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CBI wins delay of ‘costly’ new rule on accounting in the US

CBI wins delay of ‘costly’ new rule on accounting in the US

by Rick Turoczy on March 4, 2005

The CBI has estimated that up to 60 European companies were ready to pull their US listings over the implementation of Section 404 of the Sarbanes-Oxley Act, which they say will be too costly. Delegates from UK and European companies, including Cadbury Schweppes, BASF and Siemens, visited Washington in December and warned US regulators that they faced an international backlash over the rule.

Sir Digby said: “The CBI lobbied hard for extra time for European companies to deal with the demands of Section 404 and we are pleased that the SEC (Securities and Exchange Commission) has granted a meaningful extension.

“Poorly implemented regulation destroys wealth, with no upside for the consumer or investor.

“That is why it is essential that the right balance between corporate governance and wealth creation is achieved.”

CBI wins delay of ‘costly’ new rule on accounting in the US

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