McCreevy praises SEC listings deregistration efforts

European commissioner Charlie McCreevy said new rules
adopted by the US regulator are ‘sensible, workable and practicable’.

The rules allow for the smooth deregistration of European companies from the
US stock exchanges regulated by the
Securities & Exchange Commission.

‘The solution of the deregistration issue is a milestone of the financial
markets regulatory dialogue between the EU and the US – this is very good news
for our companies and economy,’ said internal markets commissioner Charlie
McCreevy .

In announcing the changes, SEC commissioner Annette Nazareth said: ‘One of
the primary changes to the final rules is… trading volume benchmark that will
permit a foreign private issuer to exit the US system when its US trading volume
is no greater than 5% of its worldwide trading volume.’

McCreevy had previously asked for a higher threshold.

Further reading:

SEC votes to ease deregistration rules

SEC considers easing deregistration burdens

McCreevy says revised SEC US deregistration rules ‘good news’

Related reading