Sarbanes-Oxley in Financial Services Compromise: Sarbanes-Oxley 404(b) Legislative Text in the Wall Street Reform and Consumer Protection Act of 2009
BIO advocated for a provision in financial services reform that would ease regulatory burdens for small public biotechnology companies. The provision would permanently exempt companies with market capitalizations of $75 million or less from Section 404(b) of the Sarbanes-Oxley Act of 2002 (SOX). BIO has advocated strongly on behalf of this provision, which would become law if the current compromise passes both chambers of Congress. The House passed the financial regulatory reform compromise on June 30 by a vote of 237-192 and the Senate is expected to vote on the measure after the July 4th recess.