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Wading Through SOX Provisions

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There was a previously posed question under "Regs Triggered Due to Increased Asset Size", relative to a bank's asset size growing to $500 million or more. The answer implied that there my be state laws that apply, but did not indicate where that information could be found. My bank is not a publicly held bank. It has grown to slightly over the $500 million mark. Bank maangement is actually wanting to shrink below that amount by year end 2010. Do any of the SOX provisions apply to us? The SOX act specifically states "It does not apply to privately held companies." How true is that statement? What Kentucky state laws may apply regardless of that SOX provision? I have researched many facets of SOX information found on BOL and, quite frankly, I'm more confused now that when I began my research.

Sarbanes-Oxley (SOX) applies to publicly-traded companies. For publicly-traded companies, different provisions and timing requirements come into play based on market capitalization. SOX does not apply to privately held companies.As to how you find out about any state law requirements that may be based on asset size, I'd suggest you contact either your state banking association or your state banking supervisor, or both.

First published on 9/20/10

First published on 09/20/2010

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