Brown Gets Tough on a Creeping US; AMERICANS TOLD THEY CAN'T DECIDE THE RULES FOR LSE
Byline: DAN ATKINSON
From Dan Atkinson IN SINGAPORE
GORDON BROWN this weekend signalled a tough new approach to the US by making it clear that planned legislation to outlaw American rules from applying to the London Stock Exchange is nonnegotiable and in the national interest.
With Tony Blair under fire for failing to stand up to President Bush, the Chancellor used the arcane issue of rules governing the LSE to show his independence.
Brown, in Singapore to attend meetings of the International Monetary Fund and World Bank, told Financial Mail the legislation, which would prevent US regulatory authorities having any jurisdiction over the LSE, would also apply to Congress. Some US legislators have argued that certain laws should apply overseas.
'The proposals we are putting forward are a reminder of what we as a country are expected to do to ensure there is no doubt as to the regulation of the Exchange,' said Brown. 'This is a national decision. It is the right thing to do.'
The new regulations will be added to the Companies Act now passing through Parliament and expected to be law by 2007. …