SOX is on its way out, right? Depends on who you ask … or what you read.

Rumors abound that regulators and legislators will soon start easing some the daunting requirements that have handcuffed corporate executives and auditors since 2002. This BusinessFinanceLink article claims “Sarbanes-Oxley restrictions plus tightened immigration policy and a high risk of litigation are driving investors overseas and putting the leadership of U.S. financial markets at risk.” According to BusinessFinanceLink, New York Sen. Charles Schumer, Gov.-elect Eliot Spitzer and New York City Mayor Michael Bloomberg have joined the chorus of voices calling for an easing of SOX restrictions.

Not so fast, says Charles Niemeier. CFO.com reports that the PCAOB member “warned policy makers and other critics that they may damage the reputation and competitiveness of U.S. markets if they roll back the Sarbanes-Oxley Act and other securities laws.”

Who’s right? Stay tuned. In the meantime, tell us what you think: Is it time to roll back SOX? Or are its benefits worth the cost?