PracticeAccounting FirmsLSE and Deloitte row over foreign UK listings

LSE and Deloitte row over foreign UK listings

A row has erupted between LSE and Deloitte over foreign listings in the UK

The
London Stock
Exchange
has disputed findings in a research report released by
Deloitte,
raising concerns about the financial strength of foreign companies issuing
global depositary receipts in the UK. The LSE claim the study contains a number
of inaccuracies and misleading statements.

The Deloitte study noted a third of overseas firms issuing GDRs in London
last year, admitted to having weak financial controls, although ‘there is a
worryingly common misconception that GDRs are governed in the same manner as the
primary listings’, The Daily Telegraph reports.

The LSE said GDRs traded on its main market were obliged to follow the rules
for EU-regulated markets, which included compliance with the transparency
directive by producing half-yearly audited financial reports.

An LSE spokesman said the facts were ‘quite straightforward’. ‘The Financial
Services Authority requires full disclosure of all major risk factors in the
prospectuses of GDR issuers as in the case of any other issuer,’ he said.

Further reading:

Listing rules overhaul floated by FSA

Read
the story in The Daily Telegraph

Related Articles

Productive accountancy firms lead the way

Accounting Firms Productive accountancy firms lead the way

4h Simon Adcock, HSBC
LLPs in Top 50+50: Will LLPs continue to be the preferred set-up?

Accounting Firms LLPs in Top 50+50: Will LLPs continue to be the preferred set-up?

1d Fergus Payne, Lewis Silkin
BDO’s global revenues pass $8bn

Accounting Firms BDO’s global revenues pass $8bn

1w Alia Shoaib, Reporter
Top 40 International Networks, Associations and Alliances: Finding growth amid uncertainty

Accounting Firms Top 40 International Networks, Associations and Alliances: Finding growth amid uncertainty

1w Philip Smith, Reporter
Top 40 International Networks, Associations and Alliances 2017: Big Four tussle for top spot

Accounting Firms Top 40 International Networks, Associations and Alliances 2017: Big Four tussle for top spot

2w Emma Smith, Managing Editor
BDO reports revenue growth of 5.7%

Accounting Firms BDO reports revenue growth of 5.7%

2w Alia Shoaib, Reporter
Taylorcocks announces merger with Surrey firm

Accounting Firms Taylorcocks announces merger with Surrey firm

2w Emma Smith, Managing Editor
Kingston Smith reports 7% gender pay gap

Accounting Firms Kingston Smith reports 7% gender pay gap

2w Emma Smith, Managing Editor