Month: September 2010

Materials from Social Media Policies

Virtual Corporate Counsel Forum

As a follow-up to my presentation on social media polices at the Virtual Corporate Counsel Forum, I’m publishing the slide deck and links to some of the items I discussed.

Social Media Policies

Download the Slidedeck: ALM social media policy

FTC Action against Ann Taylor

FTC Action Against Reverb

SEC Guidance on the Use of Company Websites

Organized Labor and Social Media Policies

Advice Memorandum from the National Labor Relations Board in Sears Holdings (Roebucks) Case 18-CA-19081

Basic policy:
Be professional, kind, discreet, authentic. Represent us well. Remember that you can’t control it once you hit “update.” by Jay Shepherd on his Gruntled Employees blog

In the slide deck, I mention PBworks. I serve on a board of advisers for them and have a financial interest in the company.

Organized Labor and Social Media Policies

While preparing for my presentation today on social media policies, I came a cross this great article by Seth Borden: Labor Disputes Arising out of Social Media.

Having organized labor in your workforce will complicate the creation and enforcement of a social media policy. Potential unionizing activities offer similar problems. Employers must consider traditional labor law principles when creating and enforcing workplace social media policies.

The National Labor Relations Board has issued advice on social media policies. Sears had a policy that prohibited “disparagement of company’s or competitors’ products, services, executive leadership, employees, strategy, and business prospects.” The NLRB’s Division of Advice concluded that the charge against Sears should be dismissed. However, Mr. Borden concludes that the current make-up of the NLRB is more labor friendly and could rule the other way if again presented with a similar policy.

The challenges of drafting a social media policy will be to carry the existing law involving email and surveillance limitations to the current age of web publishing. This is not a unique challenge. You can see the same challenge with FINRA in the financial services industry.

If you have organized labor in your workforce and are concerned about social media use by your employees you should spend a few minutes and read Borden’s article.

Seth Borden is a partner in the New York office of McKenna Long & Aldridge and a member of the firm’s labor and employment practice. He co-writes the firm’s blog, Labor Relations Today, covering developments in labor law.

Sources:

Image of Unfair to Organized Labor sign is by Thomas Hawk

Virtual Corporate Counsel Forum: Social Media Policies

Virtual Corporate Counsel Forum

The folks at ALM are producing an online version of their Corporate Counsel’s annual General Counsel Conferences. I’m stepping in to fill a lat minute vacancy for one session: Social Media Policies: Crafting a Uniform Policy Across your Organization and Enforcing It. I’ll be joining Valerie L. Boccadoro, Director and Senior Intellectual Property Counsel at Toys R Us. I will be sharing my social media policies database and some thoughts on the regulatory issues that affect web publishing.

Registration is free, but is only open to general counsel/in-house corporate counsel.

Here is the full agenda for the day:

9:15 – 10:15 am

Social Media: Privacy & Security (CLE Eligible)

  • Ensuring your organization’s intellectual property is safe and protected
  • Protecting your clients and your employees
  • Twitter, Linked-in and Facebook: Exposure, liability and consequences
  • Watching the web: what do you have out there and how did it get there?

Bill McComas, Esq.
Partner
Shapiro Sher Guinot & Sandler
Michele Gibbons
Partner
Mayer Brown

10:15 – 11:15 am

Selecting the Right Fee Arrangement (CLE Eligible)

In view of the high cost of litigation in the face of shrinking corporate budgets, the need to select the right fee arrangement for an organization’s disputes is becoming more and more important. Our speaker, an experienced patent litigator, will review the options available to in-house counsel and outside counsel in setting up the right kind of fee arrangement, including identifying:

  • factors involved in determining what kinds fee arrangement makes sense in the context of the particular dispute;
  • different kinds of fee arrangements which are potentially available and discussing the best circumstances for considering each kind of arrangement;
  • cost saving techniques to reduce unnecessary expenditures; and
  • best practices for matching litigation activities to client goals and resources


Charles R. Macedo, Partner, Amster, Rothstein & Ebenstein;
Author, The Corporate Insider’s Guide to US Patent Practice, published by Oxford University Press

11:30 am – 12:30 pm

Effective Information Management Improves Corporate Litigation Readiness (CLE Eligible)

