26 - SEC Issues Final Rule on Audit Committee Standards for Listed Companies

May 08, 2003

On April 9, 2003, the Securities and Exchange Commission (the “SEC”) issued a new rule directing the national securities exchanges and national securities associations to prohibit the listing of any security of a company that is not in compliance with the audit committee requirements mandated by the Sarbanes-Oxley Act of 2002.  The new rule implements the requirements of Section 10A(m)(1) of the Securities Exchange Act of 1934 (the “Exchange Act”) by adding new Exchange Act Rule 10A-3.

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