The Sarbanes-Oxley Act, signed into law in 2002, does much more than reform the securities laws that apply to U.S.-based issuers: many of its provisions reach overseas to affect foreign private issuers whose securities trade in the United States. Darned SOX assesses the Act’s impact on these issuers and on corporate behaviour in general.
Document Highlights
In 2002, President Bush signed into law some landmark legislation intended to reform corporate accounting and the governance of publicly traded companies. But the Public Company Accounting Reform and Investor Protection Act—better known as the “Sarbanes-Oxley Act” or “SOX”—does much more than reform the securities laws that apply to U.S.-based issuers; many of the Act’s provisions reach overseas to affect foreign private issuers whose securities trade in the United States. Just what impact has the Sarbanes-Oxley Act had on private foreign issuers in U.S. securities markets and, more generally, on corporate behaviour? How might it affect the Multi-Jurisdictional Disclosure System and Canadian securities regulation? Darned SOX explores these questions, examining both intended and unintended consequences of the Act. It concludes that the Act has partly restored faith in corporate governance but that many of its more dramatic effects are still to be felt.
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