The U.S. Securities and Exchange Commission is moving aheadf of measures to remove foreign companies off American stock exchanges if they do not comply with U.S. auditing standards, and require them to disclose any governmental affiliations.
The Holding Foreign Companies Accountable Act was signed into law by previous US President Trump in December 2020
- allows removal of Chinese companies from U.S. exchanges if they have fail to comply with American auditing standards for three years in a row
- also requires that firms prove to the SEC they are not owned or controlled by an entity of a foreign government and to name any board members who are Chinese Communist Party officials
Info via Reuters, link here for further.
