US

SEC issues final rules under SOX

Sara Hanks and Gregory G. Nardini, Clifford Chance, Washington

On June 5, 2003, the Securities and Exchange Commission (SEC) issued a release in which it adopted new rules relating to internal controls over financial reporting and certification of disclosure in Exchange Act periodic reports, marking the final in a long series of adopting releases relating to the Sarbanes-Oxley Act of 2002 (SOX). Since SOX was passed on July 30, 2002, there have been a number of rules adopted by the SEC in response thereto, and several provisions of SOX had direct effect, without the need for SEC rulemaking.