PracticeConsultingForeign banks could earn Sarbanes concession

Foreign banks could earn Sarbanes concession

The Securities and Exchange Commission has said that it will review legislation in the Sarbanes-Oxley Act that provides exceptions to US banks on allowing companies to provide loans to directors, but does not offer the same leeway to its foreign counterparts.

Link: SEC considers exemptions for UK auditors

Alan Beller, director of the SEC corporation finance division, said this was one of the rare occurences in the Act where foreign entities were treated worse than similar firms in the US and that the situation would be looked at.

The move could mean significant concessions for non-US banks following the introduction of the Act to toughen up corporate governance in the wake of the Enron and WorldCom scandals.

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