Commission Announces Schedule for Action Regarding Section 404 of the Sarbanes-Oxley Act of 2002, Foreign Private Issuer Deregistration, Internet Availability of Proxy Materials, and Securities Exchange Act Rule 14A-8

FOR IMMEDIATE RELEASE
2006-172

Washington, D.C., Oct. 11, 2006 - The Securities and Exchange Commission today announced that it will consider, at an open meeting of the Commission to be held on Dec. 13, 2006, recommendations regarding Section 404 of the Sarbanes-Oxley Act of 2002, Foreign Private Issuer Deregistration, Internet Availability of Proxy Materials, and Securities Exchange Act Rule 14a-8.

"The Commission’s proposed guidance to management is an important next step in making Section 404 of the Sarbanes-Oxley Act cost-effective and risk-based," said Chairman Christopher Cox. "This initiative, as well as foreign private issuer deregistration, will be addressed before year-end. At the same meeting, the Commission will consider a final rule for Internet proxy delivery, as well as proposals for revisions to our rule concerning shareholder proxy initiatives. This will permit discussion of how the Internet can advance the dissemination and exchange of information among shareholders and companies, and thereby improve the entire proxy process."

For further information, contact John Nester, Director of Public Affairs, at (202) 551-4120.

http://www.sec.gov/news/press/2006/2006-172.htm