UK must get ready for Sarbanes-Oxley Act

    Date03 Nov 2003
    CategoryGovernment
    3576
    Posted ByAnthony Pell
    Companies are being offered a range of products to help them prepare for compliance with the Sarbanes-Oxley (Sox) Act, as lawyers warn that not all will be ready in time.. . . Companies are being offered a range of products to help them prepare for compliance with the Sarbanes-Oxley (Sox) Act, as lawyers warn that not all will be ready in time.

    Any company with a listing on Nasdaq or the New York Stock Exchange (NYSE) has to comply with Sox, even if it is a European company headquartered outside of the US.

    The law will affect storage of electronic records as well as finances.

    And although UK subsidiaries of US corporations may not be directly affected, they will have to ratify the integrity of the data and reporting they share with their US parent.

    Rick Mitchell, partner at US law firm McDermott, Will & Emery, warned that the risks to dual-listed UK companies from Sox should not be dismissed.

    "Sox basically means all relatively large companies will be affected. A British company with a NYSE listing that has trouble with reporting from its Indian office, for example, will have to be very careful."

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