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23 Mar 2007
European commissioner Charlie McCreevy said new rules adopted by the US regulator are 'sensible, workable and practicable'.
The rules allow for the smooth deregistration of European companies from the US stock exchanges regulated by the Securities & Exchange Commission.
'The solution of the deregistration issue is a milestone of the financial markets regulatory dialogue between the EU and the US - this is very good news for our companies and economy,' said internal markets commissioner Charlie McCreevy .
In announcing the changes, SEC commissioner Annette Nazareth said: 'One of the primary changes to the final rules is... trading volume benchmark that will permit a foreign private issuer to exit the US system when its US trading volume is no greater than 5% of its worldwide trading volume.'
McCreevy had previously asked for a higher threshold.
Further reading:
SEC votes to ease deregistration rules
SEC considers easing deregistration burdens
EU's McCreevy says revised SEC US deregistration rules 'good news'
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