US climb down on Sarbanes-Oxley likely
The possibility of a US climb down on controversial corporate governance regulation increased today following a meeting between the European Commission and SEC chairman Harvey Pitt.
Talking at a conference in Brussels this morning, Frits Bolkestein, the EU commissioner of internal markets said the US and EU ‘had too much in common to fail to co-operate’.
Following a meeting with Pitt yesterday, the commissioner said there had been progress and he was ‘very encouraged with discussions’ over the powers of the proposed US accounting oversight body.
The commissioner added: ‘Pitt will be sick of hearing about our problems with Sarbanes Oxley.’
Pitt is due to address the ICAEW conference in Brussels later today.
In a further development, the commissioner said he was examining the powers of the US oversight board and was considering the creation of European body with similar powers.