Chuck Ross interviewed in Securities Law 360 on Sarbanes-Oxley proposal

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SEC Votes to Propose Measures to Clarify Sarbanes-Oxley

“Even a slight scaling back of Section 404 will go a long way towards assuaging some of the problems caused by the regulation, said Charles Ross, a partner at Charles A. Ross & Associates. ‘From an individual client perspective, a corporate officer can be criminally prosecuted and sued in an SEC enforcement proceeding for falsely certifying that internal controls are adequate,’ Ross said. ‘This aspect of 404 has made being a CEO of a public company the one of the most dangerous jobs in America due to the lack of specificity on what constitutes materiality.’”