SOX Center

Japanese insurer Millea Holdings Inc. (8766.T) said on Thursday it will voluntarily have its shares delisted from the U.S. Nasdaq market and stop reporting its earnings under U.S. accounting rules to save costs.
Millea, a holding company with both life and non-life insurance operations, also announced plans to buy back up to 7 million of its […]

SINGAPORE: Creative Technology, whose music players compete with the Apple iPod, said it planned to end trading of its shares on the Nasdaq Stock Market to cut costs incurred by U.S. financial reporting requirements.
The Singapore-based company plans to file notice to remove the listing of its shares from the U.S. exchange on or around July […]

You almost have to get lost to find Ocean Bio-Chem, a Fort Lauderdale company that makes the Star Brite brand of cleaning products for boats. It’s hidden away in the back of an industrial park alongside Florida’s Turnpike. Walk into CEO Peter Dornau’s cramped ground-floor office, and Jake, his chocolate Labrador, follows you in.
You get […]

The Department of Labor’s Administrative Review Board has ruled that a whistleblower’s accusations were not protected under the Sarbanes-Oxley Act whistleblower protection provision, CFO.com reports.
David Welch, former CFO of Virginia bank Cardinal Bancshares, in 2004 was the first person to win whistleblower protection under SOX. Welch said the bank fired him after he raised questions […]

Securities and Exchange Commission internal control reporting requirements because smaller banks are already required to report to their bank regulators.
Testifying before the House Small Business Committee, Diane Casey-Landry, ACB president and CEO, said: “Community banks are part of a highly regulated industry subject to alternative requirements, heightening the need for relief from the unnecessary and […]

Two more UK companies have announced they will delist their shares from the New York stock market to avoid the burden of complying with legislation such as the Sarbanes-Oxley Act.
Both United Utilities and ICI expect to cut their compliance costs by millions of pounds a year by dropping their secondary listings in the US.
Warrington-based United […]

The Sarbanes-Oxley Act, passed by the US Federal Government in response to the Enron scandal in 2002 has caused BioProgress to delist from NASDAQ for the second time, adding to the register of European firms fleeing the US market.
Cambridge-based specialty pharma and healthcare company, BioProgress has announced its intention to delist from the NASDAQ stock […]

Sarbox ‘no longer makes sense from a cost and administrative perspective’ says chemical giant’s CFO as ICI prepares to leave New York Stock Exchange.
ICI is gearing up to leave the New York Stock Exchange to free itself from the blight of Sarbanes-Oxley compliance.
The company predicted a £4m annual saving from the de-listing based on the […]

Spirent Communications is dropping its New York listing because of the high costs of meeting the Sarbanes Oxley regulations on corporate governance.
The communications technology company said in a statement: “The US listing has become significantly more costly and onerous in recent years, not least due to the imposition of the Sarbanes Oxley regulations.”
The New York […]

Penthouse International Inc. settled charges of accounting fraud and financial reporting violations, the U.S. Securities and Exchange Commission said on Thursday.
Former Penthouse executive Charles Samel and former shareholder Jason Galanis also agreed to each pay $60,000 to a settle accounting fraud charges, the SEC said.
Penthouse, the adult magazine, was formerly owned by Penthouse International, a […]