Sarbanes-Oxley Act

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Sarbanes-Oxley Act

Administered by the Securities and Exchange Commission (SEC) starting in 2002, the Sarbanes-Oxley Act (SOX) regulates corporate financial records and provides penalties for their abuse. It defines the type of records that must be recorded and for how long. It also deals with falsification of data. Affecting data storage capacities and planning, Sarbanes-Oxley was enacted after the Enron and WorldCom scandals of the early 2000s. The bill was sponsored by Paul Sarbanes, Democratic Senator from Maryland and additionally authored before passage by Michael Oxley, Republican Senator from Ohio. See risk mitigation.
References in periodicals archive ?
Led in the US by the Sarbannes-Oxley Act, it has trickled down into the UK in various forms and has resulted in some very sensible financial regulations being imposed, adopted or prepared for future adoption.
68 percent owner of Russellville Bancshares, blamed the failed deal on the new regulatory requirements under the Sarbannes-Oxley Act, which he labeled "too time-consuming and too expensive.
Now companies "have to be registered in the Security and Exchange Commission (SEC) in the United States, and they have to obey the rules, which are being changed by the Sarbannes-Oxley Act.