Friday, June 16, 2006

NYSE head says Sarbanes-Oxley won't come to Europe

"As far as the Sarbanes-Oxley law which worries Europe is concerned, I'm the first not to hope for its extension," he said. "It applies to companies listed in the United States. Nothing allows one to envisage that it could apply to companies not listed in the United States," he said.

The Sarbanes-Oxley Act, introduced after a series of U.S. corporate and accounting scandals, imposes tough compliance rules on listed companies that many have complained are burdensome and restrictive.

Thain insisted that neither the U.S. Congress nor the U.S. Securities and Exchange Commission would have the authority to impose U.S. regulation on foreign-listed companies, even if the merged NYSE/Euronext were based in the United States.

"I repeat, the authority of the SEC and American laws can only be applied to companies listed in the United States. The founding agreement between regulators will guarantee this."

NYSE head says Sarbanes-Oxley won't come to Europe

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