The UK’s newly-appointed Economic Secretary to the Treasury, Ed Balls, has rejected American-style rules for the London Stock Exchange.

In his first speech in his new job, Balls insisted that the British light-touch regulatory approach was “a competitive advantage that should be preserved”.

“I don’t care who owns the stock exchange,” Balls said in a later interview. “I care that we have regulation that makes people want to list here from around the world. That’s got to continue.”

The comments are the latest by various officials expressing concern about regulation of the LSE in the event of a foreign takeover. The Financial Services Authority has already opposed the imposition of U.S. Sarbanes-Oxley rules, which force companies to disclose reams of information to protect investors from fraud.

Balls said that the British government would attempt to protect its regulatory framework in the event of a takeover: “The test of what is best for the City as a global financial centre in the long term” would be a priority.

“Nothing should be done to put at risk a light-touch, risk-based regulatory regime,” Balls said. “We must keep the U.K.’s regulatory system at the cutting edge — the best in the world.”