Information Management means different things to different people. For corporate legal departments with increasing eDiscovery demands and decreasing legal budgets, Information Management is a way to meet eDiscovery requirements, lower their legal risk and operate within budget. Many organizations do not have a tested process and therefore expend resources and dollars beyond what is necessary. This presentation will:

  • Review current Discovery responsibilities
  • Discuss how an organization’s data infrastructure won’t lend itself to effective and efficient eDiscovery
  • Review Information Management best practices to better proactively prepare for eDiscovery

William Tolson
Director of Product Marketing/Evangelism
Iron Mountain
William F. Savarino
Partner
Cohen Mohr LLP

12:30 – 1:30 pm

The Real Rate Report: Understanding the True Drivers of Legal Costs (CLE Eligible)

CT TyMetrix, in collaboration with The Corporate Executive Board’s Legal and Compliance practice/General Counsel Roundtable, brings you the industry’s first (and only) quantitative analysis of over $4 Billion in legal spend from more than 4,000 law firms and 50,000+ individual billers. The 2010 Real Rate Report will provide corporate legal departments, claims organizations and law firms with the first reliable benchmark data on law firm pricing, staffing practices, and realized rates across geographies, practice areas, matter types and timekeeper types.

The session will discuss how putting data to work can provide perspectives on trends and practices. The session will highlight reliable benchmarks that can be used to evaluate and negotiate rates across geographies, practice areas, professional levels, and other segments, as well as other insights.


Craig Raeburn
Vice President of Product Management
CT TyMetrix
Keith Brown, Esquire
Lead Business Consultant
CT TyMetrix

1:45 – 2:45 pm

Management, Measurement and More – Best Practices for Maximizing Your Legal Spend

As many law departments continue to face budget cuts, in-house counsel are challenged to find new ways to maximize their legal spend and control costs. Join LexisNexis® CounselLink™ representatives and in-house counsel from leading law departments as they share their perspectives on:

  • The impact of the dynamic economic climate on their law departments and the reporting tools used to optimize and justify spending decisions – comparing the decline in 2009 to the predicted upward trend in 2010
  • Alternative fee arrangements and how the right data and reporting can help identify outside counsel that are underperforming
  • In-sourcing versus outsourcing legal work, and the considerations and methods to make smarter decisions
  • Managing relationships with outside counsel and how using metrics and reporting can help ease difficult dialogues and garner greater productivity

Don’t miss this opportunity to the hear best practices and first-hand experiences of our GC panelists who have found the right balance between their budget and their business needs and improved the management and efficacy of their law departments.


Mary Clark
Vice President of Law
LexisNexis
Patrick Ryan
Director of Administration
City of Chicago Department of Law
Robin Sangston
Vice President, Legal Affairs and Chief Compliance Officer
Cox Communications, Inc.

2:45 pm – 3:45 pm

Social Media Policies: Crafting a Uniform Policy Across your Organization and Enforcing It (CLE Eligible)

  • Social Media and the struggle to keep IT, compliance & legal up to date
  • Policies and protocols to monitor and manage the burgeoning communications
  • Understanding the risks involved with the technology before you dive in
  • Creating a policy beyond banning social media all together
  • Using the tools to create realistic and enforceable social networking policies

Valerie L. Boccadoro
Director and Senior Intellectual Property Counsel
Toys R Us
Doug Cornelius
Chief Compliance Officer
Beacon Capital Partners, LLC.

4:00 pm – 5:00 pm

Driving Risk Out of the eDiscovery Process (CLE Eligible)

From the obligation to identify and preserve, through to the critical processes of analysis and review, the entire eDiscovery process can be complicated and cumbersome.  Developing and executing an eDiscovery preparedness plan that is repeatable, defensible, and cost effective often presents a challenge, considering the legal risks and enormous amount of time and resources it can consume if done without the proper people, processes and tools.

This presentation will help attendees understand how their organizations can:

  • Create a foundation for an organized, systematic, and defensible approach to eDiscovery – resulting in predictable legal costs and reduced risk
  • Analyze data in the wild, and in real-time – making more informed strategic legal decisions earlier in the eDiscovery process and reducing downstream review fees
  • Create a symbiotic relationship between legal and IT – ensuring legally defensible audit trails throughout the eDiscovery process

Keith Zoellner
Chief Technology Officer
StoredIQ
Ursala Talley
Vice President, Marketing
StoredIQ
Jake Frazier
Managing Director
Huron Consulting Group

New York Stock Exchange and Corporate Governance

Last week, the NYSE Euronext released the final report of the NYSE–sponsored Commission on Corporate Governance. The report identified 10 core governance principles. They cover the scope of the board’s authority, management’s responsibility for governance and the relationship between shareholders’ trading activities, voting decisions and governance.

