City under threat - papers 18th Jan

The Financial Reporting Council (FRC) fears the City is sleepwalking into a crisis which will threaten the Stock Exchange's appeal to foreign companies seeking to issue shares, the paper writes. Paul Boyle, chief executive of the FRC, said he is "astonished" few in the City have woken up to the impact of the EU directive governing the use of foreign auditors by companies seeking to list on European exchanges. He likened the regulations, contained within the 8th Company Law Directive on Statutory Audit, to the US Sarbanes-Oxley Act, which gave audit regulators power to force the auditors o...