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Sarbanes-Oxley News & Developments
Officer and Director Bars At All-time HighSarbanes-Oxley changed the rules 180 degrees.
> > One of the most severe civil penalties for securities violations, officer and director (O/D) bars have been embraced by the SEC. But they are not being enforced with equal enthusiasm. Last year, the SEC requested 170 bars, which prohibit individuals from holding a position as an officer or director of a publicly traded company.
The Sarbanes-Oxley Act of 2002 is making it easier for the SEC to get O/D bars against offenders. Previously, unless an offender agreed to a bar as part of a settlement, bars were granted by independent federal judges following extensive discovery and a trial at which the defendant was found guilty of violating securities law.
Source: CFO
Published:2004-03-05
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