Regarding SOX Compliance Due Date 2304



  • Sir,
    Can anyone know the Sarbanes-Oxley Compliance due date for different countries and for specific business. Please Help.
    Thanks in advance
    Gilbert Crombie



  • If your company is listed on one of the US stock exchanges, and your market cap is LT USD75MM, you are required to comply with your 2007 annual report. If your company is not listed on one of the US stock exchanges, then you are not subject to SOX.



  • First of all there are several compliance dates for the different sections included in the Sarbanes-Oxley Act. Almost all of them already apply to foreign private issuers.
    If your question is about section 404, which requires the disclosure of the result of the management of the issuer’s assessment of the effectiveness of internal control over financial reporting based on a reognized framework for internal control and the auditor’s opinion on the effectiveness of internal control over financial reporting in the annual report, then the answer depends on:

    1. whether the issuer is new to the U.S. public capital market (newly public company)
      Companies that register their securities for the first time with the Securities and Exchange Commission (due to a listing on a national securities exchange in the U.S., due to over-the-counter trading of their equity securities in the U.S. or due to a public offering of their securities in the U.S.), need not comply with section 404 of the Sarbanes-Oxley Act in their first annual report filed with the SEC, but only starting with their second annual report filed with the SEC.
    2. the market capitalization of the issuer (large accelerated filer = aggregate worldwide market value of the voting and non-voting common equity of USD700 million or more; accelerated filer = USD75 million or more, non-accelered = less than USD75 million)
      Non accelerated filers must include management’s assessment of of internal control over financial reporting in annual reports for financial years beginning on or after December 15, 2007 and the auditor’s attestation report on the effectiveness of internal control over financial reporting in annual reports for financial years beginning on or after December 15, 2008.
      See SEC Final Rule Release no. 33-8760 Internal Control Over Financial Reporting in Exchange Act Periodic Reports of Non-Accelerated Filers and Newly Public Companies dated December 15, 2006 on sec.gov
      The compliance dates do not depend on the country of incorporation or on the industry of the issuer.

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