RESEARCH TRIANGLE PARK, NC — Automotive aftermarket product manufacturers should review corporate internal and business policies with their company attorneys to assure compliance with Robinson-Patman and Sarbanes-Oxley laws, according to recent presentations to aftermarket executives sponsored by the MEMA Financial Services Group (MFSG).
MFSG held the meeting for aftermarket supplier executives to discuss issues arising from current industry practices in regard to the laws passed by Congress.
Joseph Coleman, of Kane, Russell, Coleman and Logan, spoke on the Sarbanes-Oxley Act and its impact on automotive aftermarket credit and financial professionals. Marc Fleischaker of Arent Fox addressed customer holdbacks and other industry issues arising from Robinson-Patman compliance.
One of Coleman’s key themes was an examination of congressional intent in passage of Sarbanes-Oxley: the difficult goal of attempting to legislate ethics and integrity. He also stressed that Sarbanes-Oxley rules are not limited to publicly owned companies. Coleman noted that banks, insurance companies and investment firms are expected to begin requiring firms to institute similar compliance actions which will impact with public and private aftermarket suppliers.
Fleischaker illustrated a probable change as to how Robinson-Patman is viewed due to current technology. Past interpretations of Robinson-Patman noted no violation occurred if competing customers were not in the same geographic marketplace. Fleischaker suggested increasing Internet use and online purchasing may eliminate geographic separation exemptions.
The program also included an extensive question-and-answer session. Participants included CEOs, CFOs, vice presidents of finance, and sales and credit professionals. More than 75 aftermarket executives attended the meeting.
For more information about the meeting and MFSG, contact Dan Griffin at [email protected] for details.
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