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My Daily Fatwa: An American (inspector) in London

My Daily Fatwa: An American (inspector) in London

by Rick Turoczy on September 20, 2006

Speaking of the extraterritorial reach of U.S. regulators (goooooo, Empire!)… One of the things that has the UK folks upset these days (in addition to the NatWest Three, and our beloved president referring to Tony Blair as “Yo, Blair!”) is a recent inspection by the Public Company Accounting Oversight Board (PCAOB) of the London offices of the accounting firm Ernst & Young. (See Barney Jopson’s “US inspectors scrutinise E&Y; in London”. I particularly like his opening paragraph describing it as “the latest case of US regulatory ‘creep’”.)

Don’t get me wrong–I’m all for extraterritoriality. But I fail to see how this lives up to my high standards of reaching across borders to impose your rules on someone else. I also don’t see how this is news.

For one thing, this isn’t about imposing U.S. regulations abroad.

My Daily Fatwa: An American (inspector) in London

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