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On 2 December 2020, S.945, the Holding Foreign Companies Accountable Act, containing regulations on reporting requirements of foreign companies, was adopted following a favourable vote in the US House. The Act will now be sent to the US President for signing. 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. Specifically, such companies will be 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. Further, if a company is not subject to Board inspection for three consecutive years, the SEC will be required to prohibit the trading of its securities.
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