As much as Paul Sarbanes and Michael Oxley agree that the law they wrote in response to the Enron scandal had "unintended consequences," they don't agree that the law itself should be "opened up to amendment," according to Globe and Mail.
Speaking at an event marking the Sarbanes-Oxley Act's fifth anniversary, the retired legislators said the problem was in how the law was implemented, not in the law itself. As such, the provisions themselves should not be changed.
They also dispute the view that the high cost of Sarbox compliance is driving investors to markets other than those in the U.S. But the law's authors say the shift to overseas investments began before Sarbanes-Oxley came to be. And it's a "natural consequence of economic growth worldwide."