British and Germans Unite to Fight Sarbanes-Oxley

Business groups in the UK and Germany are ready to launch a joint campaign to fight what they are calling the "excessive costs and regulatory burden" of the Sarbanes-Oxley Act.

In an article in Britain’s The Financial Times, writer Tony Tassell says the two groups, known as the CBI and the BDI, will urge the Securities and Exchange Commission (SEC) to make a number of changes, including making it easier for companies to de-list from U.S. stock exchanges.

"UK and German business feels very strongly over this issue," Digby Jones, CBI’s director-general told Tassell. "Sarbanes-Oxley is endangering New York's role as an international location to raise capital."

Tassell says the German and UK business groups want the SEC to ease the U.S. reporting requirements on companies that de-list from U.S. exchanges.

To read the full article, click here: http://news.ft.com/cms/s/8c1d2fba-3fe3-11d9-bd0e-00000e2511c8.html