SEC Extends Compliance Date for Foreign Private Issuers on Internal Control Reporting

Earlier today, the SEC issued final rules on foreign private issuers and internal control reporting. The effective date for the rules has been extended. For FPIs that are accelerated filers (but not large accelerated filers; see Rule 12b-2 under the '34 Act), the effective date for the auditor's attestation report on internal controls to be included in Forms 20-F and 40-F is the annual report for the fiscal year ending on or after July 15, 2007. The extension should allow the PCAOB and SEC to provide additional guidance regarding SOX 404 implementation.