Is the Securities and Exchange Commission divided on the question of exempting smaller public companies from Sarbanes-Oxley? Or are the commissioners undecided and all over the place?

Last week, we had SEC chairman Christopher Cox telling small companies not to expect exemptions.

That was backed up this week by a piece in the Wall Street Journal suggesting that four out of the five commissioners were inclined to reject the SEC advisory committee's recommendation.

Makes sense so far? Think again. Now there's a report suggesting the reverse. Herbert Wander, chairman of the Advisory Committee on Smaller Public Companies has said that the SEC still hasn't made its mind up and that it has been "receptive'' to the idea of exemptions.

Then there's Alan Greenpan who has told an Asian Financial Centres conference in Seoul that Sarbanes-Oxley is hurting US capital markets, and predicted that it will be changed.