Sarbox protections due in Queen's Speech
Law to be rushed through parliament in an effort to prevent onerous US regulations being imposed on UK companies
Details of a plan to protect the UK from Sarbanes-Oxley
are set to be unveiled this week in the Queen’s Speech on Wednesday.
The Clearing House and Banking Bill – which should be in force within a year
– is designed to overcome fears that a London Stock
Exchange takeover by a US exchange could allow stringent US regulation to be
enforced in the UK, the Financial Times reported.
The bill, consisting of 12 clauses, is said to be politically
non-contentious.
Economic secretary Ed Balls said it was government’s
‘agreed and clear intention’ to get the legislation on to the statute books as
quickly as possible.
Further reading:
Laws blocking Sarbox from LSE on their way
Ed Balls wants to keep AIM’s light touch