#Economy #Audit #Finance #ChinaPolicy #ChineseCompanies #US
#Trump Administration Advisors: Chinese Companies Must Comply with US Audit Requirements by 2022 or Risk Getting Delisted
Source: Stand News #Aug07
#TreasurySecretary #Mnuchin
#PublicCompanyAccountingOversightBoard #PresidentWorkingGroups
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https://t.me/guardiansofhongkong/24299
#Trump Administration Advisors: Chinese Companies Must Comply with US Audit Requirements by 2022 or Risk Getting Delisted
Source: Stand News #Aug07
#TreasurySecretary #Mnuchin
#PublicCompanyAccountingOversightBoard #PresidentWorkingGroups
Read more
⬇️⬇️⬇️⬇️
https://t.me/guardiansofhongkong/24299
#Economy #Finance #Audit #ChinaPolicy #ChineseCompanies #US
#Trump Administration Advisors: Chinese Companies Must Comply with US Audit Requirements by 2022 or Risk Getting Delisted
The Trump administration advisers have proposed to President Trump that Chinese companies shall lose their listings on the US stock markets if they do not comply with US audit requirements by 2022.
The US Senate has already passed a bill in May 2020 requiring the Public Company Accounting Oversight Board (#PCAOB) to audit foreign listed companies. If the relevant companies fail to comply for three consecutive years, the companies will be forced to give up their listings. The Wall Street Journal has reported that the President’s Working Group (#PWG) on Financial Markets, chaired by Treasury Secretary Mnuchin, has announced at a briefing on August 6th that they have completed a report on how to protect American investors. At the briefing, the officials from the treasury department stated that Chinese companies currently listed on the US exchanges must disclose their accounts to the PCAOB, and that Chinese companies will be delisted from US stock markets if they fail to meet these audit requirements by 2022. In other words, Chinese companies currently listed in the US still have more than a year to prepare their audits.
According to a Reuters report, Chinese companies preparing to go public on the US exchanges must comply with the new audit regulations. The report also states that Chinese firms can opt for a “co-audit” through U.S. accounting firms with China-based affiliates.
Source: Stand News #Aug07
#TreasurySecretary #Mnuchin
#PublicCompanyAccountingOversightBoard #PresidentWorkingGroups
https://thestandnews.com/finance/%E8%8F%AF%E5%BA%9C%E9%A1%A7%E5%95%8F-%E5%88%B0-2022-%E5%B9%B4%E4%BB%8D%E6%9C%AA%E7%AC%A6%E7%BE%8E%E5%AF%A9%E8%A8%88%E8%A6%81%E6%B1%82%E7%9A%84%E4%B8%AD%E8%B3%87%E4%BC%81%E6%A5%AD%E8%A6%81%E9%99%A4%E7%89%8C/
#Trump Administration Advisors: Chinese Companies Must Comply with US Audit Requirements by 2022 or Risk Getting Delisted
The Trump administration advisers have proposed to President Trump that Chinese companies shall lose their listings on the US stock markets if they do not comply with US audit requirements by 2022.
The US Senate has already passed a bill in May 2020 requiring the Public Company Accounting Oversight Board (#PCAOB) to audit foreign listed companies. If the relevant companies fail to comply for three consecutive years, the companies will be forced to give up their listings. The Wall Street Journal has reported that the President’s Working Group (#PWG) on Financial Markets, chaired by Treasury Secretary Mnuchin, has announced at a briefing on August 6th that they have completed a report on how to protect American investors. At the briefing, the officials from the treasury department stated that Chinese companies currently listed on the US exchanges must disclose their accounts to the PCAOB, and that Chinese companies will be delisted from US stock markets if they fail to meet these audit requirements by 2022. In other words, Chinese companies currently listed in the US still have more than a year to prepare their audits.
According to a Reuters report, Chinese companies preparing to go public on the US exchanges must comply with the new audit regulations. The report also states that Chinese firms can opt for a “co-audit” through U.S. accounting firms with China-based affiliates.
Source: Stand News #Aug07
#TreasurySecretary #Mnuchin
#PublicCompanyAccountingOversightBoard #PresidentWorkingGroups
https://thestandnews.com/finance/%E8%8F%AF%E5%BA%9C%E9%A1%A7%E5%95%8F-%E5%88%B0-2022-%E5%B9%B4%E4%BB%8D%E6%9C%AA%E7%AC%A6%E7%BE%8E%E5%AF%A9%E8%A8%88%E8%A6%81%E6%B1%82%E7%9A%84%E4%B8%AD%E8%B3%87%E4%BC%81%E6%A5%AD%E8%A6%81%E9%99%A4%E7%89%8C/
US House of Representatives Expected to Pass the Holding Foreign Companies Accountable Act to Delist Chinese Companies
United States House of Representatives is going to consider the Holding Foreign Companies Accountable Act on Wednesday 2 Dec. The Act requires companies to disclose whether they are owned or controlled by a foreign government. The Act is expected to pass smoothly, indicating that China Concept Stocks or Chinese corporations listed in the US will further be regulated. Some companies that fail to comply with the rule will be suspended from trading or removed from the US market.
Republican Senator John Kennedy and Democratic Senator Chris Van Hollen introduce The Holding Foreign Companies Accountable Act. The measure requires foreign companies to meet the auditing standards set up by the Public Company Accounting Oversight Board (PCAOB). Companies will be forbidden from being listed on any US exchange if it has failed to comply with PCAOB’s audits for three years in a row. Besides, if companies fail to provide evidence showing that they are not controlled by a foreign government, they cannot be listed in the US market.
The Senate passed the bill in mid-May unanimously. Holding Foreign Companies Accountable Act is scheduled for consideration in the House of Representatives on Wednesday 2 Dec. The bill is expected to be passed by both parties unanimously.
Source: Stand News #Dec02
#US #HouseofRepresentatives #HoldingForeignCompaniesAccountableAct #China #ChinaConceptStocks #Senate #PublicCompanyAccountingOversightBoard #PCAOB #JohnKennedy #ChrisVanHollen
https://bit.ly/2Ks9sxB
United States House of Representatives is going to consider the Holding Foreign Companies Accountable Act on Wednesday 2 Dec. The Act requires companies to disclose whether they are owned or controlled by a foreign government. The Act is expected to pass smoothly, indicating that China Concept Stocks or Chinese corporations listed in the US will further be regulated. Some companies that fail to comply with the rule will be suspended from trading or removed from the US market.
Republican Senator John Kennedy and Democratic Senator Chris Van Hollen introduce The Holding Foreign Companies Accountable Act. The measure requires foreign companies to meet the auditing standards set up by the Public Company Accounting Oversight Board (PCAOB). Companies will be forbidden from being listed on any US exchange if it has failed to comply with PCAOB’s audits for three years in a row. Besides, if companies fail to provide evidence showing that they are not controlled by a foreign government, they cannot be listed in the US market.
The Senate passed the bill in mid-May unanimously. Holding Foreign Companies Accountable Act is scheduled for consideration in the House of Representatives on Wednesday 2 Dec. The bill is expected to be passed by both parties unanimously.
Source: Stand News #Dec02
#US #HouseofRepresentatives #HoldingForeignCompaniesAccountableAct #China #ChinaConceptStocks #Senate #PublicCompanyAccountingOversightBoard #PCAOB #JohnKennedy #ChrisVanHollen
https://bit.ly/2Ks9sxB