The Commission on Corporate Governance was established in the fall of 2009 to examine core governance principles that could be widely supported by issuers, investors, directors, experts, and other market participants. These stakeholders have different viewpoints on governance issues, but the NYSE hoped they could find a consensus.

They started with the 10 core principles:

  1. The Board’s fundamental objective should be to build long-term sustainable growth in shareholder value for the corporation;
  2. Successful corporate governance depends upon successful management of the company, as management has the primary responsibility for creating a culture of performance with integrity and ethical behavior;
  3. Good corporate governance should be integrated with the company’s business strategy and not viewed as simply a compliance obligation;
  4. Shareholders have a responsibility and long-term economic interest to vote their shares in a reasoned and responsible manner, and should engage in a dialogue with companies thoughtful manner;
  5. While legislation and agency rule-making are important to establish the basic tenets of corporate governance, corporate governance issues are generally best solved through collaboration and market-based reforms;
  6. A critical component of good governance is transparency, as well governed companies should ensure that they have appropriate disclosure policies and practices and investors should also be held to appropriate levels of transparency, including disclosure of derivative or other security ownership on a timely basis;
  7. The Commission supports the NYSE’s listing requirements generally providing for a majority of independent directors, but also believes that companies can have additional non-independent directors so that there is an appropriate range and mix of expertise, diversity and knowledge on the board;
  8. The Commission recognizes the influence that proxy advisory firms have on the markets, and believes that it is important that such firms be held to appropriate standards of transparency and accountability;
  9. The SEC should work with exchanges to ease the burden of proxy voting while encouraging greater participation by individual investors in the proxy voting process;
  10. The SEC and/or the NYSE should periodically assess the impact of major governance reforms to determine if these reforms are achieving their goals, and in light of the many reforms adopted over the last decade the SEC should consider the expanded use of “pilot” programs, including the use of “sunset provisions” to help identify any implementation problems before a program is fully rolled out.

In Section IV of the report, they dive deeper into the roles of the board of directors, company management, and shareholders, recognizing the interdependence and inter-relatedness of the three groups. I found this to be the most interesting section. They lay out rights, responsibilities and expectations.

In the end, they do not end up advocating for change:

“Finally, it is important to note that as the Commission reviewed these issues, it did so in the context of the reality that, notwithstanding certain governance failures over the last decade, the current governance system generally works well. The Commission believes that failures of corporate governance were not the sole reason for the financial crisis of 2008, and more broadly believes that most of the thousands of public companies in this country are well governed, with hard-working and ethical boards and shareholders who are involved in the companies. This does not mean that the system is perfect, but it does mean that before further fundamental change is sought, all parties considering such change should recognize the strengths of the current system and the benefits it provides to investors and the economy.”

Sources:

Katy Perry and Compliance

Katy Perry just wanted to play dress-up. Elmo ran away. Just like Elmo, Sesame Street decided they wanted to get away from Ms. Perry. Her outfit showed too much cleavage.

It’s not the first time Sesame Street has pulled a video. They pulled a video with Chris Brown when he was accused of domestic violence.

The Katy Perry video inspired reactions ranging from “Her outfit seems a bit risqué” to “Jesus, lady, put some clothes on! Kids are watching.” Based on the outcry, Sesame Street pulled the clip. Katy Perry did not.

You need to conduct some due diligence on your business partners. Given that all organizations have limited resources, you generally take a risk-based approach and spend more time and money on those business partners that pose more of a risk.

For a young kid focused company like Sesame Street, Ms. Perry should have been high on their risk ranking. All they would have to do is watch her first hit song video: “I Kissed Girl.” Or watch her most recent video for “California Gurls“, featured breast-mounted frosting cannons. A little basic due diligence should have indicated that they should keep a close eye on Ms. Perry.

I’m not sure what Sesame Street didn’t like about the video with Ms. Perry and Elmo. I didn’t find anything wrong with it. Sure, it’s more cleavage than I’m used to seeing on Sesame Street. That’s not more than we see in many Disney cartoons. Ms. Perry was playing dress-up and wearing a princess outfit.

