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The House of Representatives will vote Wednesday on a bill aimed at boosting oversight of companies from China and elsewhere that are listed on U.S. stock exchanges.
Such firms are not required to adhere to the same investor protection rules, including audit requirements, as U.S. companies, a disparity highlighted by the fraud allegations at China-based Luckin Coffee this year.
The article goes on to state the following:
The Holding Foreign Companies Accountable Act, introduced by Sens. John Kennedy, R-La., and Chris Van Hollen, D-Md., would, if signed into law by President Trump, tighten the rules for such companies, forcing them to undergo an audit from the Public Company Accounting Oversight Board. Those failing to do so each year over a three-year period would be delisted.
For those who are interested in the progress of the bill that affects Chinese stocks, you may follow updates at the link below. Good resources to do your homework on ins and outs of the bill. https://t.co/2I5uNimvWn & https://t.co/X7Io5CBEHo
— NIOtime (@theniotime) December 1, 2020
House poised to cut rogue Chinese firms off from American investors https://t.co/JjIyHZOYSH
— FOX Business (@FoxBusiness) December 2, 2020
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