Is TVA now subject to the Sarbanes-Oxley Act of 2002?
Since TVA is not an “issuer” for purposes of the Sarbanes-Oxley Act of 2002 (Act), TVA is technically exempt from many provisions of the Act. By virtue of filing reports on Forms 10-K, 10-Q, and 8-K, though, TVA is required to comply with certain provisions of the Act, including the requirement that TVA officers certify annual and quarterly reports in accordance with sections 302 and 906 of the Act and that TVA report on the effectiveness of its internal controls over financial reporting in accordance with section 404 of the Act. In addition, the legislation requires TVA to comply with the audit requirements of the Act that are incorporated into section 10A of the Securities Exchange Act of 1934 (other than the requirements contained in subsections (m)(1) and (m)(3) thereof), many of which TVA already follows.
