In case you weren't sure how execs at Euronext feel about Sarbanes-Oxley, let us assure you, they don't like it at all.
When the European markets operator was negotiating its anticipated merger with the New York Stock Exchange, its lawyers insisted on an anti-Sarbox provision, which stated that the deal would fail if an attempt was made to apply the rigid corporate reform law to companies listed on the European exchanges. Moreover, a recent Forbes story quotes Euronext's CEO as saying that Sarbanes-Oxley "will never apply" to European companies.
Using a word like never is a bold move in our opinion, but we're not ones to judge. After all, the combined Euronext/NYSE plans to set up a protective structure in the form of a Dutch foundation that will make decisions on any proposed changes to the regulatory structure. The Euronext chief doesn't believe it will ever be used, according to Forbes, but it will reassure companies that the regulatory framework is sound.