Sarbox Changes Could Lure Chinese Firms to U.S.

Lora Bentley

Today there's a break, albeit a small one, in the "gloom and doom" attitude that seems to prevail where the Sarbanes-Oxley Act is concerned.

 

After NASDAQ CEO Bob Griefield, government dignitaries and NASDAQ-listed Chinese business execs rang the bell to open today's trading from Beijing, Reuters reports, Griefield told attendees that the expected Sarbox reforms would make it easier for Chinese companies to list with U.S. exchanges.

 

Particularly, relaxation of section 404 requirements would remove a significant obstacle to U.S. listings for Chinese businesses. Moreover, the fact that the U.S. may decide to accept the International Financial Reporting Standards also adds incentive.

 

Griefield declined give his audience a timeline for when the NYSE Group -- the parent company of NASDAQ and the New York Stock Exchange -- would be opening an office in China. He said only that he was pleased with the progress being made toward that goal, according to Reuters.



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