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On December 18, 2020, President Trump signed the Holding Foreign
Companies Accountable Act (HFCAA) into law. Later that day, US
Securities and Exchange Commission (SEC) Chairman Jay Clayton
published a statement providing an update on a planned SEC
rulemaking in light of the enactment of the HFCAA. Noting the
significant overlap between the HFCAA and the planned SEC
rulemaking, Chairman Clayton has directed the staff to revise the
near-final rule proposal to incorporate the congressional
mandate.
The passage of the HFCAA, which mandates that the SEC adopt