EU Internal Market Commissioner, Frits Bolkestein has condemned the German and French governments for their stance on the proposed European Union takeover directive.
According to reports, the French authorities agreed on Thursday to back Germany's bid to derail the planned directive, causing Mr Bolkestein to reveal that he is now 'less confident' that agreement will be reached on the proposed takeover code.
'Frankly, the positions taken by some member states are astonishing. Some are protectionist and defensive. Others are even backtracking on what they were previously willing to sign up to,' AFX News quoted the Internal Market Commissioner as observing last week.
Mr Bolkestein also expressed disappointment at the fact that US Securities and Exchange Commission (SEC) appears disinclined to exempt European companies with a US listing from the provisions of the Sarbanes-Oxley Act.
Speaking on Wednesday, SEC member, Roel Campos argued that imposing different rules on companies based on their origin would lead to incoherence and fragmentation within the market.
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