United States of America: SEC Identifies Weibo under Holding Foreign Companies Accountable Act

On 14 April 2022, the US Securities and Exchange Commission (SEC) listed the Chinese social media platform Weibo, which is now at risk of being removed from US exchanges for failing to disclose financial audits and whether they are controlled by a government entity. The list is based on the Holding Foreign Companies Accountable Act (S 945) which explains how foreign companies listed on US exchanges must disclose their financial audits and whether they are owned by a government entity. The Public Company Accounting Oversight Board identifies foreign companies it cannot inspect due to the position of authorities in the foreign jurisdiction.