Oral question asked in the House of Lords, by Lord Sharman (Liberal Democrat). It was answered on Tuesday, 24 October 2006.

Sarbanes-Oxley Act

Question: My Lords, will the Minister confirm that the Government are well aware of the way in which the Sarbanes-Oxley Act has impacted on the attractiveness and competitiveness of the United States capital market? So much so is that the case that, I believe, Mr Hank Paulson is conducting a review of it with a view to amending it. Can the Minister further confirm that the Government will bear that in mind when it comes to drafting regulations required under the Companies Bill, which will return to this House in a short time?

Answer: Yes, indeed, my Lords. The impact of Sarbanes-Oxley has been felt in the US, as has been recognised by the SEC and the authorities there. It is certainly something of which the Government here are mindful, and they will keep it at the forefront of their thinking. We look forward to our further discussions on the Companies Bill. We have had plenty in the past, but the Bill is coming back to us next week.

Secondary information