United States of America: Introduced SB 2184 accelerating the trading prohibition on US stock exchange listings

On 22 June 2021, the Bill 2184 accelerating the trading prohibition on US stock exchange listings from three years to two years was introduced in the United States (US) Senate. In particular, the Bill would give the Securities and Exchange Commission (SEC) the power to delist companies that do not comply with the disclosure requirements outlined in the Holding Foreign Company Accountable Act of 2020 and the additional documents requested by the Public Company Accounting Oversight Board (PCAOB) for two consecutive years. Under the current Bill, a company that doesn’t provide the necessary documents and the PCAOB cannot inspect the foreign auditor of the company’s financial statements for three consecutive financial years, will be prohibited to list its securities in the US.