Just inside the six-month deadline set by the Sarbanes-Oxley act, America's Securities and Exchange Commission (SEC) has cautiously redrafted some rules on the behaviour of listed companies, their auditors and lawyers. The result may be thousands of pages of new rules, but it is hardly the puritanical regime foreseen by the evangelistic act, which was passed amid post-Enron fire and brimstone last July. And on two counts the SEC dithered, giving itself 60 more days: rating agencies and whistle-blowing by corporate lawyers.
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