If Sesame Street had a policy against cleavage, they must have failed in letting Ms. Perry and the video director know about or failed to enforce it on the front lines. Education is a key component of compliance programs.

The front line employees should have been told that Ms. Perry would be under higher scrutiny and should have asked up about the wardrobe choice. Perhaps the front line employees did not feel that upper management was open to questions and concerns.

Based on an interview from the executive producer it sounds like they thought the video and the outfit was acceptable and met their standards. However, viewer comments on the video alerted them to the problem some parents had. Maybe the social media outcry was from only a segment of their viewers, but they needed to react.

Post-crisis, I thought Sesame Street handled it well. They let Ms. Perry publish the video through her channels and didn’t try to suppress the video. (Such an attempt would successful anyway.) They had Elmo ask her to come back for another play date.

Sources:

100 Best Legal Blogs

The ABA Journal is compiling its annual list of 100 best legal blogs (They use “blawgs.” I hate that term.) They would like your advice on which legal blogs you think they should include.

Use the Blawg 100 Amici form to tell the ABA Journal about a legal blog that you read regularly and think other lawyers should know about. If there is more than one legal blog you want to support, make multiple submissions.

They allow comments in the submission and will be including some of the best comments in their “Blawg 100” coverage. Friend-of-the-blawg briefs are due no later than Friday, Oct. 1.

They don’t have a compliance category and the other blogs in the practice specific category from 2009 are better choices. Feel free to include Compliance Building.

Broc Romanek’s TheCorporateCounsel.net Blog deservedly won that category last year. It was great to see a compliance-related blog win.

Compliance Bits and Pieces for September 24

Here are recent compliance related stories from the past week:

In case you missed it:

Its Official: Recession Ended June 2009 by Barry Ritholtz in The Big Picture

The Business Cycle Dating Committee of the National Bureau of Economic Research met yesterday by conference call. At its meeting, the committee determined that a trough in business activity occurred in the U.S. economy in June 2009. The trough marks the end of the recession that began in December 2007 and the beginning of an expansion. The recession lasted 18 months, which makes it the longest of any recession since World War II.

Reading the Fifth Circuit Opinion Reinstating the Mark Cuban Case by Professor Bainbridge

So the court is not resolving the difficult legal issues posed by the Cuban case, which we have explored many times before. Instead, they start by reading the “complaint in the light most favorable to the SEC” and then concluding that the complaint’s “allegations, taken in their entirety, provide more than a plausible basis to find that the understanding between the CEO and Cuban was that he was not to trade, that it was more than a simple confidentiality agreement.” I find this rather curious. If the law is, as I believe it to be, that a mere agreement not to trade is an insufficient basis for imposing insider trading liability, then shouldn’t the question of what Cuban did or did not do in that regard be irrelevant?

Expand The Corporate Miranda Warning by the FCPA Blog

On her way to be interviewed by her employer’s outside lawyers about alleged overseas corruption, Rose Carson, the government says, stopped by the ladies room and flushed some relevant documents down the toilet. Because of that, she’s charged with obstructing a federal investigation under 18 U.S.C.§ 1519, which carries up to 20 years in jail. Did anyone warn her that concealing information from company lawyers conducting an internal FCPA investigation could be a federal crime?

Default Rate Nears ’08 Level by Mike Spector in the Wall Street Journal

The great debt storm has passed. And the damage is a lot less than feared. Corporate debt-default rates are expected to fall to the same levels that preceded the financial crisis of September 2008, marking a swift turnaround for the fate of the most troubled U.S. companies.

The Most Influential People in Corporate Governance

The National Association of Corporate Directors (NACD) publishes the Directorship 100. They surveyed 15,000 public company directors and executives to form the final 100 honorees.

I was interested to see how they broke them into groups:

  1. Regulators and Rule Makers
  2. Directors
  3. CEOs
  4. Governance Policy Makers
  5. Attorneys
  6. Investors
  7. Auditors
  8. Recruiters
  9. Compensators
  10. D&O Insurers, Governance Advisors
  11. Corporate Governance Officers, Corporate Secretaries & General Counsel
  12. Professors
  13. Strategists
  14. Media

I found it interesting that “attorneys” list was as big as the list of “directors.” It’s clear from the list that there are lots of stakeholders affecting the boardroom’s activity.

