Legislative Initiative and Proposals therightofcompetentpersonsandinstitutionstointroducefortheconsiderationofalegislativebodyabillorproposaltoenactanewlaworamendmenttoorarepealofexistinglegislation;legislativeinitiative entailstheobligationtodiscusstheinclusionofthebillontheagenda ofthelegislativebody.Sarbanes-Oxley ActCreated by US Senator Paul Sarbanes (D-Maryland) and US Congressman Michael Oxley (R-Ohio) Signed into law July 30, 2002 Most dynamic securities legislation since the New Deal. There are 66 pages and 11 sections that are contained in the body of the act. The effect of this legislation is huge to the extent that there are almost substantial elimination of fraud and irregularities regarding securities and corporate reports.