https://www.foxbusiness.com/markets/senate-passes-bill-delisting-rogue-chinese-companies“ The U.S. Senate has passed a bill boosting oversight of companies based in China and other nations that could lead to their removal from American stock exchanges.”
“ The legislation tells all the companies in the world that "if you want to list on an American exchange, you have to submit an audit and the SEC has the right to look at that audit, and audit the audit," Kennedy said on the Senate floor. "And if you refuse not once, not twice, but three times -- if over a three-year period, each of those three years, the company says, 'You cannot audit my audit,' then they can no longer be listed."
To become law, the measure titled the Holding Foreign Companies Accountable Act would still have to be approved by the Democratically-controlled House of Representatives and signed by the president.
"After a decade of pounding the tables on the issue of China companies defrauding U.S. investors, we are encouraged to see this bill pass the Senate and we hope it becomes law," Carson Block, short-seller and founder of Muddy Waters Research, told FOX Business in an emailed statement. "By listing in the U.S., these companies have ready access to U.S. retail investors’ money, and so long as China effectively remains a rogue country for U.S. securities regulation, its companies should not have access to our markets."
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