Friday, December 10, 2004

European business steps up SEC battle

European business leaders have stepped up the pressure on the Securities and Exchange Commission to ease rules on companies that delist from US stock exchanges.

A delegation of European business leaders, including top officials from leading companies such as BASF and Siemens, told the SEC that US markets faced a growing international corporate backlash against the Sarbanes-Oxley corporate governance legislation.

In a meeting in Washington with William Donaldson, SEC chairman, the delegation urged the regulator to ease rules that compel companies to fully comply with US reporting requirements, including Sarbanes-Oxley, if they have more than 300 US shareholders.

They said there should be greater flexibility in these rules for companies that delist from US exchanges or do not have their shares traded in the country.

"If you believe in the philosophy of free markets and trade, you should allow people to leave if you change the rules," said Digby Jones, director-general of the Confederation of British Industry, who led the delegation.

Mr Jones said he was "encouraged by the openness" of SEC officials to calls for change. He said SEC had agreed to further high-level talks early next year.

European business steps up SEC battle

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