The Senate passed a bill today that could ban many Chinese companies from listing shares on U.S. exchanges or raising money from American investors without adhering to Washington’s regulatory and audit standards.
Brendan Smialowsk | AFP | Getty ImagesThe U.S. Senate passed legislation on Wednesday that could ban many Chinese companies from listing shares on U.S. exchanges or raising money from American investors without adhering to Washington's regulatory and audit standards.
Though the law could be applied to any foreign company that seeks access to U.S. capital, lawmakers say the move to strengthen disclosure requirements is aimed principally at Beijing."The Chinese Communist Party cheats, and the Holding Foreign Companies Accountable Act would stop them from cheating on U.S. stock exchanges," Kennedy, a member of the Senate Banking Committee, wrote on Twitter Tuesday afternoon.
Furthermore, if the board is unable to inspect the company's accounting firm for three consecutive years, the issuer's securities are banned from trade on a national exchange.
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