US-LISTED CHINESE FIRMS CAN GET DELISTED UNDER NEW AUDIT LAW

The Financial Times has reported that the Holding Foreign Companies Accountable Act requires Chinese firms to give the US Public Company Accounting Oversight Board access to audited accounts — something that is now not allowed by China.  It will also force firms that are listed on US exchanges to prove that they are not controlled by a foreign government.  In August, the US Treasury and the SEC issued recommendations to ban Chinese firms from US exchanges unless they complied with US accounting standards.  The new legislation is part of a more general push by the US to take a more aggressive stance toward Beijing on economic areas including unequal market access to national security issues that are connected with spying and technology supply chains.

https://www.ft.com/content/fb33b46b-0ea6-42ca-9419-4c4b256974c7

I had omitted the following link (as it did not seem to generate much interest!), but it seemed time to add it again and say that, if you would like to make a (polite) gesture and help me with my removal and computer costs, I have a page at https://www.buymeacoffee.com/KoIvM842y

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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