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

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