PEP 0263 allows an encoding declaration in the second line, but
py_compile seems not to recognize such ones:

>>> MODULE = "\n# encoding=UTF-8\nU = u'\xc3\xb3'\n"
>>> f = file('tmp.py', 'w')
>>> f.write(MODULE)
>>> f.close()
>>> from py_compile import compile
>>> compile('tmp.py', 'tmp_buggy.pyc', 'tmp_buggy.py', doraise = True)
>>> import tmp
>>> import tmp_buggy
>>> tmp.U
u'\xf3'
>>> tmp_buggy.U
u'\xc3\xb3'