Wyman calls for moratorium on US rules
ICAEW president Peter Wyman is to call for a three year moratorium on tough new US auditor independence rules for non-US companies and their auditors.
Just three weeks before the Securities and Exchange Commission is to finalise the new rules, Wyman is to meet tomorrow with senior officials from the US regulator to attempt to persuade them to exempt European accountants from the rules.
The rules will affect around 700 non-US companies that are listed on the US stock exchange, and their auditors.
Wyman told the FT: ‘I will be arguing that for non-US companies with a listing in the US, there should not be further SEC rules for a long enough period to allow for meaningful discussions about their implications.’