Sarbanes Oxley for foreign governments? Yes. 938

  • Is there a Sarbanes Oxley requirement for some foreign governments to submit electronically documents filed with the Commission under the U.S. securities laws, including registration statements under the Securities Act of 1933 and registration statements, periodic reports and other documents under the Securities Exchange Act of 1934?
    Yes. Some goverments also register securities.
    They use form 18-K
    This form is to be used for the annual reports of foreign governments or political subdivisions
    Not only goverments…

  • European governments…
    …section 404…
    …effective internal control…
    …auditor attestation thereon…
    LMAO at the thought of it.
    :lol: :lol: :lol: :lol: :lol: :lol: :lol: :lol: :lol:

  • Countries also register securities…%0A Example: %0A Annual Report Of the Kingdom of Sweden %0ASecurities registered as of December 31, 2003%0ATitle of Issue: Kingdom of Sweden 12% Bonds Due 2010%0AAmounts as to Which Registration is Effective: USD 200,000,000%0ANames of Exchanges on Which Registered: New York Stock Exchange%0A But goverments are lucky… no need for 10-K and 10-Q… they simply need FORM 18-K If you hate 404 you have an option… go to work for the goverment :roll: 8O :lol:

  • Hi Sox Guru…%0AIndia’s corporate governance initiatives started in mid-1990s. The two major initiatives are:%0AThe first has been by, the Confederation of Indian Industry (CII), which is India’s largest industry and business association. in that different committees were formed by government, headed by prominent industrialist/economist and on their recommendation Government has adopted different governance policies, like%0AFirst, there is no unique structure of corporate governance Thus; one cannot design a code of corporate governance for Indian companies by mechanically importing one form or another. Second, Indian companies, banks and financial institutions (FIs) can no longer afford to ignore better corporate practices. As India gets integrated in the world market, Indian as well as international investors will demand greater disclosure, more transparent explanation for major decisions and better Stakeholder value. Third, corporate governance goes far beyond company law. %0AThe objective of good corporate governance [is] maximizing long-term Stakeholder value. Since Stakeholders are residual claimants, this objective follows from a premise that, in well performing capital and financial markets, whatever maximizes Stakeholder value must necessarily maximize corporate prosperity, and best satisfy the claims of creditors, employees, Stakeholders and the State. %0ADESIRABLE DISCLOSURE%0A_ Listed companies should give data on: high and low monthly averages of share prices in a major stock exchange where the company is listed; greater detail on business segments, up to 10% of turnover, giving share in sales revenue, review of operations, analysis of markets and future prospects. %0A Major Indian stock exchanges should gradually insist upon a corporate governance compliance certificate, signed by the CEO and the CFO. %0AThe second is by the SEBI.%0ASEBI Clause 49 :Sub-clause (V)© shall be substituted with the following, namely %0A© They accept responsibility for establishing and maintaining internal controls for financial reporting and that they have evaluated the effectiveness of internal control systems of the company pertaining to financial reporting and they have disclosed to the auditors and the Audit Committee, deficiencies in the design or operation of such internal controls, if any, of which they are aware and the steps they have taken or propose to take to rectify these deficiencies. %0ASub-clause (V)(d) shall be substituted with the following, namely %0A(d) They have indicated to the auditors and the Audit committee %0A(i) Significant changes in internal control over financial reporting during the year;%0A(ii) Significant changes in accounting policies during the year and that the same have been disclosed in the notes to the financial statements; and %0A(iii) Instances of significant fraud of which they have become aware and the involvement therein, if any, of the management or an employee having a significant role in the company’s internal control system over financial reporting. %0A…%0Aplease correct me where i am wrong,%0Aregards%0Avishesh

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