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ARTICLE CONTENTS

[Pages 501-528]
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Introduction
I.  Background
    A.  The Context of SOX
        1.  The Collapse of Enron and Its Ilk
        2.  The Creation of Sarbanes-Oxley
    B.  An Overview of the Sarbanes-Oxley Act
        1.  Accounting Oversight
        2.  Auditor Independence
        3.  Corporate Governance
        4.  Disclosure Requirements
        5.  Criminal Penalties
II.  Discussion
    A.  The Impact of SOX Abroad
        1.  Germany and Japan
        2.  The Fiduciary Duty and Auditor Rotation
    B.  The Territorial Application of U.S. Securities Law Before SOX
        1.  Securities Registration
        2.  Enforcement of Securities Anti-Fraud Provisions
              a.  The Effects Test
              b.  The Conduct Test
              c.  The Restatement (Third) of Foreign Relations Law of the United States
III.  Analysis
    A.  Extraterritoriality and the Efficacy of International Capital Markets
    B.  SOX and the Territorial Framework of U.S. Securities Regulation
    C.  SOX Divergence from Traditional Methods of Securities Regulation
        1.  The Federalization of Corporate Governance
        2.  The Shock of SOX Abroad
        3.  The Potential Effect on U.S. Capital Markets
Conclusion