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OCATA THERAPEUTICS, INC. Message Board

  • krycap64 krycap64 Jun 26, 2013 12:55 AM Flag

    Wow is GR out of the picture? Maybe Form 4 was a bigger issue than he thought?

    Reading the Sarbanes Oxley Act and the SEC rules and regulations i found the following:
    See rule # 5 & 6

    The SEC proposed rules and adopted policies consistent with all ten
    of the President's reforms.
    President’s Ten-Point Plan
    1. Each investor should have quarterly access to the information needed to judge a firm’s
    financial performance, condition, and risks.
    2. Each investor should have prompt access to critical information.
    3. CEOs should personally vouch for the veracity, timeliness, and fairness of their
    companies’ public disclosures, including their financial statements.
    4. CEOs or other officers should not be allowed to profit from erroneous financial
    statements.
    5. CEOs or other officers who clearly abuse their power should lose their right to serve in
    any corporate leadership positions.
    6. Corporate leaders should be required to tell the public promptly whenever they buy or
    sell company stock for personal gain.
    7. Investors should have complete confidence in the independence and integrity of
    companies’ auditors.
    8. An independent regulatory board should ensure that the accounting profession is held to
    the highest ethical standards.
    9. The authors of accounting standards must be responsive to the needs of investors.
    10. Firms’ accounting systems should be compared with best practices, not simply against
    minimum standards.

    Note Sarbanes Provison
    See Rule # 5 below

    Sarbanes-Oxley Act of 2002
    On July 30, the President signed the Sarbanes-Oxley Act of 2002, the most far-reaching reform
    of American business practices since the time of Franklin D. Roosevelt.
    • Created a new accounting oversight board to police the practices of the accounting
    profession
    • Strengthened auditor independence rules
    • Increased the accountability of officers and directors
    • Enhanced the timeliness and quality of financial reports of public companies
    • Barred insiders from selling stock during blackout periods when workers are unable to
    change their 401(k) plans.

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