PracticeAccounting FirmsPitt seeks compromise over Sarbanes-Oxley

Pitt seeks compromise over Sarbanes-Oxley

The SEC chairman has left the door open for compromise on controversial financial regulation, but could expect the European Union to make similar compromises.

Link: Hewitt tells US to lay UK firms

Speaking at a conference in Brussels, Harvey Pitt said the SEC would be listening to the concerns of foreign companies listed on the US capital markets as well as those of foreign regulators.

But he warned that the EC should not seek to impose its own standards on US firms through the proposed directive on supervision of financial conglomerates.

‘The EC would do well to ward against the possible extraterritorial imposition on US firms by the EC in the form of equivalence determinations,’ he said.

On the registration of foreign audit firms at the SEC, Pitt said: ‘These concerns deserve, and will receive, our careful consideration.’ But the SEC chairman said that many of the reforms in the Sarbanes-Oxley Act could be of potential value in Europe.

Related Articles

Sexual harassment – is accountancy next for #MeToo?

Accounting Firms Sexual harassment – is accountancy next for #MeToo?

3d Karen Baxter, Lewis Silkin
Johnston Carmichael CEO appointed as ICAS president

Accounting Firms Johnston Carmichael CEO appointed as ICAS president

4w Emma Smith, Managing Editor
British Accountancy Awards 2018 – entries open!

Accounting Firms British Accountancy Awards 2018 – entries open!

1m Emma Smith, Managing Editor
Is the accountancy sector facing an international talent crisis?

Accounting Firms Is the accountancy sector facing an international talent crisis?

1m Lewis Silkin
RSM appoints new Chief Operating Officer

Accounting Firms RSM appoints new Chief Operating Officer

2m Alia Shoaib, Reporter
RSM announces 11 partner promotions

Accounting Firms RSM announces 11 partner promotions

2m Emma Smith, Managing Editor
BDO hires former AstraZeneca creative director as head of digital and innovation

Accounting Firms BDO hires former AstraZeneca creative director as head of digital and innovation

2m Emma Smith, Managing Editor
What does the future hold for listed accountancy firms?

Accounting Firms What does the future hold for listed accountancy firms?

2m Fergus Payne, Lewis Silkin