Non-US banks may secure Sarbanes-Oxley concession

BELGIUM - Non-US banks may win a significant concession on tough new US legislation on corporate governance and accounting.

The Sarbanes-Oxley Act, drawn up in response to the Enron and WorldCom scandals, exempts US banks from its prohibition on companies providing loans to directors, the Financial Times reported on Thursday.

However the legislation does not provide an exemption for non-US banks, and the Securities and Exchange Commission yesterday said it would review the matter.

Alan Beller

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