On November 30, 2006, the Committee on Capital Markets Regulation released its report on the competitiveness of US capital markets. The Committee made numerous recommendations in its report falling under five broad categories; (1)easing restrictions on foreign companies that wish to list on US exchanges, (2) a reformation of the current securities regulation scheme, (3) capping of monetary liability for both companies and auditors while also limiting criminal enforcement , (4) increasing the rights of shareholders in the context of voting and adoption of anti-takeover defenses, and (5) reforming section 404 of SOX with particular attention to the needs of small companies.

Click here for the Committee’s report in full.