Head of the US SEC wants faster delisting for Chinese firms not compliant with disclosure rules

Gary Gensler is chair of the US Securities and Exchange Commission. He appeared before a Senate Banking, Housing and Urban Affairs Committee hearing on Tuesday.

Said he wants Chinese firms to comply with American auditing rules

  • And that the SEC supports ed legislation that would allow for faster delisting of those that do not.

More:

  • the SEC has “had discussions directly with the Chinese authorities” about the potential speeding up of delisting
  • “the clock is ticking”

Gensler’s testimony is in relation to the Accelerating Holding Foreign Companies Accountable Act. The bill is not yet law (the US┬áSenate passed the bill in June but the House of Representatives has yet to vote on it). If it passes it would reduce the amount of time US-traded Chinese companies have to hand over their audits to US regulators to 2 years from 3 before they can be delisted from American exchanges.

Gary Gensler is chair of the US Securities and Exchange Commission. He appeared before a Senate Banking, Housing and Urban Affairs Committee hearing on Tuesday.

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