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On 20 May 2020, S.945, the Holding Foreign Companies Accountable Act, containing regulations on reporting requirements of foreign companies, was passed by the US Senate with an amendment and will now be considered in the House. The Act would apply to companies issuing securities which cannot be fully inspected by the Public Company Accounting Oversight Board because they maintain an accounting firm in a foreign jurisdiction where local rules prevent a full inspection. Such companies would be required to certify to the Securities and Exchange Commission (SEC) that they are not owned or controlled by a foreign governmental entity. Further, if a company is not subject to Board inspection for three consecutive years, the SEC would be required to prohibit the trading of its securities. The amendment further specifies the information which such companies would be required to disclose, including the percentage of shares owned by a foreign governmental entity, whether such entities have a controlling share, the names of board members who are also Chinese Communist Party officials, and whether the company's articles of incorporation contain any charter of the Chinese Communist Party.
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