United States of America: SEC includes Novagant Corp and Highway Holdings Limited in the conclusive list of issuers identified under the Holding Foreign Companies Accountable Act

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Description

SEC includes Novagant Corp and Highway Holdings Limited in the conclusive list of issuers identified under the Holding Foreign Companies Accountable Act

On 5 August 2022, the United States (US) Securities and Exchange Commission (SEC) opened an investigation into Novagant Corp and Highway Holdings Limited for failing to disclose financial audits and provide documents demonstrating that the companies are not 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. In case of non-compliance with the SEC regulations, the companies will not be allowed to list and sell their securities in the US.

Original source

Scope

Policy Area
Data governance
Policy Instrument
Cross-border data transfer regulation
Regulated Economic Activity
technological consumer goods
Implementation Level
national
Government Branch
executive
Government Body
other regulatory body

Complete timeline of this policy change

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2022-08-05
under deliberation

On 5 August 2022, the United States (US) Securities and Exchange Commission (SEC) opened an invest…