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S 1962 IS
112th CONGRESS
1st Session
S. 1962
To make the internal control reporting and assessment requirements of the Sarbanes-Oxley Act of 2002 optional for certain smaller companies.
IN THE SENATE OF THE UNITED STATES
December 7, 2011
Mr. DEMINT (for himself and Mr. BARRASSO) introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs
A BILL
To make the internal control reporting and assessment requirements of the Sarbanes-Oxley Act of 2002 optional for certain smaller companies.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
SEC. 2. EXEMPTION FROM THE INTERNAL CONTROL REPORTING AND ASSESSMENT REQUIREMENTS.
Section 404 of the Sarbanes-Oxley Act of 2002 (15 U.S.C. 7262) is amended by striking subsection (c) and inserting the following:
‘(c) Exemption- The Commission’s rules under subsection (a) shall permit an issuer to elect not to provide the assessment described in subsection (a)(2) and the attestation thereof described in subsection (b) if the issuer--
‘(1) has a total market capitalization for the relevant reporting period of less than $1,000,000,000; and
‘(2) is not subject to the annual reporting requirement under section 13(a) or 15(d) of the Securities Exchange Act of 1934.
‘(d) Disclosure- An issuer that, pursuant to subsection (c), elects not to provide the assessment described in subsection (a)(2) and the attestation described in subsection (b), shall disclose that decision in the next report required under section 13(a) or 15(d) of the Securities Exchange Act of 1934.’.
U.S. Congress - Text of S.1962 as Introduced in Senate Startup Expansion and Investment Act
