EU-US talks will test financial markets dialogue.

Financial News, July, 2003

Byline: Patrick Blum in Brussels

The European Commission is preparing a fresh push to resolve disputes with the US that will test the EU-US financial markets' dialogue launched a year ago to discuss regulations and avoid conflicts.Two issues will dominate talks in Brussels and Washington after the summer: the impact of the US's Sarbanes-Oxley legislation and direct access to the US market for European stock exchanges.

These have been a big source of friction between the two, with the US resisting EU requests for changes to its legislation and recognition of equivalent EU measures to protect investors. Market participants say failure to make progress on these issues would leave the EU-US dialogue in shreds.

The EC believes co-operative...

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