Michelex Corp (fka MLXO)

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SEC postpones filing requirement for small, mid-size companies

The U.S. Securities and Exchange Commission has given a one-year break to public companies with a market capitalization under $75 million.

Such companies, which are scattered throughout Northeast Florida, now have that extra time to comply with Section 404 filing requirements in the Sarbanes-Oxley Act.

The SEC has announced a one-year delay in the effective date for such companies, called "non-accelerated filers," to comply with Section 404 filing requirements in the Sarbanes-Oxley Act. Section 404 requires a company to include in its annual reports a report by management on the company's internal control over financial reporting, and an accompanying auditor's report.
Non-accelerated filers and foreign private issuers must now comply with those requirements for fiscal years ending on or after July 15, 2006. The SEC said there are no 404 reporting requirements in the 2005 10-K's or Form 20 F's/40-F's.
The SEC said other sections, including quarterly certification requirements, are still in place and will remain so. The agency also said the delay does not affect the filing deadline for accelerated filers.


SEC postpones filing requirement for small, mid-size companies

The U.S. Securities and Exchange Commission has given a one-year break to public companies with a market capitalization under $75 million.

Such companies, which are scattered throughout Northeast Florida, now have that extra time to comply with Section 404 filing requirements in the Sarbanes-Oxley Act.
The SEC has announced a one-year delay in the effective date for such companies, called "non-accelerated filers," to comply with Section 404 filing requirements in the Sarbanes-Oxley Act. Section 404 requires a company to include in its annual reports a report by management on the company's internal control over financial reporting, and an accompanying auditor's report.
Non-accelerated filers and foreign private issuers must now comply with those requirements for fiscal years ending on or after July 15, 2006. The SEC said there are no 404 reporting requirements in the 2005 10-K's or Form 20 F's/40-F's.
The SEC said other sections, including quarterly certification requirements, are still in place and will remain so. The agency also said the delay does not affect the filing deadline for accelerated filers.


© 2005 American City Business Journals Inc.



http://dayton.bizjournals.com/jacksonville/stories/2005/02/28/daily28.html