S.1962 - Startup Expansion and Investment Act

A bill to make the internal control reporting and assessment requirements of the Sarbanes-Oxley Act of 2002 optional for certain smaller companies. view all titles (2)

All Bill Titles

  • Official: A bill to make the internal control reporting and assessment requirements of the Sarbanes-Oxley Act of 2002 optional for certain smaller companies. as introduced.
  • Short: Startup Expansion and Investment Act as introduced.

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Introduced
 
Senate
Passes
 
House
Passes
 
President
Signs
 

 
12/07/11
 
 
 
 
 
 
 

Official Summary

Startup Expansion and Investment Act - Amends the Sarbanes-Oxley Act of 2002 to revise an exception to rules prescribed by the Securities and Exchange Commission (SEC) that require the annual reports of certain publicly traded securities issuers to contain: (1) an assessment of the issuer&a

Official Summary

Startup Expansion and Investment Act - Amends the Sarbanes-Oxley Act of 2002 to revise an exception to rules prescribed by the Securities and Exchange Commission (SEC) that require the annual reports of certain publicly traded securities issuers to contain:
(1) an assessment of the issuer's internal control structure and procedures for financial reporting, and
(2) an attestation to such assessment by each registered public accounting firm that prepares or issues an audit report for the issuer. Permits an issuer to elect not to provide such an assessment and attestation if the issuer:
(1) has a total market capitalization for the relevant reporting period of less than $1 billion, and
(2) is not subject to the annual reporting requirement under the Securities Exchange Act of 1934. (Current law exempts issuers with an aggregate worldwide market value of the voting and non-voting common equity held by its non-affiliates of below $75 million, as of the last business day of the issuer's most recently completed second fiscal quarter.) Requires an issuer electing not to provide such assessment and attestation to disclose that decision in its next annual report.

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Organizations Supporting S.1962

  • National Taxpayers Union
  • Americans for Tax Reform
  • National Business Incubation Association
  • Kauffman Foundation

Organizations Opposing S.1962

  • None via MapLight at this time.




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