TheCorporateCounsel.net

August 2, 2002

The SEC has just posted on its web site, Release No. 34-46300 with proposed rules to implement Section 302 of the Sarbanes-Oxley Act of 2002 – its at http://www.sec.gov/rules/proposed/34-46300.htm.

The Release discusses the differences with the SEC’s own proposals for certification. The comment period for the 302 rules and the SEC’s own rules remains August 19. The Release points out that because of the short time period for the 302 rules, it will not be able to consider comments filed after Aug 19, and urges parties to try to get comments in before the 19th.

The SEC distinguishes Section 906 as something different from the rules under 302, and as something in effect now. Set forth below is the Release’s footnote on Section 906:

“Section 906 of the Sarbanes-Oxley Act of 2002 adds new Section 1350 to chapter 63 of title 18 of the United States Code. Section 1350 requires a written statement to accompany all periodic reports filed with us that contain financial statements. This release does not relate to Section 906 of the Act, which, by its terms, is effective on enactment of the Act, July 30, 2002.”

A few more companies have made 10-Q filings with the 906 certifications, including Cigna, PSE&G and State Street.