The US Chamber of Commerce will on Monday call for an end to quarterly earnings guidance from companies; propose that auditing firms be allowed to seek private shareholders; and urge legislation allowing the SEC to ease the burden of Sarbanes-Oxley on foreign companies. The recommendations come in a report that is the third high-level effort to raise alarm about the competitiveness of US capital markets in four months, as the issue garners attention on both sides of the Atlantic. The chamber identifies six areas where “quick and decisive” changes to the country’s legal and regulatory framework could be made by the end of the year to halt a “steady decline” in the US share of global capital trading. It warns that the US regulatory structure is “deeply rooted in the reforms put in place in the 1930s, a period that was closer in time to the Civil War than it is to today”.

This entry was posted by Helen Thomas on Monday, March 12th, 2007 at 5:07 and is filed under Capital markets. Tagged with sec. Edit this entry.