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.
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