Emerging Markets Companies Face Increased US Scrutiny
By Deborah Meshulam, Sanjay Shirodkar and Mary Dunbar (June 16, 2020, 4:37 PM EDT) -- Between May 18 and May 20, U.S. lawmakers and regulators increased their focus on the lack of financial accountability, governance and transparency of companies based in emerging markets, particularly China.
The U.S. Senate, U.S. House of Representatives and Nasdaq each proposed restrictions on companies audited by auditors registered with the Public Company Accounting Oversight Board whose home countries prevent U.S. regulators from inspecting the firm or examining its work. In practice, nearly all of the risks addressed by Congress and Nasdaq come from companies principally based in China.
While none of these actions currently have the force of law, they are...
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