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News and Information Article
Association Asserts Recommendations Fall Far Short of Meaningful Progress
WASHINGTON D.C., Nov. 30 // -- The following statement
represents the position of the National Venture Capital Association (NVCA).
Comments may be attributed to Mark G. Heesen, President of the NVCA:
Todays Interim Report from the Committee on Capital Markets Regulation
confirmed several of the premises that the National Venture Capital
Association has been asserting for some time. First, the benefits of
Sarbanes Oxley Section 404 are uncertain. Second, the costs of implementing
that section have been dramatically higher than originally estimated. The
Committee estimates the cost at 35 times higher. Finally, Sarbanes Oxley
404 has been disproportionately burdensome to small companies.
Given such compelling evidence, it is surprising that the reforms
suggested by the Committee did not go further to relieve the SOX 404 burden
for smaller companies. As currently written, the Committees
recommendations are not sufficient and will do little to support the
emerging enterprises we are trying to protect. Specifically, under the
Committees recommendations, the scope of small businesses that would be
included in relief measures is much narrower than recent proposals made by
the SEC Committee on Smaller Public Companies. The Committee specifically
limits continued deferral of compliance to non-accelerated filers, which is
a very small subset of those companies requiring relief. Further, the
Committee suggests either subjecting small companies to the same (revised)
404 requirements as large companies or asking Congress to reshape an
exemption for small companies. Such a recommendation lacks a sense of
understanding or urgency as to what needs to be accomplished. Lastly, the
Committees hasty dismissal of the "design audit" proposal eliminates what
could be a viable reform measure.
While we appreciate the Committees efforts and recognize that these
recommendations were developed in an inordinately short time frame, the
NVCA believes, in most instances, the recommendations are a step backwards
based on work and recommendations that have already been put forth. We
believe the SEC fully understands the challenges associated with Sarbanes
Oxley reform and is working in good faith alongside the PCAOB with a
broader range of stakeholders.
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