By: Cydney Posner

The SEC Advisory Committee on Smaller Public companies is seeking input from investors and companies on ways to improve the current regulatory system for smaller companies, particularly with respect to the impact of the SOX.

See: Press release and rules.

The SEC has posted a series of 29 questions online, ranging from general questions about the impact of SOX on shareholder relations, diversion of management attention and the ability to raise capital to specific questions regarding internal control standards and the benefits of semi-annual reporting. The Committee states that it is especially interested in hearing from smaller companies and their managements about their experiences with the existing regulatory framework. Smaller companies may include companies with sales or market capitalization of $100 million or $750 million or even more, where answers provide a basis for considering the company to be a smaller company. Answers should be received on or before August 31, 2005.

IRS Circular 230 Notice: To the extent the above constitutes tax advice, under IRS Circular 230 I am obligated to inform you that it cannot be relied upon by you or any other taxpayer to avoid penalties.

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