Developments of Note
SEC Proposes Rules Concerning Certification By Certain Officers Of Public Companies Of Accuracy Of Disclosure
In an effort to increase investor confidence in disclosure made by public companies, the SEC proposed new rules (the "Proposed Rules") under the Securities Exchange Act of 1934 (the "Exchange Act") that would require a public company’s (a "Company") principal executive officer and principal financial officer (the "Certifying Officers") to each certify that he or she has read the applicable report being filed with the SEC and that, to his or her knowledge, the information in the Company’s quarterly or annual report being filed with the SEC is "true in all important respects" and contains all information about the Company "that (the Officer) believes is important to a reasonable investor." The Proposed Rules would also require a Company to maintain procedures ("Procedures") to provide reasonable assurance that the Company is able to collect, process and
