Controversial corporate governance laws introduced by the Sarbanes-Oxley Act were intended to apply to all companies with a listing in the US, including 1,300 non-US companies.
But Harvey Pitt, the US Securities & Exchange Commission chairman, could be about to climb down on the ‘extra-territorial’ powers following a fierce lobbying campaign from foreign companies and governments, including the European Commission.
According to the Financial Times, Pitt said the US wanted to listen to the concerns of non-US companies.
‘The US does not have all the answers. We are wise if we leave ourselves receptive to learning,’ he told the FT.
Pitt was due to address delegates at a conference in the City tonight, but had to pull out at the last minute as he grappled with the appointment of a chairman for the new accounting oversight board in the US.
But he is still expected to attend a conference in Brussels organised by the ICAEW.
Does Darwin's theory apply to taxation? Colin ponders...
The EC has been instructed to draft a European Union (EU) directive authorising an EU financial transaction tax, which would apply to ten of the EU’s 28 member states
Accountancy watchdog the FRC has dropped its investigation into the former chief financial officer of Tesco, nearly two years after the supermarket was engulfed in an accounting scandal
Colin imagines how Apple's logo might change in the wake of the EC's ruling over its Irish tax arrangements