Scope of SOXA Limited to Corporations Listed in NYSE? 838

  • Hi there,
    After some reading of papers, I understood that SOXA only applies to listed companies whenever the stock exchange they are in have adopted and requires the SOX as conditions for being and stay listed.
    Knowing that they are as may stock exchanges as different states in US (am I wrong ?), additionally there are places where shares are exchanged but were no such 10K or SOX is requirements obliged. I am thinking about the Pink sheets, AMEX, OTB exchanges.
    May I have a clear definition of the SOXA impact limits?
    Thanks a lot πŸ˜‰

  • Angie
    SOA is a public law and the SEC as a federal agency is obligated to implement this law through its various Final Rules and/or amendments to the extisting Acts. The SEC, on the other hand, is a supervisory authority for all US stock exchanges and authorities (e.g. NYSE, NASDAQ, various borker-dealers etc.). Therefore, not only the US stock exchanges are under its direct authority.
    What the SEC issues as a Final Rule is so to say β€˜law’ for the above stated institutions. They can amend the rules in their own guidelines (e.g. NYSE Listed Company Manual), but just as long as they stay compliant with the SEC rules.
    And since the SEC has implemented SOA, it makes it obligatory for all stock market players.
    Hope this helps.

  • Angie,
    More specifically for you: if your company is registered under the Securities Act of 1933 or the Securities Exchange Act of 1934, then you are a public company and have to comply.

  • Got it …
    Thanks a lot.

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