False statement certification sarbanes oxley convictions
What I'd like to talk about this evening are the principal tenets of that legislative response to corporate wrongdoing and, to bring this around to what I spend my time doing, how the SEC's enforcement program during the last two years has dovetailed with - really mirrored - those tenets or themes in an effort to prevent history from repeating itself (or rhyming) yet again.
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Or, maybe, to borrow from Mark Twain: "While history doesn't repeat itself it does rhyme." Fast forward 30 years, and what we've been through is an epidemic of corporate scandals - a different set of corporate scandals, to be sure, broader and more far-reaching, touching almost every investor in this country and many elsewhere - followed once again by legislation - in this case, the Sarbanes-Oxley Act of 2002, which some have called the most important legislation in the securities field since the creation of the SEC and the adoption of the framework for federal regulation of our securities markets in the 1930s. The response was historic legislation in the securities area - the Foreign Corrupt Practices Act, which imposed books-and-records and reporting requirements on public companies. Back in 1974, what was weighing on Judge Sporkin's mind was an earlier rash of corporate misconduct - company after company was revealed to have bribed foreign government officials.
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For he did so more than a quarter century ago, when he was the SEC's Enforcement Director (before, as some of you know, he went on to become a distinguished member of the bench). But they weren't so self-evident when my colleague at the bar, Stanley Sporkin, uttered them. well, prosaic." And after Enron, the Internet bubble, the telecom crash, the dethroning of Wall Street's once princely research analysts and the betrayal of investors by many of our nation's most venerated mutual fund advisers, I'll grant you that the words I've recited might seem obvious. Directors must direct and accountants must make a proper accounting." Now I know what some of you here this evening must be thinking: "That's sort of obvious, isn't it? Why is this fellow from Washington wasting our time with prose that's so. We must take steps," he declared, "to assure the corporate governance functions as designed. My colleague continued: "ecause of the critical state we are now in, I believe certain strong measures are required. such conduct is a way of life, is simply not acceptable. Since it has taken so many different forms, the one dimensional explanation that. It is not simple to assess the cause of this misconduct. Is currently under severe attack because of the many revelations of improper corporate activity.
#False statement certification sarbanes oxley convictions series#
The views expressed herein are those of the author and do not necessarily reflect the views of the Commission or the staff of the Commission.Īs I was thinking about my remarks here this evening, I came across a few well-chosen words by a fellow securities lawyer ruminating about a marketplace beset by a series of debilitating scandals. The SEC, as a matter of policy, disclaims responsibility for any private publication or statement by any of its employees. Securities and Exchange Commission UCLA School of Law
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The Themes of Sarbanes-Oxley as Reflected in the Commission's Enforcement Program by Stephen M. SEC Speech: The Themes of Sarbanes-Oxley as Reflected in the Commission's Enforcement Program: Septem(Stephen M.