SEC Press press_release 7 KB 3,732 chars

SEC Advisory Committee on Smaller Companies Publishes Agenda, Identifies Witness Panels, for Chicago Meeting

Release: 2005-111

summary

No fraud occurred; the SEC’s Advisory Committee on Smaller Public Companies held a public meeting in August 2005 to recommend delaying Sarbanes-Oxley Section 404 compliance for smaller firms and defining regulatory categories, with no allegations, charges, or financial penalties involved.

paragraph

The SEC’s Advisory Committee on Smaller Public Companies convened in Chicago on August 9–10, 2005, to discuss policy recommendations aimed at reducing regulatory burdens on smaller companies under the Sarbanes-Oxley Act. The committee considered two key proposals: extending the compliance deadline for Section 404 internal control requirements and formally defining 'smaller public companies' and 'microcap companies.' No fraud, misconduct, or financial penalties were alleged; the meeting was purely advisory, featuring testimony from small-cap executives, accountants, academics, and financial analysts, with a final report due to the SEC in April 2006.

narrative

The SEC’s Advisory Committee on Smaller Public Companies held its third public meeting in Chicago on August 9–10, 2005, to evaluate the regulatory impact of the Sarbanes-Oxley Act on smaller firms. The agenda included two primary recommendations: delaying compliance with Section 404 internal control requirements for smaller companies and establishing clear definitions for 'smaller public companies' and 'microcap companies.' Witnesses included CEOs and CFOs from small-cap firms like German American Bancorp and LKQ Corporation, along with accounting professionals, financial analysts, and law professors. The committee, established to ensure regulatory costs align with investor benefits, operated in an advisory capacity with no accusations of wrongdoing or enforcement actions. The meeting was open to the public and webcast by the SEC, emphasizing transparency and stakeholder input. No financial penalties, charges, or fraud allegations were associated with the proceedings. The committee planned to deliver its final report to the SEC in April 2006, aiming to tailor federal securities regulations to the unique needs of smaller public companies without compromising investor protections.

Enriched metadata

Scheme: non-corporate (100%)

Classified non-corporate(confidence 100%). No EDGAR filing fingerprint (criminal/DOJ-side scheme). detection rule →

Extracted insights

Entities 6

person business session
company recommendation of size task force on definition of smaller public company
agency recommendations to sec
agency sec advisory committee
agency Securities and Exchange Commission
person witness panels

Triples 12

Sec Advisory Committee Publishes Agenda
Sec Advisory Committee Identifies Witness Panels
Sec Advisory Committee Established Sec
Sec Advisory Committee Examine Impact of Sarbanes-Oxley Act
Sec Advisory Committee Provide Recommendations to Sec
Committee Present Final Report to Commission
Committee Conduct Business Session
Committee Hear Witnesses
Committee Discuss Witness Presentations and Written Statements
Committee Report Recommendation of Subcommittee on Internal Control Over Financial Reporting
Committee Report Recommendation of Size Task Force on Definition of Smaller Public Company
Committee Conduct Next Steps San Francisco Meeting

View original SEC press releasesec.gov

Extracted body text (3,732c)

SEC Advisory Committee on Smaller Companies Publishes Agenda, Identifies Witness Panels, for Chicago Meeting FOR IMMEDIATE RELEASE 2005-111 Washington, D.C., Aug. 8, 2005 - The Securities and Exchange Commission's Advisory Committee on Smaller Public Companies today the agenda and witness list for its two day meeting at the John Marshall School of Law in Chicago on August 9 and 10, 2005. The agenda includes consideration, and possible adoption, of two recommendations. One recommendation would endorse a further delay by the SEC in enforcing compliance with Sarbanes-Oxley Act internal control requirements by smaller companies. Another recommendation would define the "smaller public companies" and "microcap companies" for which the Advisory Committee would provide specific recommendations in the future. The witnesses include officers of small cap companies and other persons knowledgeable about securities regulation of small cap companies. The Advisory Committee was established by the SEC to examine the impact of the Sarbanes-Oxley Act and other federal securities laws on smaller companies. The Committee's mission is to provide recommendations to the SEC to assure that the costs and burdens of federal securities regulation for smaller companies are commensurate with the benefits to investors and the public. The Committee is expected to present its final report to the Commission in April 2006. The Chicago meeting will be the third public meeting of the Advisory Committee. The Committee will hear from witnesses from 1:00 to 5:30 p.m. on August 9. The Committee will conduct a business session on August 10 from 1:00 to 5:30 p.m. Both sessions will be held in Room 300 of the John Marshall School of Law, 315 South Plymouth Court, Chicago. The public is welcome to attend both sessions, and both will be audio webcast on the Commission's website at www.sec.gov. The agenda for the meeting, including information on composition of the witness panels, follows: August 9, 2005, 1:00-5:30 p.m. I. Co-Chairs' Introductory Remarks James C. Thyen, Herbert S. Wander II. First Panel of Witnesses: David Bochnowski, Chairman and Chief Executive Officer, Peoples Bank, Munster, Indiana (testifying on behalf of the America's Community Bankers) Donald S. Perkins, former Chair, Jewel Companies Inc., experienced public company director, Chicago, Illinois Mark Schroeder, Chief Executive Officer, German American Bancorp, Jasper, Indiana Mark T. Spears, Chief Financial Officer, LKQ Corporation, Chicago, Illinois III. Break IV. Second Panel of Witnesses: James P. Hickey, Principal, Co-Head of Technology Group, William Blair & Company Michael K. Molitor, Law Professor, Thomas M. Cooley Law School, Grand Rapids, Michigan Joseph A. Stieven, Financial Analyst, Stifel Nicolaus, St. Louis, Missouri Bill Travis, Managing Partner, McGladery & Pullen LLP, Minneapolis, Minnesota V. Adjournment August 10, 2005, 1:00-5:30 p.m. I. Discussion of Witness Presentations and Written Statements Received for Meeting II. Reports of Subcommittee Activities Internal Control Over Financial Reporting, Janet Dolan Capital Formation, E. David Coolidge, III Accounting Standards, Leroy Dennis Corporate Governance and Disclosure, Richard M. Jaffee III. Break IV. Report of Recommendation of Subcommittee on Internal Control Over Financial Reporting on Extending Compliance Date for Certain Companies to Meet Sarbanes-Oxley Section 404 Requirements Janet Dolan, Richard D. Brounstein V. Report of Recommendation of "Size" Task Force on Definition of "Smaller Public Company" James C. Thyen, Alex Davern VI. Next Steps San Francisco Meeting VII. Adjournment http://www.sec.gov/news/press/2005-111.htm Home | Previous Page Modified: 08/08/2005

