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Standards Related to Listed Company Audit Committees

SEC | April 1, 2003

The SEC voted on April 1 to adopt rules that would force the national exchanges and associations to delist any company that is not in compliance with the audit committee requirements established by the Sarbanes-Oxley Act of 2002.

The new rules and amendments implement the requirements of Section 10A(m)(1) of the Securities Exchange Act of 1934, as added by Section 301 of the Sarbanes-Oxley Act of 2002. (See links at right for further details)

Listing Prohibitions

Under the new rules, national securities exchanges and national securities associations will be prohibited from listing any security of an issuer that is not in compliance with the following requirements:

    Independence

    Each member of the audit committee of the issuer must be independent according to the...

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