Euronext seeks Sarbanes-Oxley shield

The advisers working on the deal between the NYSE and Euronext are working on
a complex legal formula that will prevent the enforcement of Sarbanes-Oxley on
companies listed in Europe.

The Times reports that the negotiations are expected to take up the
bulk of the rest of the year, even though the US Securities and Exchange
Commission has ruled out importing Sarbox rules to Europe.

Politicians and market players in Paris, however, have expressed concern that
later on the US might try to introduce Sarbanes-Oxley.

Lawyers working on the deal are developing a clause that would break the
merger if Sarbanes-Oxley was introduced.

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