Euronext to avoid Sox rules

News Article - 07 September 2006
Category: Regulatory

Euronext has announced that it is to install an independent board to prevent companies listed on its exchanges falling into US Sarbanes-Oxley (Sox) jurisdiction.

The EU-based market recently accepted a $10.1 billion (£5.3 billion) takeover bid from the New York Stock Exchange.

Around 19 UK companies are listed with the stock exchange operator, including HSBC, BP and Aviva.

Both Euronext and the New York exchange said that they were committed to its federal structure, allowing its exchanges to be regulated by national authorities.

The new independent board, to be based in Holland, will have final say over regulatory arrangements.

Deutsche Borse is still hoping to win over Euronext shareholders before their meeting at the end of the year.

Earlier this year, the UK's Financial Service Authority conceded that the London Stock Exchange could fall under Sox rules in any future sale.

Article keywords:

---

More industry news

• Think tank warns UK may have already slipped back into recession
• Growing demand for HR staff in technology and international sectors
• Boosting business growth a ‘priority’ to avoid Eurozone slowdown
• HMRC launches alternative disputes pilot scheme this week
• December employment statistics disregard gloomy recruitment predictions
• Eurozone manufacturing PMI shows modest improvement
• UK scores highly for economic governance by ratings agency
• Government launches two-year project focusing on manufacturing sector
• Burden of regulation on UK businesses ‘too high’

Back to news home page »