Magazine

Table: A Timetable of Reform


JULY 10

New rules governing research analysts, proposed by the stock exchanges and adopted by the Securities & Exchange Commission, took effect. Among the changes: Wall Street firms may no longer pay analysts for work on specific investment-banking deals, and investment bankers are prohibited from influencing stock ratings.

AUGUST 1

The New York Stock Exchange board votes on whether to adopt proposed new corporate governance standards. Among the proposals: independent directors must comprise a majority of boards; audit, compensation, and nominating committees must be composed of independent directors only; shareholders must approve all stock option plans.

AUGUST 14

CEOs and CFOs of companies with more than $1.2 billion in annual revenue must certify the accuracy of all financial statements since 2001.

OCTOBER 1

The SEC could begin hiring new enforcement officers, and replacing outdated technology, if Congress allocates an extra $100 million, as the President is requesting. That would be on top of $487 million already budgeted for the 2003 fiscal year.

NOVEMBER 9

Wall Street firms must disclose if they own 1% or more of the stock of any company that is the subject of an analyst's research.

EARLY NOVEMBER

Accounting-reform legislation now moving in the Senate calls for a new oversight board to be in place 90 days after passage, or by mid-November if President Bush signs the measure by the August congressional recess.


Steve Ballmer, Power Forward
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