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Despite the extra year given in March to foreign companies to comply with the Sarbanes-Oxley Act in the US, the financial burden of the extra reporting requirements claimed another victim in July when Rank Group, the UK leisure company that owns the Hard Rock Café restaurant chain, announced its plans to delist from Nasdaq. In announcing its intention to terminate its American depositary receipt programme, Rank cited the costs of complying with SEC reporting requirements as its main reason.
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