S 945
Holding Foreign Companies Accountable Act
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Sign in to take action- Introduced
- Passed Senate
- Passed House
- To President
- Became Law
Bill overview
The Holding Foreign Companies Accountable Act aims to increase transparency and accountability for U.S. companies with significant ties to foreign governments. It requires companies to disclose information about foreign jurisdictions that prevent the Public Company Accounting Oversight Board (PCAOB) from auditing their financial reports. If the PCAOB cannot inspect an issuer’s accounting firm for three consecutive years, the company’s securities will be banned from trading on national exchanges, though this ban can be lifted if the company demonstrates it is not controlled by a foreign government and uses an inspected accounting firm. The bill also directs the Securities and Exchange Commission to identify issuers subject to these requirements and establish disclosure procedures.
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