SOX Center

The European Union is satisfied with new U.S. rules making it easier for companies to delist from U.S. stock exchanges, European Internal Market Commissioner Charlie McCreevy said Friday. “The solution of the de-registration issue is a milestone” for transatlantic economic relations, McCreevy said. “This is very good news for our companies and economy.”

Under the SEC’s new rules, non-U.S. companies are free to leave U.S. markets for good if U.S. trading in their securities is 5% or less than worldwide trading in the same securities over the previous 12 months. The change is set to take effect mid-year, just in time for non-U.S. firms to escape the stringent accounting rules imposed by the 2002 Sarbanes-Oxley Act.

Morningstar.com: EU Says Satisfied With New US Stock Exchange Delisting Rules