SEC Prepares to Implement Sarbanes-Oxley Act Requirement for CEO And CFO Certification of SEC Filings

FOR IMMEDIATE RELEASE
2002-119

Washington, D.C., Aug 2, 2002 -- The Securities and Exchange Commission today provided information about the SEC's plans to implement the provision of the Sarbanes-Oxley Act that requires the CEOs and CFOs of public companies to personally certify that the reports their companies file with the Commission are both accurate and complete.

The new certification requirement, which will become effective by Aug. 29, will apply to quarterly and annual reports of all companies that are required to file periodic reports with the Commission, including foreign issuers. The new requirement essentially replaces the rule proposed by the Commission on June 14.

The new requirement does not affect the Commission's June 27 order that directed the CEOs and CFOs of the 947 largest U.S. publicly traded companies to file sworn statements attesting to the accuracy of their companies' most recent annual and quarterly reports.

The SEC statement can be found at http://www.sec.gov/rules/proposed/34-46300.htm.