February 28, 2024

AndronETalksNews

AndronETalksNews

SEC Finalizes Rules Allowing It to Delist Foreign Firms From US Exchanges If They Fail to Meet Audit Requirements

The Epoch Times

By Katabella Roberts

December 3, 2021 Updated: December 3, 2021

 

The U.S. Securities and Exchange Commission (SEC) on Thursday finalized rulesrelating to the Holding Foreign Companies Accountable Act (HFCAA) which would allow it to delist foreign firms from American exchanges if they fail to observe U.S. accounting rules and comply with requests for information from regulators.

The bipartisan legislation was signed into law by former President Donald Trump on Dec. 18, 2020, and would see foreign companies delisted from U.S. exchanges if they fail to comply with the Public Company Accounting Oversight Board’s (PCAOB) audits for three consecutive years.

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