Sen. James DeMint, R-S.C., has promised to introduce an amendment to the Senate’s proposed regulatory reform bill that would exempt non-accelerated filers from compliance with Section 404(b) of the Sarbanes-Oxley Act.
A Section 404(b) exemption for non-accelerated filers was notably absent from the reform bill unveiled by Christopher Dodd, chairman of the Senate Banking Committee, on Monday. Such an exemption does exist in the regulatory reform bill passed by the House in December, but unless similar language gets shoe-horned into the Senate bill, non-accelerated filers will indeed face compliance with Section 404(b) starting June 15.
