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SOX Changes the Ink from Red to Black
In the last year and a half, public companies have been entrenched in their compliance or plan to comply with the Sarbanes-Oxley Act of 2002 (SOX). Regardless of the size, industry or profitability of the company, this task is proving to be much more consuming than originally thought. The first surveys of direct costs associated with compliance indicate a flow of red ink in the billions. The indirect cost may, by all accounts, be just as large. Do these staggering costs have any benefit other than compliance and therefore survival?
SOX has been characterized by many as a hastily prepared, poorly written piece of legislation. Most agree some reform was necessary after the revelation of the alleged and acknowledged misconduct by and systematic failures of several corporations and their advisers. However, the sweeping, all-inclusive nature of the most significant change in securities regulation in 50 years is all but overwhelming to many public companies. While SOX was intended to restore faith in the capital markets and is supported by many, it is not without its criticisms.
Much of this criticism centers on the blanket application of the law to every public company no matter the size. This one-size-fits-all approach is potentially damaging to the financial well-being of the small and micro cap company. The burden of compliance on the organization as well as the actual out-of-pocket costs imposed on these companies may be disproportionate to the benefits derived.
Major Differences In UK, U.S. Copyright Laws
This article highlights how copyright law in the United Kingdom differs from U.S. copyright law, and points out differences that may be crucial to entertainment and media businesses familiar with U.S law that are interested in operating in the United Kingdom or under UK law. The article also briefly addresses contrasts in UK and U.S. trademark law.
The Article 8 Opt In
The Article 8 opt-in election adds an additional layer of complexity to the already labyrinthine rules governing perfection of security interests under the UCC. A lender that is unaware of the nuances created by the opt in (may find its security interest vulnerable to being primed by another party that has taken steps to perfect in a superior manner under the circumstances.
Strategy vs. Tactics: Two Sides of a Difficult Coin
With each successive large-scale cyber attack, it is slowly becoming clear that ransomware attacks are targeting the critical infrastructure of the most powerful country on the planet. Understanding the strategy, and tactics of our opponents, as well as the strategy and the tactics we implement as a response are vital to victory.
Legal Possession: What Does It Mean?
Possession of real property is a matter of physical fact. Having the right or legal entitlement to possession is not "possession," possession is "the fact of having or holding property in one's power." That power means having physical dominion and control over the property.
The Anti-Assignment Override Provisions
UCC Sections 9406(d) and 9408(a) are one of the most powerful, yet least understood, sections of the Uniform Commercial Code. On their face, they appear to override anti-assignment provisions in agreements that would limit the grant of a security interest. But do these sections really work?