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Europe’s long battle with the Sarbanes-Oxley corporate- governance act appears to be ending after the U.S. Securities and Exchange Commission moved this week to ease the regulatory burden on businesses, the European Commission and leading European businessmen said Friday.

“This is good news coming out of America,” said E.U. spokesman Oliver Drewes. It shows our “intense dialog with the U.S. is working out.”

The SEC proposals would allow European companies to de-list from the New York Stock Exchange, he said. At the same time, the European Employers Association, UNICE, said rule changes would encourage European business to enter the U.S. markets.

Earlier this week, the SEC proposed two changes to the Sarbanes-Oxley Act governing U.S. accounting regulation.

Instead of insisting management hire outside auditors to scrutinize almost every part of their accounts, the new rules allow them more flexibility to supervise their own accounts.

The new rules also water down strict rules which make it difficult for companies to de-list from U.S. stock exchanges.

“This is good news. Both proposals show that the SEC has been adequately responsive to E.U. businesses, which have had to face very burdensome and costly rules when listed on a U.S. stock exchange,” said Ernest-Antoine Seillire, president of UNICE.

MorningStar: EU Says US Moves Ease Dispute Over Sarbanes-Oxley Act