Euronext said that it will put in a Dutch buffer body to prevent companies listed on its exchanges being subjected to Sarbanes-Oxley rules.

The European market has accepted a $10.1bn (£5.3bn) takeover bid from the New York Stock Exchange, raising fears about the applicability of the controversial rules to companies listed on its boards.

The stock exchange operator, which has about 19 UK companies on its list including Aviva plc, HSBC Holdings and BP plc, was planning to set up a Dutch-based body with an independent board to decide on any regulatory arrangements.

Euronext and NYSE have said they intend keeping to a federal structure, so that Euronext’s existing stock exchanges – in Paris, Amsterdam, Brussels and Lisbon – continue to be regulated by their national authorities.

Deutsche Börse is still pursuing Euronext with a knock-out bid, but shareholders will decide the final outcome at an EGM in December followed by the finalisation of the takeover scheduled for the first quarter of 2007.