Congress And Nasdaq Propose Rules That May Result In Delisting Of Chinese Companies – Corporate/Commercial Law – United States

Congress and The Nasdaq Stock Market have both proposed rules that may result in the delisting of Chinese companies. On May 20, 2020, the Senate passed by unanimous consent S. 945, the Holding Foreign Companies Accountable Act, which would prohibit securities of a company from being listed on any U.S. securities exchange or traded “over-the-counter”…

CII Letter to SEC about PCAOB and China

The Council of Institutional Investors has written to the SEC to raise concerns about plans to cut back on investor protections and accounting oversight. The full letter is below. An excerpt (footnotes omitted): [We] respectfully request that the PCAOB investigate the matter to the extent possible and determine whether it is appropriate and in the…

How an Agency You’ve Never Heard of Is Leaving the Economy at Risk

David Hilzenrath and Nicholas Trevino of the Project on Government Oversight have written a monumentally important investigative report on the failure of the agency set up following the Enron/WorldCom/MCI/HealthSouth and other accounting scandals to take exactly the actions it was designed for. There is a long Washington tradition of capture of regulatory agencies by industry,…

How the accounting industry and SEC hobbled America’s audit watchdog

Reuters reports: SEC Chief Accountant James Schnurr, formerly deputy managing partner at the world’s largest accounting firm, Deloitte & Touche, has used his office’s “oversight powers to block, weaken and delay” rules from the Public Company Accounting Oversight Board (PCAOB) the independent agency set up after the Enron era to oversee the accounting firms, according…