BusinessCompany NewsDTI to pressure Bush for quick Pitt replacement

DTI to pressure Bush for quick Pitt replacement

The Department of Trade and Industry intends to pressure George Bush into finding a quick replacement for Harvey Pitt, the chief US financial regulator who resigned on Tuesday, in a bid to get concessions for UK firms from the Sarbanes-Oxly Act.

Link: SEC in crisis

and SEC chief Harvey Pitt resigns

Appointing a new chairman to the Securities and Exchange Commission, is a White House decision and the DTI yesterday stressed it needs a senior SEC negotiator to further its lobby for UK exemption for certain measure in the now notorious Act.

‘We will be putting pressure to make sure there is a replacement soon, so we can continue negotiations with the SEC at senior level,’ a DTI spokeswoman said.

The DTI stressed that, while waiting for a Bush decision, it will continue to work with the SEC and that it expects openness to compromise from Pitt’s successor. ‘Whoever replaces him has got the same responsibilities,’ the spokeswoman said.

Concessions have been sought by UK ministers from clauses in the Sarbanes-Oxley that bring British accountancy firms under the jurisdiction of the SEC.

Indeed, the cross-border effects of the act have been much criticised by politicians and accountants alike in the UK who feel that UK corporate governance was already well ahead of US regulation.

Related Articles

BDO replaces Deloitte as Mitie auditor

Audit BDO replaces Deloitte as Mitie auditor

3m Emma Smith, Managing Editor
CVR Global appoints partner in London office

Company News CVR Global appoints partner in London office

7m Alia Shoaib, Reporter
FTSE100 failing to provide adequate ethics information

Company News FTSE100 failing to provide adequate ethics information

7m Alia Shoaib, Reporter
Moore Stephens recruits new private client partner

Accounting Firms Moore Stephens recruits new private client partner

10m Emma Smith, Managing Editor
Magma Group announces merger, partner promotions

Accounting Firms Magma Group announces merger, partner promotions

10m Emma Smith, Managing Editor
BDO on ‘recruitment spree’ with multiple partner appointments

Accounting Firms BDO on ‘recruitment spree’ with multiple partner appointments

10m Emma Smith, Managing Editor
Brand strength leads to fee income growth for RSM

Accounting Firms Brand strength leads to fee income growth for RSM

10m Emma Smith, Managing Editor
Mazars strengthens audit team with partner appointment

Accounting Firms Mazars strengthens audit team with partner appointment

10m Emma Smith, Managing Editor