To protect investors by improving the accuracy and reliability of corporate disclosures made pursuant to the securities laws, and for other purposes. Introduced new standards of corporate accountability as well a new penalties including jail term for fraud. Non compliance penalties range from the loss of exchange listing, loss of D&O insurance to multimillion dollar fines and imprisonment. A CEO/CFO who submits a fraud certificate for financial results can receive a fine of up to 1 million dollar or up to 10 years jail term.
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