UK Ltd company wholey owned by US based inc 228



  • As my company is completely owned by an american company, do we have to comply with these regulations?



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  • Maybe.
    Your US parent will need to comply if it is SEC registrant, and the certification will be in the parent/group accounts. There would not be any need for a certification in the UK companies accounts.
    If your parent does need to comply they will need to determine what that means for its subsidiaries. It is possible that a subsidiary may not be impacted if it is immaterial to the results of the group, or perhaps only a subset of business processes might come into scope.
    This decision making needs to be driven by the parent company.



  • Jak,
    It would be a wise move to get started anyway, whether you need to or not. SOx might be a painful process to go through but it does put you in good shape for the future.
    Just wait and see, soon the UK will have its own version of SOx to comply to so you might as well be prepared.
    cheers



  • Just wait and see, soon the UK will have its own version of SOx to comply to so you might as well be prepared.
    We do already - it’s called the Combined Code on Corporate Governance


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