US Congress passes bill to delist deceitful Chinese firms from Nasdaq

December 03, 2020 13:08

The US Congress has passed a bill that prohibits companies from being listed on American stock markets if they fail to provide the regulators access to their audit information for three years in a row, paving the way to delist deceitful Chinese companies from the US securities exchanges.

The bipartisan Holding Foreign Companies Accountable Act will help protect American investors and their retirement savings from foreign companies that have been operating on US stock exchanges while flouting oversight.

The bill was passed by the House of Representatives on Wednesday. It was passed by the Senate on May 20. The bill now heads to the White House for President Donald Trump to sign it into law. The bill prohibits securities of a company from being listed on any of the US securities exchanges if the company has failed to comply with Public Company Accounting Oversight Board (PCAOB) audits for three years in a row.

It requires public companies to disclose whether they are owned or controlled by a foreign government, including China's communist government; and ensures foreign companies traded in America are subject to the same independent audit requirements that apply to American companies. -- PTI

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