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According to the bill, foreign businesses should be audited by US regulators
WASHINGTON, December 19. /TASS/. US President Donald Trump has signed the bill which particularly aims to block Chinese companies from US exchanges, the White House said in a statement. On Friday, December 18, 2020, the President signed into law the ‘Holding Foreign Companies Accountable Act’, the White House noted. According to the bill, foreign businesses should be audited by US regulators.
Beijing slams this bill as discriminatory and says that it seeks to create obstacles for Chinese companies’ listings on US exchanges. Such measures by Washington can push Chinese companies from the US market and can affect interests of US investors, China says.
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SEC Chief Lauds Foreign Listings Law, Looks Ahead To Rules
Law360 (December 18, 2020, 11:35 PM EST) U.S. Securities and Exchange Commission outgoing chairman Jay Clayton said President Donald Trump s enactment Friday of the Holding Foreign Companies Accountable Act will address critical investor protection issues, but that SEC rule proposals regarding tougher listing standards for Chinese issuers will have to wait until after his tenure.
Clayton said in a statement Friday that the new law will require significant SEC action to implement and that the Commission s consideration of a rule proposal will not occur during my tenure.
The chair lauded the new bipartisan-supported law which aims to tighten requirements for foreign companies hoping to sell shares in America.
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Statement After The Enactment Of The Holding Foreign Companies Accountable Act, SEC Chairman Jay Clayton, Dec. 18, 2020 - Harmonizing The Act And The Report Of The Presidentâs Working Group On Financial Markets Date
18/12/2020
Over the last several years, my colleagues and I have taken a number of actions to bring greater attention to, and to further address, the various risks associated with investing in emerging markets, including China.[1] Additionally, as part of the President’s Working Group on Financial Markets, I supported the July 2020 release of the Report on Protecting United States Investors from Significant Risks from Chinese Companies (“PWG Report”).[2]