The name of a DATA step character variable whose value is a text expression or a SAS statement to be generated. Do not enclose the name of the DATA step variable in quotation marks. A character expression that is resolved by the DATA step to a macro text expression or a SAS statement.
This means, for example, that any foreign private issuer that has listed its securities in the US, or issued securities to the public in the US whether or not listed (such as in a registered exchange offer for high-yield bonds) is subject to the Sarbanes-Oxley Act.
Sarbanes-Oxley was inadequate, if not irrelevant, because it failed to deal with any fundamental institutions, laws or incentives that might have contributed to major bankruptcies in the wake of the 2001 recession. The 1968 Williams Act has made it too difficult to take over mismanaged companies, for example.