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FSA chief: Sarbanes Oxley ‘unlikely’ to apply in UK

FSA chief: Sarbanes Oxley ‘unlikely’ to apply in UK

by Rick Turoczy on June 18, 2006

The Financial Services Authority (FSA) has claimed that, even if US-based Nasdaq does buy the LSE it, it does not mean that America’s tougher Sarbanes Oxley (SOX) regulations will automatically becoming governing business law in Britain.

However, it admitted that in the long-term if a foreign firm chose to buy the LSE then it could fall into the jurisdiction of a different regulator should the purchaser so wish.

FSA chairman Callum McCarthy explained: “Neither the FSA nor the Securities and Exchange Commission consider that US ownership of the LSE, in and of itself, would result in US regulations, including Sarbanes-Oxley, applying to companies listed or quoted on its markets or member firms of the LSE.”

FSA chief: Sarbanes Oxley ‘unlikely’ to apply in UK

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