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.