Something similar to SOX in the European Union

[Onscha]

Hello everyone,

For an assignment I'm trying to find out more about SOX impact in the EU at the moment.
The question is: do we have to expect something similar in the European Union? (I mean Sox is also valid for some companies in the EU that are listed on US-stocks)...
Or is there already something like that maybe the 8th EU-directive? Or the 10 points programm of the government?
Any statements or ideas that might help?

Thanks in advance!!

[EMM]

Hi

There are several EU directives over corporate governance but none of them require an assessment or certification of internal controls within the financial statements.

SOX compliance rules and regulations only apply over Foreign Private Issuers and US subsidiaries.

Perhaps a look at Charlie McCreevy's website might help - he is the EU Commissioner for internal services and markets.

ec.europa.eu/commission_barroso/mccreevy/index_en.htm

[Lesbronzes]

Hi,

have a look at LSF (Loi de sécurité financière). It's a bit the counterpart of SOX

[Onscha]

Thanks you 2!
Very helpful..
Anyway meanwhile I found out that the 8th EU-directive also includes parallels to the SOX in the US.
And related with Corporate Governance I found a German CG Code, a Law for Transparency from 1998 (KontraG) and a financial directive. All has to do with SOX topics.
Do you perhaps now, what exactly CG has to do with SOX and if you disagree with what I found out, please let me know as well!

I wish you all a merry x-mas!!