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Description

Implemented interim rules implementing the Holding Foreign Companies Accountable Act

On 5 May 2021, the interim measures issued by the Securities and Exchange Commission (SEC) regarding the disclosure and submission requirements outlined in the Holding Foreign Companies Accountable Act (HFCA Act) are implemented. In particular, the SEC amended Forms 20-F, 40-F, 10-Kand N-CSR and listed the information that companies issuing securities in the United States but maintain an accounting firm in a foreign jurisdiction have to provide to the agency. The companies are required to certify to the SEC that they are not owned or controlled by a foreign governmental entity. Furthermore, the companies are required to disclose information on 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.

Original source

Scope

Policy Area
Data governance
Policy Instrument
Cross-border data transfer regulation
Regulated Economic Activity
cross-cutting
Implementation Level
national
Government Branch
executive
Government Body
central government

Complete timeline of this policy change

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2021-03-28
adopted

On 18 March 2021, the Securities and Exchange Commission (SEC) issued interim measures implementing…

2021-05-05
in force

On 5 May 2021, the interim measures issued by the Securities and Exchange Commission (SEC) regardin…