SOX Center

Treasury Secretary Henry Paulson said Tuesday a balance must be struck between ensuring the competitiveness of financial markets and protecting investors.

Paulson addressed a gathering of top business leaders and former government officials. The conference followed months of campaigning by American business for an easing of laws and regulations established after the Enron debacle.

Paulson said the laws and regulations have been, ‘’extensive and significant, so it is quite naturally taking time for companies to understand, process and implement the new rules and requirements.'’

However, he said, ‘’the principles behind them have been positive, as have many of the results.'’

Panelists included billionaire investor Warren Buffett, General Electric Co. Chairman Jeffrey Immelt, brokerage founder and CEO Charles Schwab, former Federal Reserve Chairman Alan Greenspan and New York Mayor Michael Bloomberg. Paulson and Christopher Cox, the chairman of the Securities and Exchange Commission, are serving as moderators.

NYT: Paulson Addresses Top Business Leaders

Senator Chuck Schumer (D-N.Y.) said his first strategy in reform of the Sarbanes-Oxley law will be to “do it administratively” without an act of Congress. Schumer, who laid out no timetable for changes to the law, said both Christopher Cox, chairman of the Securities and Exchange Commission, and U.S. Treasury Secretary Hank Paulson have seen copies of a McKinsey study on sustaining New York’s and the U.S.’s financial services leadership and support it. Schumer said the White House also appears to be supportive of the effort to make compliance of landmark Sarbanes-Oxley rules less costly for small companies, if an act of Congress and a presidential OK are needed to implement changes.

Marketwatch: Schumer to push for administrative changes of SOX law

SEC officials are reviewing an accounting rule, which has been criticised by business groups as overly expensive.

For two weeks, SEC officials and the board that oversees the audit industry have been meeting and exchanging documents about the rule, which requires accountants to review corporate financial controls.

But SEC chairman, Christopher Cox,said an agreement remains days away, the Washington Post reported.

AccountancyAge:SEC reviews expensive Sarbox accounting rule

California Board of Accountancy offers a free 8 hour forum on ethics and professional responsibility at October 23th 2006.

Keynote Speaker will be SEC Chairmann Christopher Cox.

There will be three different ways to attend this conference:

• Live Location in San Francisco (37,00 USD will be charged for a lunch box).
• Interactive Satellite Location: Long Beach (23,00 USD will be charged for a lunch box)
• Via interactive, Real Time Webcast (which is in deed free).