All members of the Directorship 100, regardless of how they arrived here, have power and influence. Some of it is new, some of it is long-standing. Our modest job is to reveal those who exert the kind of influence that will permit the continued, if sometimes shaky, path that our system of capitalism is on, and the importance of corporate governance as a critical guidepost along the route

They also included the 2010 Corporate Governance Hall of Fame.

I also wanted to say congratulations to Douglas K. Chia of Johnson & Johnson for making the list. He even managed to get his picture into the pdf version of the publication (page 44).

Sources:

Social Networking Malware as Affinity Fraud

Panda Security released its first annual Social Media Risk Index for small- and medium-sized businesses. They surveyed 315 US SMBs with up to 1,000 employees during the month of July.

33 percent of these companies had experienced a malware or virus infection from social networks

23 percent citing employee privacy violations resulting in the loss of sensitive data from social networks

Panda concluded that Facebook provided the majority of the reported malware and privacy violations. That should not be a surprise since Facebook is the most widely used social media site.

I was surprised to see how high Twitter was in list of sources causing problems. Yes, Twitter was half of Facebook. But Twitter’s popularity is much less than half of Facebook. I would pin the responsibility on the widespread use of URL shorteners in Twitter. If a friend sent a link from nytimes.com, I would be much more likely to click on that link than one from nigerianmoneymakingtips.com. When the link is hidden behind the URL shortener (http://bit.ly/aBzaiB), you do not know the destination. (Tell me you didn’t click on that link?) Yes, there are many tools that will expose the URL, but that is not the default for the services.

I think the vast majority of people realize that the Nigerian banker does not really have the millions of dollars promised to you. We are more likely to click on a link sent from a friend or a stranger saying they have money for us.

That is the increased danger from social network sites. They are a type of affinity fraud, preying on those in a similar social circle.  Instead of looking directly for money, they are looking indirectly for passwords and account information.

Affinity frauds exploit the trust and friendship that exist in groups of people who have something in common. They usually enlist respected community leaders from within a group to spread the word about the scheme.

Taking this to social networking sites, the relationship are exposed through the connections memorialized in the site. The leaders are those with the most connections.

By spreading the message from compromised account to compromised account, the malware is piggy-backing on the social connections. The better infections make it look like the message is from the person and the link is tied to something of interest, like the Most Hilarious Video.

The leaders for a social networking site end up being the leaders because the message gets sent to the most people. If I mistakenly send a malware url on Twitter, only a few thousand people will be potential targets. If Chris Brogan sent the message, it would be seen by over 150,000 people. If Kim Kardashian was the sender, then over 4 million people would be on the receiving end.

I don’t think that the malware and privacy concerns should deter businesses from using these tools. You just need to recognize the additional threats. We have become better at spotting the email scams and blocking malicious emails. We just need to improve the technology and increase employee knowledge to reduce the likelihood of social network malware infections.

If You Want to Defend Your Privacy from Geek and Poke

Sources:

Active Privacy Defense by Geek and Poke

The SEC’s Busy Rule-Making Agenda

In many instances, the Dodd-Frank Wall Street Reform and Consumer Protection Act merely set a framework for financial reform and left much of the heavy lifting to the financial regulatory agencies. The SEC published their agenda for the implementation of Dodd-Frank.

It is a long list. Compliance leaders are going to very busy keeping track of the new regulations. The hard part is then figuring out how to implement them and get in compliance by the July 21, 2011 deadline set by the law.

Here is what the SEC wants to address in the next three months:

October – December 2010 (planned)

Diversity

  • §342: Establish new Office of Women and Minority Inclusion

Oversight of Investment Advisers

  • §§404 and 406: Propose (jointly with the CFTC for dual-registered investment advisers) rules to implement reporting obligations on investment advisers related to the assessment of systemic risk
  • §§407 and 408: Propose rules implementing the exemptions from registration for advisers to venture capital firms and for certain advisers to private funds
  • §409: Propose rules defining “family office”
  • §410: Propose rules and changes to forms to implement the transition of mid-sized investment advisers (between $25 and $100 million in assets under management) from SEC to State regulation, as provided in the Act
  • §418: Propose rules to adjust the threshold for “qualified client”

Exempt Offerings

  • §413: Propose rules to revise the “accredited investor” standard
  • §926: Propose rules disqualifying the offer or sale of securities in certain exempt offerings by certain felons and others similarly situated

