Thursday, December 09, 2004

SEC open to delisting for UK companies

Delisting from US markets should be easier for UK companies struggling with the burdens of Sarbanes-Oxley, according to a key figure at the US Securities and Exchange Commission.

Alan Beller, director of the corporation finance division at the SEC, said that the regulator's 300-shareholder rule, which has forced many companies to maintain their US listing and has been labelled 'arcane' by the New York Stock Exchange (pictured), should be relaxed to a certain degree.

'For me there is no quarrel that companies should be able to come into and go out of markets as they wish,' said Beller. 'But there is the significant issue of investor protection, and we have to balance the two.'

Currently, many non-US companies trading on American exchanges are looking at the possibility of delisting to avoid the large costs of compliance with the Sarbanes-Oxley Act and, in particular, the resource-straining section 404 on internal control.

SEC open to delisting for UK companies

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