James Schiro, CEO of PwC, the world’s largest accountancy firm, said: ‘We are gratified that chairman Levitt has recognised the leadership role PricewaterhouseCoopers played in forging consensus on this pressing issue. From the outset we and Ernst & Young believed that constructive dialogue was the best course to follow.
‘The new rule that the SEC has approved will provide greater certainty, enhanced investor protection, needed transparency and the flexibility necessary to adapt our business to the evolving economy and capital markets.’
Schiro added: ‘We are also pleased that the Commission has acted to modernise the antiquated personal investment rules currently in force.’
It is expected the three remaining firms will also support the new rules.
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