The increased complexity of accounting rules brought out under the notorious
Sarbanes-Oxley Act is driving foreign companies away from listing in the US,
Marshall Carter, chairman of the New York Stock Exchange, has warned.
Speaking before the House of Representatives capital markets sub-committee,
Marshall said: ‘Despite a welcome resurgence in global equity financing, the
United States is losing the competition for these new listings.’
As a result of the rigours of Sarbox, foreign companies were choosing other
exchanges for IPOs, Marshall said.
Pressure is growing from US business circles to dilute some of the more
stringent governance reforms put in place under Sarbox, brought in swiftly after
the demise of Enron and WorldCom.
Only one of the 24 largest IPOs last year took place in the US, figures from
Ernst & Young showed.
The Financial Reporting Council has issued guidance regarding the annual reporting of 1,200 large and smaller listed companies. The letter highlighted the key issues and improvements that can be made in the 2016 reporting season
Baldwins Accountancy Group has continued investment in the north-east and appointed David Fish as a director in its corporate finance team
UK M&A activity bounced back strongly in July and August, according to analysis by the deals practice at PwC.
Smith & Williamson has added Jim Clark and Philip Marsden, of Marsden Clark Corporate Finance Limited, to its corporate finance team.