60 companies 'to delist' from the US
As many as 60 European companies are set to withdraw their listings on US markets, according to CBI director-general Sir Digby Jones.
Sir Digby made the announcement just a day after the head of the SEC revealed in London that it plans to offer a further delay to the implementation of the now notorious Section 404 of the Sarbanes OXley Act, for foreign listed companies.
Some 25 UK companies have told Sir Digby that they would delist from US exchanges, and he expects 60 European companies in all to pull out, according to The Times.
In December Accountancy Age revealed that UK companies with a US listing were caught in a ‘compliance trap’ and would find it ‘almost impossible’ to delist and escape Sarbanes Oxley compliance.