Sarbanes Oxley Act Section 408

 

SEC. 408. ENHANCED REVIEW OF PERIODIC DISCLOSURES BY ISSUERS.
 
(a) REGULAR AND SYSTEMATIC REVIEW.—The Commission shall
review disclosures made by issuers reporting under section 13(a)
of the Securities Exchange Act of 1934 (including reports filed
on Form 10–K), and which have a class of securities listed on
a national securities exchange or traded on an automated quotation
facility of a national securities association, on a regular and systematic
basis for the protection of investors. Such review shall include
a review of an issuer’s financial statement.
 
(b) REVIEW CRITERIA.—For purposes of scheduling the reviews
required by subsection (a), the Commission shall consider, among
other factors—
 
(1) issuers that have issued material restatements of financial
results;
 
(2) issuers that experience significant volatility in their
stock price as compared to other issuers;
 
(3) issuers with the largest market capitalization;
 
(4) emerging companies with disparities in price to earning
ratios;
 
(5) issuers whose operations significantly affect any material
sector of the economy; and
 
(6) any other factors that the Commission may consider
relevant.
 
(c) MINIMUM REVIEW PERIOD.—In no event shall an issuer
required to file reports under section 13(a) or 15(d) of the Securities
Exchange Act of 1934 be reviewed under this section less frequently
than once every 3 years.

 
   

 

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