Software for SOX
SOX Act of 2002
Section 409: Real Time Issuer Disclosures
The essence of Section 302 of the Sarbanes-Oxley Act states that companies are required to disclose on an almost real-time basis information concerning material changes in its financial condition or operations. Here is a direct excerpt from the Sarbanes-Oxley Act of 2002 report for section 409:
Section 13 of the Securities Exchange Act of 1934, as amended by this Act, is amended by adding at the end the following:
(l) Real Time Issuer Disclosures. Each issuer reporting under section 13(a) or 15(d) shall disclose to the public on a rapid and current basis such additional information concerning material changes in the financial condition or operations of the issuer, in plain English, which may include trend and qualitative information and graphic presentations, as the Commission determines, by rule, is necessary or useful for the protection of investors and in the public interest.