Senate Passes Bill To Boot Chinese Cos. From US Exchanges

Law360 (May 20, 2020, 9:23 PM EDT) -- The U.S. Senate unanimously passed a bill Wednesday that would tighten requirements for foreign companies hoping to sell shares in America and, as its sponsor put it, "kick deceitful Chinese companies off U.S. exchanges."

The Holding Foreign Companies Accountable Act would prohibit a public company's securities from being listed on any U.S. securities exchange if the business hasn't complied with the Public Company Accounting Oversight Board's audit standards for three years in a row.

That would present a large obstacle for companies registered in China and Hong Kong, where the government does not allow the PCAOB to inspect audits of public...

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