Trump administration officials have urged the president to delist Chinese companies that trade on U.S. exchanges and fail to meet U.S. auditing ...
Trump administration officials have urged the president to delist Chinese companies that trade on U.S. exchanges and fail to meet U.S. auditing requirements by January 2022, Securities and Exchange Commission and Treasury officials said on Thursday.
The remarks came after President Donald Trump tasked a group of key advisers, including Treasury Secretary Steve Mnuchin and SEC Chairman Jay Clayton, with drafting a report with recommendations to protect U.S. investors from Chinese companies whose audit documents have long been kept from U.S. regulators.It also comes amid growing pressure from Congress to crack down on Chinese companies that avail themselves of U.S.
The U.S. Senate unanimously passed legislation in May that could prevent some Chinese companies from listing their shares on U.S. exchanges unless they follow standards for U.S. audits and regulations. A state Department official told Reuters the administration plans to soon scrap a 2013 agreement between U.S. and Chinese auditing authorities to set up a process for the PCAOB to seek documents in enforcement cases against Chinese auditors.
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