Despite intensive lobbying by non-US business leaders including Britain’s US ambassador, the rules, which will come into force tomorrow, were passed unanimously by the SEC.
The rules, part of the Sarbanes-Oxley Bill signed by President Bush last month, represent an increase in the SEC’s ‘extra-terratorial’ powers and, according to the Confederation of British Industry, could hit the recruitment of non-execdutive directors in the UK.
According to Digby Jones, CBI director-general, the increase in personal liability for UK directors could discourage directors taking on any additional risk.
But public comments from many UK companies with a US listing suggest there are few concerns over the additional reporting burden.
Does Darwin's theory apply to taxation? Colin ponders...
The EC has been instructed to draft a European Union (EU) directive authorising an EU financial transaction tax, which would apply to ten of the EU’s 28 member states
Accountancy watchdog the FRC has dropped its investigation into the former chief financial officer of Tesco, nearly two years after the supermarket was engulfed in an accounting scandal
Colin imagines how Apple's logo might change in the wake of the EC's ruling over its Irish tax arrangements