Chinese companies have refused to provide audit reports in the past, claiming their audits are conducted by non-U.S. public accounting firms and cannot be shared with American regulators.
Administration officials familiar with the legislation said several senior officials opposed the new law and urged Mr. Trump to veto the bill, arguing that keeping Chinese companies inside U.S. markets could prevent them from investing in other foreign markets.
One of those who opposed enacting the legislation was Treasury Secretary Steven T. Mnuchin, a former Goldman Sachs investment banker.
Two officials said Mr. Mnuchin has been a frequent critic of Mr. Trump’s hardline policies toward China and in the past has sought to soften new policies toward Beijing over concerns they would upset trade and financial relations.
China lehnt Trumps Unterzeichnung von „Holding Foreign Companies Accountable Act ab german.cri.cn - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from german.cri.cn Daily Mail and Mail on Sunday newspapers.
Should ETF Investors Be Worried about the Delisting of Chinese Equities?
By Liqian Ren, Director of Modern Alpha, WisdomTree
On December 2, 2020, the House of Representatives voted to pass the Holding Foreign Companies Accountable Act, which passed the Senate in May. President Trump is expected to sign it into law.
Back in August, I broke down six reasons why I believe the impact of Chinese equities delisting is insignificant and secondary to the fundamental earnings factors that drive the performance of Chinese equities. The risk to Chinese equities from delisting particularly the non-state-owned segment is minimal.
The competitive landscape between of the U.S. and China still exists. The U.S.’s market efficiency, work ethic, freedom of speech and well-tested legal system is still a formidable advantage and attraction to foreign companies. But whether, and how, this issue is resolved is a good signal to watch regarding U.S.-China economic dynamics over the next four ye
Trump signs bill that could block some Chinese companies from US exchanges
Trump signs bill that could block some Chinese companies from US exchanges
WASHINGTON, Dec 19: President Donald Trump has signed legislation into law that could block some Chinese companies from engaging in exchanges in the US stock market, the White House said in a press release.
“On Friday, December 18, 2020, the President signed into law: S. 945, the ‘Holding Foreign Companies Accountable Act,’ which requires certain issuers of securities to establish that they are not owned or controlled by a foreign government, specifically if the Public Company Accounting Oversight Board is unable to audit specified reports because the issuer has retained a foreign public accounting firm that is not subject to inspection by the Board,” the release said on Friday.