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The Sarbanes-Oxley (SOX) Act is not an act that pertains to privacy or IT security directly, but rather regulates accounting and financial practices used by organizations. It was passed to protect stakeholders and shareholders from improper practices and errors, and it sets forth rules for compliance, regulated and enforced by the Securities and Exchange Commission (SEC). The main influence on IT systems and operations is the requirements it sets for data retention, specifically in regard to what types of records must be preserved and for how long.