BusinessCompany NewsUK finance chiefs cautious over SEC rules

UK finance chiefs cautious over SEC rules

Finance chiefs of multinational companies were this week adopting a 'wait and see' policy as they digested the full implications of radical US listing reforms.

Link: US chief execs to swear oaths of accounting honesty

Under new Securities & Exchange Commission requirements, directors of foreign companies with a share listing in the US will be required to swear an oath confirming the accuracy of company accounts.

But as the SEC rules were due to come into effect today, UK companies did not appear concerned about the extra requirements.

A spokesperson for Barclays plc said the bank was waiting for further guidance from the SEC before filing its ’20F’, a form of its consolidated accounts.

‘The accounts will be certified by the CEO and CFO, but we are not unduly concerned,’ the spokesperson said.

Bristol-based drinks company Allied Domecq, whose chief executive Philip Bowman rang the opening bell on the New York Stock Exchange when the company listed there last month, said the requirements were being evaluated.

‘We will be looking for advice from those that helped with the listing process,’ said Peter Durman, the company’s investor relations officer.

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