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Published: Oct 24, 2020

Updated: Jun 24, 2023

Sarbanes Oxley & SEC Blackout: Safeguarding Confidentiality

[1] See Stephen C. Gara & Craig J. Langstraat, The Sarbanes-Oxley Act of 2002: A New Ballgame for Accountants, 34 U. Mem. L. Rev. 73, 74 (2003); SARBANES-OXLEY ACT OF 2002, MNYMGUIDE ¶ 117. [2] See Gara & Langstraat, supra note 1; Peter Bondarenko, Enron scandal, Britannica, https://www.britannica.com/event/Enron-scandal (last visited Sept. 5, 2020) (“Enron scandal, series of events that resulted in the bankruptcy of the U.S. energy, commodities, and services company Enron Corporation and the dissolution of Arthur Andersen LLP, which had been one of the largest auditing and accounting companies in the world. The collapse of Enron, which held more than $60 billion in assets, involved one of the biggest bankruptcy filings in the history of the United States, and it generated much debate as well as legislation designed to improve accounting standards and practices, with long-lasting repercussions in the financial world.”). [3] Press Release, U.S. Sec. & Exch. Comm’n, SEC Implements Control Provisions of Sarbanes-Oxley Act; Adopts Investment Company R&D Safe Harbor (May 27, 2003), https://www.sec.gov/news/press/2003-66.htm [hereinafter SEC Internal Control Provisions]; 15 U.S.C.A. § 7262 (Westlaw through P.L. 116-150). [4] SEC Internal Control Provisions, supra note 3. [5] Id. [6] Nicolas Grabar et al., SEC Enforcement for Internal Control Failures, Harv. L. Sch. F. Corp. Governance (Mar. 7, 2019), https://corpgov.law.harvard.edu/2019/03/07/sec-enforcement-for-internal-control-failures/#:~:text=On. [7] Id. [8] Press Release, U.S. Sec. & Exch. Comm’n, SEC Charges Four Public Companies With Longstanding ICFR Failures, (Jan. 29, 2019), https://www.sec.gov/news/press-release/2019-6 [hereinafter SEC Charges Four Public Companies]. [9] Final Rule: Management's Report on Internal Control Over Financial Reporting and Certification of Disclosure in Exchange Act Periodic Reports, U.S. Sec. & Exch. Comm’n, https://www.sec.gov/rules/final/33-8238.htm#iia (last visited Sept. 5, 2020).  [10] Staff Statement on Management's Report on Internal Control Over Financial Reporting, U.S. Sec. & Exch. Comm’n (May 16, 2005), https://www.sec.gov/info/accountants/stafficreporting.htm [hereinafter Staff Statement].  [11] Id. [12] Id. [13] Id. [14] Id. [15] Management's Report on Internal Control Over Financial Reporting and Certification of Disclosure in Exchange Act Periodic Reports, U.S. Sec. & Exch. Comm’n, https://www.sec.gov/info/accountants/controlfaq.htm (last visited Sept. 8,2020). [16] Staff Statement, supra note 11. [17] Id. [18] SEC Charges Four Public Companies, supra note 8.

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