BusinessCompany NewsPoor Sarbox guidance a threat to world’s financial centre

Poor Sarbox guidance a threat to world's financial centre

McKinsey report says clearer Sarbox guidance is desperately needed to revive New York's capital markets

The
New
York capital markets
have been warned that unless clearer guidance
on the implementation of
Sarbanes-Oxley
is issued, the city will lose its position as the world’s financial centre.

In a specially commissioned report, consultancy
McKinsey interviewed 50
financial services chief executives in the New York and found that 40% of the
respondents feared that New York will become a less attractive place to do
business if guidance on Sarbanes-Oxley is not made clearer.

The FT reports that if trends continue, New York would lose seven
percentage points of its market share, a development which would cost 60,000
jobs over the next five years.

Further reading:

SEC to ease Sarbox rules

SEC backs down on foreign company delistings

SEC reviews expensive Sarbox accounting rule

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