Regional-focused Compliance - Governance, Risk, and Compliance Topic for Oracle Applications - page 401

Corporate and Criminal Fraud Accountability
Title VIII consists of seven sections and is also referred to as the Corporate and
Criminal Fraud Accountability Act of 2002 . It describes specific criminal penalties
for manipulation, destruction, or alteration of financial records or other interference
with investigations, while providing certain protections for whistleblowers.
White Collar Crime Penalty Enhancement
Title IX consists of six sections. This section is also called the White Collar Crime
Penalty Enhancement Act of 2002 . This section increases the criminal penalties
associated with white-collar crimes and conspiracies. It recommends stronger
sentencing guidelines and specifically adds failure to certify corporate financial
reports as a criminal offense.
Corporate Tax Returns
Title X consists of one section. Section 1001 states that the Chief Executive Officer
should sign the company's tax returns.
Corporate Fraud Accountability
Title XI consists of seven sections. Section 1101 recommends a name for this title
as Corporate Fraud Accountability Act of 2002 . It identifies corporate fraud and
records tampering as criminal offenses and joins those offenses to specific penalties.
It also revises sentencing guidelines and strengthens their penalties. This enables
the SEC to resort to temporarily freezing transactions or payments that have been
deemed large or unusual .
Canada Bill 198 (Canadian Sarbanes-Oxley)
In Canada, Bill 198 is an Ontario legislative bill effective April 7, 2003, which
provides for regulation of securities issued in the province of Ontario. The legislation
encompasses many areas. It is perhaps best known for clauses that provide
equivalent legislation to the U.S. Sarbanes-Oxley Act to protect investors by
improving the accuracy and reliability of corporate disclosures. Thus, it is also
known as the Canadian Sarbanes-Oxley Act or C-SOX (pronounced as see-socks ).
In October 2002, the Provincial Government of Ontario , Canada introduced an
omnibus bill in the legislature entitled Keeping the Promise for a Strong Economy Act
(Budget Measures), 2002 , now simply referred to as Bill 198. It was enacted as Chapter
22 of the Statutes of Ontario, 2002. Bill 198 received Royal Assent on December 9, 2002
and the amendments to the securities provisions were proclaimed in force on April 7,
2003. Bill 198 amends Part XXIII.1 of the Ontario Securities Act .