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Description

SEC Identifies 88 Chinese companies under Holding Foreign Companies Accountable Act

On 26 May 2022, the United States (US) Securities and Exchange Commission (SEC) identified 88 companies, most of which are Chinese, that risk 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. The firms added to the SEC list include Tencent Music Entertainment Group, DouYu International Holdings Limited, Human, I-Mab and Chindata Group Holdings Limited.

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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
other regulatory body

Complete timeline of this policy change

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2022-05-26
under deliberation

On 26 May 2022, the United States (US) Securities and Exchange Commission (SEC) identified 88 compa…