Sarbox confusion strikes UK companies

Sarbox confusion strikes UK companies

British businesses rush to make sense of new rules around Sarbox compliance

UK companies with US listings are battling to make sense of new
Sarbanes-Oxley implementation rules amid confusion over whether they would be
granted more time to comply with the rules.

Earlier this week the Securities and Exchange Commission said it would allow
smaller US companies more time to comply with Sarbanes-Oxley section 404,
prompting speculation that foreign businesses could be allowed similar
exemptions.

When SEC chairman Christopher Cox announced the exemptions for small
companies, he was unclear over what the implications would be for foreign
listeds.

Cox said the SEC ‘might or might not’ extend the Sarbox deadline for overseas
companies, the Financial Times reported. Another SEC official said: ‘We
don’t know for sure.’

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