By Cydney Posner

Corporate Counsel is reporting that the US House of Representatives has passed, by a vote of 267 to 154, an amendment to the SEC’s appropriations bill that would limit the SEC’s ability to require SOX 404 (internal controls) compliance by non-accelerated filers through September 30, 2008. The article reports that the amendment’s prospects in the Senate are unclear. However, some Democratic senators have in the past been vocal in favoring a delay for small business (see, e.g., article below from the Washington Post), so passage does not seem out of the question.

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