Discuss the major components of the Sarbanes-Oxley Act of 2002 and Corporate Governance?

Counterpoint: According to Romano (2004), the Sarbanes-Oxley Act (SOX), in which Congress introduced a series of corporate governance initiatives into the federal securities laws are not just a considerable change in law but also a departure in the mode of regulation. The federal regime had until then consisted of disclosure requirements, rather than substantive corporate governance mandates, which were traditionally left to state corporate law and were not part of the federal securities regime. Federal courts had, enforced such a view of the regimes strictures, by characterizing efforts of the SEC to extend its domain into substantive corporate governance as beyond its jurisdiction.