OCR text (3,732c · plain-text · 99% conf)

SEC Advisory Committee on Smaller Companies Publishes Agenda, Identifies Witness Panels, for Chicago Meeting FOR IMMEDIATE RELEASE 2005-111 Washington, D.C., Aug. 8, 2005 - The Securities and Exchange Commission's Advisory Committee on Smaller Public Companies today the agenda and witness list for its two day meeting at the John Marshall School of Law in Chicago on August 9 and 10, 2005. The agenda includes consideration, and possible adoption, of two recommendations. One recommendation would endorse a further delay by the SEC in enforcing compliance with Sarbanes-Oxley Act internal control requirements by smaller companies. Another recommendation would define the "smaller public companies" and "microcap companies" for which the Advisory Committee would provide specific recommendations in the future. The witnesses include officers of small cap companies and other persons knowledgeable about securities regulation of small cap companies. The Advisory Committee was established by the SEC to examine the impact of the Sarbanes-Oxley Act and other federal securities laws on smaller companies. The Committee's mission is to provide recommendations to the SEC to assure that the costs and burdens of federal securities regulation for smaller companies are commensurate with the benefits to investors and the public. The Committee is expected to present its final report to the Commission in April 2006. The Chicago meeting will be the third public meeting of the Advisory Committee. The Committee will hear from witnesses from 1:00 to 5:30 p.m. on August 9. The Committee will conduct a business session on August 10 from 1:00 to 5:30 p.m. Both sessions will be held in Room 300 of the John Marshall School of Law, 315 South Plymouth Court, Chicago. The public is welcome to attend both sessions, and both will be audio webcast on the Commission's website at www.sec.gov. The agenda for the meeting, including information on composition of the witness panels, follows: August 9, 2005, 1:00-5:30 p.m. I. Co-Chairs' Introductory Remarks James C. Thyen, Herbert S. Wander II. First Panel of Witnesses: David Bochnowski, Chairman and Chief Executive Officer, Peoples Bank, Munster, Indiana (testifying on behalf of the America's Community Bankers) Donald S. Perkins, former Chair, Jewel Companies Inc., experienced public company director, Chicago, Illinois Mark Schroeder, Chief Executive Officer, German American Bancorp, Jasper, Indiana Mark T. Spears, Chief Financial Officer, LKQ Corporation, Chicago, Illinois III. Break IV. Second Panel of Witnesses: James P. Hickey, Principal, Co-Head of Technology Group, William Blair & Company Michael K. Molitor, Law Professor, Thomas M. Cooley Law School, Grand Rapids, Michigan Joseph A. Stieven, Financial Analyst, Stifel Nicolaus, St. Louis, Missouri Bill Travis, Managing Partner, McGladery & Pullen LLP, Minneapolis, Minnesota V. Adjournment August 10, 2005, 1:00-5:30 p.m. I. Discussion of Witness Presentations and Written Statements Received for Meeting II. Reports of Subcommittee Activities Internal Control Over Financial Reporting, Janet Dolan Capital Formation, E. David Coolidge, III Accounting Standards, Leroy Dennis Corporate Governance and Disclosure, Richard M. Jaffee III. Break IV. Report of Recommendation of Subcommittee on Internal Control Over Financial Reporting on Extending Compliance Date for Certain Companies to Meet Sarbanes-Oxley Section 404 Requirements Janet Dolan, Richard D. Brounstein V. Report of Recommendation of "Size" Task Force on Definition of "Smaller Public Company" James C. Thyen, Alex Davern VI. Next Steps San Francisco Meeting VII. Adjournment http://www.sec.gov/news/press/2005-111.htm Home | Previous Page Modified: 08/08/2005