404(b) Exemption Becomes Law

Finally.  After a journey that would make Schoolhouse Rock proud, President Obama signed the Dodd-Frank Financial Reform and Consumer Protection Act into law giving small public companies (those with a market capitalization under $75 million) a permanent exemption from the auditor attestation requirements of Section 404(b) of Sarbanes-Oxley.  Rarely does something that appeared to be such a long shot nine months ago, actually happen, much less something that is good for the impacted companies and investors.  Stay tuned for information on other provisions of the new law that impact small public companies.