron, Arthur Andersen, and WorldCom. The law is named after Senator Paul Sarbanes and Representative CEOs and CFOs
- Ban on personal loans to Executive Officers and Directors
- Accelerated reporting of trades by insiders
- Prohibition on insider trades during pension fund blackout periods
- Publicly revealing of CEO and CFO compensation and profits
- Additional disclosure
- Auditor independence, including outright bans on certain types of work and pre-certification by the company's AICPA
- U.S. Government Printing Office
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