Derivatives

  • §712: Propose rules, jointly with the CFTC, regarding “mixed swaps”
  • §712: Propose rules, jointly with the CFTC, further defining key terms used in the Act
  • §712: Propose rules, jointly with the CFTC, concerning record-keeping by swap data repositories with respect to security-based swap agreements
  • §712: Propose rules, jointly with the CFTC, concerning record-keeping by swap dealers and major swap participants with respect to security-based swap agreements
  • §763: Propose anti-fraud rules for security-based swaps
  • §§763 and 766: Propose rules on trade reporting, data elements, and real-time public reporting for security-based swaps
  • §763: Propose rules regarding the registration and regulation of security-based swap data repositories
  • §763: Propose rules regarding mandatory clearing of security-based swaps
  • §763: Propose rules regarding the end-user exception to mandatory clearing of security-based swaps
  • §763: Propose rules for clearing agencies for security-based swaps
  • §763: Propose rules regarding the registration and regulation of security-based swap execution facilities
  • §764: Propose rules regarding the registration and regulation of security-based swap dealers and major security-based swap participants
  • §765: Propose rules regarding conflicts of interest for clearing agencies, execution facilities, and exchanges involved in security-based swaps
  • §766: Adopt interim final rule for reporting of security-based swaps entered into before the enactment of the Act

Clearing & Settlement

  • §805: Propose rules regarding standards for clearing agencies designated as systemically important
  • §806: Propose rules regarding the process to be used by designated clearing agencies to provide the SEC notice of certain proposed changes

Investor Advocate

  • §915: Establish new Office of the Investor Advocate; appoint Investor Advocate

Market Oversight

  • §916: Adopt streamlined procedural rules regarding filings by self-regulatory organizations
  • §929W: Propose revisions to rules regarding due diligence for the delivery of dividends, interest and other valuable property to missing securities holders
  • §956: Propose rules (jointly with other regulators) regarding disclosure of, and prohibitions of certain, executive compensation structures and arrangements

Enforcement

  • §922: Propose rules to implement a Whistleblower Incentives & Protection Program
  • §922: Report to Congress on Whistleblower Program
  • §924: Establish Whistleblower Office

Credit Ratings

  • §932: Establish new Office of Credit Ratings
  • §939B: Revise Regulation FD to remove exemption for entities whose primary business is the issuance of credit ratings

Asset-Backed Securities

  • §621: Propose rules prohibiting material conflicts of interests between certain parties involved in asset-backed securities and investors in the transaction
  • §941(c)(1): Report by the Federal Reserve Board, after consulting with the SEC and others, regarding the impact on each class of asset-backed securities on risk retention requirements
  • §941: Propose rules (jointly with others) regarding risk retention by securitizers of asset-backed securities, and implementing the exemption of qualified residential mortgages from this prohibition
  • §943: Propose rules regarding the use of representations and warranties in the asset-backed securities market
  • §945: Propose rules regarding asset-backed securities’ issuers’ responsibilities to conduct and disclose a review of the assets

Corporate Governance & Disclosure

  • §951: Propose rules regarding shareholder votes on executive compensation, golden parachutes
  • §951: Propose rules regarding disclosure by investment advisers of votes on executive compensation
  • §952: Propose exchange listing standards regarding compensation committee independence and factors affecting compensation adviser independence; propose disclosure rules regarding compensation consultant conflicts
  • §1502: Propose rules regarding disclosure related to “conflict minerals”
  • §1503: Propose rules regarding disclosure of mine safety information
  • §1504: Propose rules regarding disclosure by resource extraction issuers

Administrative/Internal

  • §961: Report and certification to Congress regarding internal supervisory controls
  • §963: Public report on management’s assessment of the effectiveness of the agency’s internal controls over financial reporting
  • §967: Award Independent Consultant Contract

Municipal Securities

  • §975: Propose permanent rules for the registration of municipal advisors
  • §979: Establish new Office of Municipal Securities

Auditing

  • §989G: Request for public comment related to study regarding reducing the costs to smaller issuers (with market capitalization between $75 million and $250 million) for complying with §404(b) of the Sarbanes-Oxley Act of 2002, while maintaining investor protections for such companies

Hopefully there won’t be a sacrifice of quality giving that they need to deal with such a large quantity of new regulations.

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