New NYSE and NASDAQ rules apply to foreign issuers

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06 Nov 2003

The US Securities and Exchange Commission has approved new rules adopted by the New York Stock Exchange and NASDAQ aimed at strengthening of corporate governance standards for listed companies.

The standards relate to independence for directors and independent director oversight of processes relating to corporate governance, auditing, director nominations, and compensation. There are certain exemptions for foreign private issuers, but not with respect to audit committee requirements. There is also a delayed implementation date for foreign private issuers. The NASDAQ rules require companies to make a public announcement of an audit opinions with a going concern qualification. Click for:

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