Pitt poised to give way on accounts regulation
Non-US companies could be spared from complying with the new accounting and audit regime in the US it is reported today.
Link: Pitt bows out of London appearance
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.