Sox "not to blame" for IPO exodus, say business gurus
WASHINGTON DC – The Sarbanes Oxley Act (Sox) and other regulations are not the main driver behind the increasing unattractiveness of US capital markets to foreign publicly listed companies, financial leaders have agreed.
That was the conclusion of a US Treasury conference held last month at Georgetown University, that brought together some of the most influential US policymakers and investors of the past 20 years.
"The cost of Sox, and Section 404 in particular, has far exceeded the benefit derived by companies, but that is only a small part of the problem," said John Thain, chief executive of the New York Stock Exchange.
"I think more importantly the litigious culture of the US, and the cost of litigation, is
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