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ARTICLE · 11 JUNE 2003

SEC Adopts Changes to Sarbanes-Oxley Section 302 and 906 Certification Related Requirements for Funds

Goodwin Procter LLP
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United StatesFinance and Banking

The SEC adopted amendments to rules and forms under the Investment Company Act of 1940 (the "1940 Act") that implement the certification requirements of Section 302 of the Sarbanes -Oxley Act of 2002 for registered investment companies ("funds"). The amendments are designed to conform relevant rules and forms for funds to certain changes being adopted by the SEC to implement Sarbanes -Oxley Act Section 404 for operating companies. (Pursuant to Section 405 of the Sarbanes -Oxley Act, Section 404 is not applicable to funds.) The principal changes concern the adoption and maintenance of internal control over financial reporting and related disclosure and certification obligations applicable to a fund’s principal executive and financial officers. The new requirements regarding establishment and maintenance of internal control over financial reporting will not be effective for any fund until its first fiscal year ending on or after June 14, 2004. Other changes to Section 302 related

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