Chinese companies that fail to comply with laws requiring U.S. regulators to inspect their audit process will be kicked out of U.S. stock exchanges from 2024, wrote Securities and Exchange Commission chairman Gary Gensler. a Wall Street Journal editorial on Monday night.
Gensler pointed to the Holding Foreign Companies Accountable Act, passed unanimously by Congress last year and enacted by President Trump, which prohibits trading in shares of issuers unless the Public Company Accounting Oversight Board does be authorized by foreign jurisdictions to supervise their audits.
After three years of non-compliance, the law requires US stock exchanges to write off the shares of an issuer. The SEC has taken all necessary steps to implement this law, and the supervisory board is on track to finalize its relevant rules before the end of the year, Gensler wrote. The three-year clock started ticking in 2021.
The law applies to all foreign companies, but targets China, the only country that has failed to reach an agreement with US regulators allowing the audit process required by the enacted Sarbanes-Oxley Act of 2002. following the Enron and WorldCom accounting scandals.
It is now up to Beijing to let the supervisory board in so that we can ensure that the relevant audits meet US standards, Gensler wrote. Early next year, I think we’ll be announcing which companies, if any, have used an auditor who hasn’t opened their working papers to U.S. supervisors. If these companies use an audit firm in a non-compliant jurisdiction for two consecutive additional years, their shares will no longer be able to trade in our capital markets from 2024.
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