Holding Chinese Listed Companies Accountable Act
This bill establishes stricter requirements for Chinese companies that are publicly traded.
Under current law, the Securities and Exchange Commission must delist from an exchange a publicly traded company that uses, for two consecutive years, an accounting firm not subject to Public Company Accounting Oversight Board inspections.
The bill reduces this to one year for companies that are organized under Chinese laws.
[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4879 Introduced in House (IH)]
<DOC>
118th CONGRESS
1st Session
H. R. 4879
To amend the Sarbanes-Oxley Act of 2002 to specify that the trading
prohibition for certain Chinese issuers that retain public accounting
firms that have not been subject to inspection by the Public Company
Accounting Oversight Board shall apply after 1 year, and for other
purposes.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
July 25, 2023
Mr. Luetkemeyer (for himself and Mr. Sherman) introduced the following
bill; which was referred to the Committee on Financial Services
_______________________________________________________________________
A BILL
To amend the Sarbanes-Oxley Act of 2002 to specify that the trading
prohibition for certain Chinese issuers that retain public accounting
firms that have not been subject to inspection by the Public Company
Accounting Oversight Board shall apply after 1 year, and for other
purposes.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Holding Chinese Listed Companies
Accountable Act''.
SEC. 2. TRADING PROHIBITION FOR CERTAIN CHINESE ISSUERS.
Section 104(i)(3) of the Sarbanes-Oxley Act of 2002 (15 U.S.C.
7214(i)(3)) is amended--
(1) in the paragraph heading, by inserting ``(or 1 year in
the case of a chinese company)'' after ``non-inspections''; and
(2) in subparagraph (A), in the matter preceding clause
(i), by inserting ``(or 1 non-inspection year in the case of a
covered issuer organized under the laws of the People's
Republic of China)'' after ``years''.
<all>
Introduced in House
Introduced in House
Referred to the House Committee on Financial Services.
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