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
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.