Canadian Firm with US Branch 274
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Hi - I am trying to get information on whether or not our company needs to be SOX compliant. We are a publicly traded (TSE) Canadian company with a facility in the US.
Are we required to be SOX compliant ?
Thanks .
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NO if you are NOT listed in the US stock market u do not need to be compliant.
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If your company is not listed on an SEC regulated exchange you do not have to ‘technically’ comply with SOX. However, being listed on the TSE you will have to comply with Bill 198 (Ontario, 2002) which has very smilar, though not identical, regulations (mostly the differences are in timing of the regulations taking force). There is some information out on the web but for the most part following the SOX regs isn’t a bad idea.
One place to start looking is an overview presentation at intaudit.edmonton.ab.ca/newsltr/iianews/ 2004/Dec 04/Bill 198 (Overview) II A presentation.pdf
Enjoy the journey, cause the destination is a ways off yet.
Regards
Fletch