EU’s internal-markets chief seeks best conditions for European companies in US

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Monday April 18, 10:46

EU’s internal-markets chief seeks best conditions for European companies in US

(by Helen Snow)

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EU’s internal-markets chief seeks best conditions for European companies in US

The European Union’s internal-markets chief, Charlie McCreevy, will make his first visit to the U.S. since taking the EU post. During the visit he is going to meet with top American financial regulators with intention to reach rule changes for European companies.

According to present rules, the non-U.S. companies must confirm that they have fewer than 300 shareholders in the U.S. to escape SEC regulation. Mr. McCreevy criticized such a rule as unreasonable lobbying to raise the limit to 3,000 shareholders.

Such strict rules have forced some companies to delist from U.S. exchanges.

Mr. McCreevy is scheduled to meet with U.S. Treasury Secretary John Snow, Securities and Exchange Commission Chairman William Donaldson, and Senate Banking Committee Chairman Richard Shelby, an Alabama Republican, among others.

In meetings in New York and Washington -- scheduled for tomorrow through Friday -- he said he was eager to find solutions for problems between major trading partners.

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