European chemical firms oppose US Sarbanes-Oxley certification Act. (News: Europe).(Brief Article)

Chemical Market Reporter, August, 2002

SOME OF Europe's leading chemical producers are expressing concerns about the implications of the US Sarbanes-Oxley Act, which could require senior executives of foreign companies to certify their financial statements. The US Securities and Exchange Commission (SEC) is due to issue guidance by the end of this month on whether chief executives and CFOs of foreign companies with secondary stock listings in the US will have to make sworn statements on the veracity of their accounts along with their US counterparts.

The European Commission, the European Union (EU) executive, has complained that the act, which can impose jail terms of up to 20 years on executives, undermines its own regulatory role. EU governments argue that the act should not apply to...

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