Details of a plan to protect the UK from Sarbanes-Oxley are set to be unveiled this week in the Queen’s Speech on Wednesday.

The Clearing House and Banking Bill - which should be in force within a year - is designed to overcome fears that a London Stock Exchange takeover by a US exchange could allow stringent US regulation to be enforced in the UK, the Financial Times reported.

The bill, consisting of 12 clauses, is said to be politically non-contentious. Economic secretary Ed Balls said it was government’s ‘agreed and clear intention’ to get the legislation on to the statute books as quickly as possible.

[1] Sarbox protections due in Queen’s Speech