The chairman of an advisory panel to the Securities and Exchange Commission said that the group's pending proposal to roll back some of the internal controls provision of the Sarbanes-Oxley Act has not been dismissed even before it is officially proposed.

Bloomberg News reported that Herbert Wander, at a public meeting of the SEC's Advisory Committee on Smaller Public Companies, said that he has been assured that none of the five SEC commissioners have taken a formal position. Last week, reports surfaced that four of the five commissioners, including Chairman Christopher Cox, had indicated opposition to draft recommendations by the panel.

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