"Holding Foreign Companies Accountable Act" passed

On 18 December 2020, the President of the United States signed into law Senate Bill 945, the "Holding Foreign Companies Accountable Act". The Act requires companies publicly listed on stock exchanges in the United States to declare that they are not owned or controlled by any foreign government, and it allows delisting foreign companies from domestic stock exchanges if the audits of those companies remain shielded from the Public Company Accounting Oversight Board (PCAOB). The Securities and Exchange Commission (SEC) has been charged with designing, implementing and enforcing mechanisms for the new law.

• Type:

  • Treatment and operation (Other)

• Industry:

  • Not industry specific

• Sources:

  • United States Congress, S.945 - Holding Foreign Companies Accountable Act, https://www.congress.gov/bill/116th-congress/senate-bill/945, 18 Dec 2020
  • Squire Patton Boggs, Bipartisan Bill to Delist Chinese Companies Signed Into Law, https://www.squirepattonboggs.com/en/insights/publications/2020/12/bipartisan-bill-to-delist-chinese-companies-signed-into-law, 21 Dec 2020