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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

1: Ed Balls - Economic secretary to the Treasury

Ed Balls is often tipped as a future chancellor. The good news is that he appears to understand how the profession works. Balls has been the driving force behind moves to prevent the London Stock Exchange from being hampered by the Sarbanes-Oxley Act in 2006 and has moved towards establishing better financial controls within the European Union. He may not be hugely significant now, but 2007 is certain to herald greater things for this youthful political star.

AccountancyAge: The Top 50 financial power list 2007