US regulator addresses a possible overlap of Sarbox policy in European exchanges
Accountancy Age, 31 Oct 2006
Critics of the Sarbanes-Oxley Act have called for action before the powerful US legislation encroaches on Europe’s borders.
A ‘regulatory creep’ scenario is feared because Sarbox’s stringent Section 404 compliance and audit provisions could inadvertently find their way into the UK were the London Stock Exchange to be taken over by a US exchange.
Stateside regulators the Securities and Exchanges Commission (SEC) have tried to reassure concerned parties by increasing their co-operation with the Financial Services Authority.
SEC chairman Christopher Cox, said that neither the body, or their European counterparts would be work to avoid any potential ‘over-reach’ into related. Jurisdictions.
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