Discover Government News
UK must get ready for Sarbanes-Oxley Act
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."
The link for this article located at vnunet is no longer available.