• SEC Proposes Rules Adopting Section 407 of the Sarbanes-Oxley Act
  • May 14, 2003
  • Law Firm: Akin Gump Strauss Hauer & Feld LLP - Office
  • Section 407 of the Sarbanes-Oxley Act requires the SEC to issue rules that would require companies to disclose whether or not (and if not, the reasons why not) the audit committees of those companies are comprised of at least one member who is a "financial expert." On October 22, 2002, the SEC released proposed rules intended to implement Section 407 of the Act.