UK regulator outlines what foreign ownership of London Stock Exchange may mean
The UK’s Financial Services Authority has issued a statement outlining what foreign ownership of a UK-based stock exchange may mean for regulation.
With Nasdaq buying up 25% of the London Stock Exchange plc, the NYSE seeking to buy Euronext, and cross-border consolidation an ongoing issue, the FSA set out its views on the regulatory angle. For example, it notes that Sarbanes-Oxley would not apply to LSE listings.
Callum McCarthy, chairman of the FSA, said that the FSA will always seek to be neutral concerning the nationality of the management or ownership of the entities it regulates. “We recognize the benefits that this policy has brought to the UK in assisting in it becoming one of the most international capital markets in Europe and worldwide,” he said.
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