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FSA: Sarbanes-Oxley could come to London

FSA: Sarbanes-Oxley could come to London

by Rick Turoczy on June 14, 2006

Sarbanes-Oxley could be coming over here after all. It was widely thought that the architects of any transatlantic merger of stock exchanges would find a way of keeping the regulatory systems separate. That could be made to work, says the senior City watchdog, the Financial Services Authority. But don’t bet on it lasting forever.

Sarbox is the bane of every multinational business with a presence in the US. The Sarbannes, you might say. The corporate governance rules being adopted in the US under this moniker are well meant, no doubt. But they add a layer of complexity and bureaucracy that is making plenty of US firms wonder if they are really worthwhile.

The absence of Sarbox has been a key part in the success of London exchanges in attracting business from non-US companies. If, as the FSA suggests, Sarbox could come here it is likely to make it harder for Nasdaq and LSE to stitch a deal together. It would be an awful burden on British business as well.

FSA: Sarbanes-Oxley could come to London

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