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European, US and international regulation (US Sarbanes-Oxley Act (2002)…
European, US and international regulation
Those non-US companies that wish to list their shares in the USA will be subject to these rules and others, at least to some extent, as Foreign Private Issuers
Various reports were written for or by the European Commission as a reaction to the financial crisis that hit in 2007/2008. These reports have led to regulatory action around company law but mainly the law and regulation governing banks and other financial institutions.
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International Regulation
The work of the Financial Stability Board has been aimed at solving the problem of national regulators regulating global firms, there has been international agreement that some firms need to be designated as systemically important financial institutions and subject the greater regulation
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The FSB also operates with national regulators and other international regulators, such as the Bank for International Settlements, the Basel Committee on Banking Supervision and the International Monetary Fund
Foreign Private Issuers: A non US company will qualify as FPI if 50% or less of its outstanding voting securities are held by US residents or if more than 50% of its outstanding voting securities are held by US residents and none of the following three circumstances applies: the majority of its executive officers or directors are US citizens or residents, more than 50% of the issuer's assets are located in the USA or the issuer's business is administered principally in the USA
Public Accounting Oversight Board Charged with the oversight and supervision of public company accounting firms and oversees the audit of public companies in order to protect investor interests and further the public interest in the preparation of information, accurate and independent audit reports
US Securities and Exchange Commission: One of the main financial services regulatory authorities in the US whose remit includes the protection of investor interests and the maintenance of fair, orderly and efficient markets
Financial Stability Board: An international body that monitors and makes recommendations about the global financial system
Systemically important financial institutions: financial institutions whose distress or disorderly failure, because of their size, complexity and systemic interconnectedness, would cause significant disruption to the wider financial system and economic activity