Compliance 253



  • :? Okay I have a really short question and it may seem very stupid. My question is this…my company is not a publicly traded company and our assets are less than USD450 million, do we have to comply with SOX?



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  • my company is not a publicly traded company
    Therefore the answer is NO



  • Yes, the answer is no, butit may be yes if:

    1. You are a private firm interested in going public.
    2. You are a private firm that may be the target of an acquisition or merger by a public firm (the final entity must prove compliance


  • George, respectfully, even though the company is privately held, I believe if their market value exceeds USD75MM, that qualifies them as an ‘accelerated filer’ in the US and therefore requires they come into compliance with SOX.
    Your feedback, please and thank you.
    Ross



  • George, respectfully, even though the company is privately held, I believe if their market value exceeds USD75MM, that qualifies them as an ‘accelerated filer’ in the US and therefore requires they come into compliance with SOX.
    Your feedback, please and thank you.
    Ross
    Ross, to be an accelerated filer you have to actually file. Private Companies do not and therefore do not come into the scope of SOX



  • Thanks for the clarification Denis. Much appreciated.


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