SEC allays concerns over ‘Sarbox ‘regulatory creep’

Critics of the Sarbanes-Oxley
have called for action before the powerful US legislation encroaches on
Europe’s borders.

A ‘regulatory creep’ scenario is feared because Sarbox’s stringent Section
404 compliance and audit provisions could inadvertently find their way into the
UK were the London Stock
to be taken over by a US exchange.

Stateside regulators the Securities and
Exchanges Commission
(SEC) have tried to reassure concerned parties by
increasing their co-operation with the Financial Services Authority.

SEC chairman Christopher Cox, said that neither the body, or their European
counterparts would be work to avoid any potential ‘over-reach’ into related.

Related links:

Internal controls: look back, get ahead – 10 Tips

Audit watchdog to trim down Sarbox

Laws blocking Sarbox from LSE on their way

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Fiona Westwood of Smith and Williamson.