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The European flavor of the Sarbanes
Oxley Act:
European Sarbanes Oxley - The 8th Company Law Directive
Which is the real reason behind the 8th Company Law Directive? A. The need for better corporate governance and for more effective audits? B. An effort to make the EU market more competitive and to attract more investors? C. An effort to avoid some of the extraterritorial provisions of U.S. laws like Sarbanes-Oxley? For example, EU finance ministers have raised concerns about U.S. authorities’ access to a European firm’s audit work papers. D. An effort to impose extraterritorial obligations just like Sarbanes-Oxley? For example, several non-EU companies now raise concerns about EU authorities’ access to their audit work papers. E. A post Sarbanes-Oxley regulatory retaliation? F. The competition with the Offshore Financial Centers which, one more time, try to enact new legislation to respond and to persuade the EU that they enforce the same or equivalent measures. G. An opportunity to regulate the EU market (and all the foreign companies listed in EU) and to restore investor confidence? Perhaps all the above! 1. It is good to start from the European Union's Financial Services Action Plan: The Financial Services Action Plan There are 42 original measures: Some are non-legislative, a few are regulations, and there are almost 30 directives. Over 20 of the original measures are likely to affect the financial sector. www.financial-services-action-plan.com 2. Next step: The 8th Company Law Directive, the European answer to Sarbanes-Oxley The 8th Company Law Directive is similar to the US Sarbanes Oxley Act. This directive is called the European Sarbanes Oxley. Although there are important similarities, there are also very important differences. The directive in an easy to read format. www.8th-company-law-directive.com 3. Next step: Presentations and Training 8th Company Law Training and Presentations Similarities and differences between 8th Company Law Directive of the European Union and the Sarbanes-Oxley Act of the USA. Implementation and compliance training and presentations. www.8th-company-law-training.com |
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