

United States: 

President Trump Indications The HFCAA Into Legislation Prompting SEC To Transform Training course


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On December 18, 2020, President Trump signed the Holding Overseas
Companies Accountable Act (HFCAA) into law. Later on that working day, US
Securities and Exchange Commission (SEC) Chairman Jay Clayton
published a assertion delivering an update on a planned SEC
rulemaking in light-weight of the enactment of the HFCAA. Noting the
important overlap in between the HFCAA and the prepared SEC
rulemaking, Chairman Clayton has directed the workers to revise the
in the vicinity of-closing rule proposal to include the congressional
mandate.
The passage of the HFCAA, which mandates that the SEC adopt
procedures relevant to reporting firms that use an auditor located
in a jurisdiction where by authorities limit the General public Organization
Accounting Oversight Board’s (PCAOB) potential to inspect or
examine the audit company. Particularly, the SEC would have to
promulgate regulations necessitating disclosure about ties to overseas
governmental entities, which includes the Chinese Communist Get together. In
addition, the SEC would have to prohibit investing of a firm’s
securities if the SEC establishes that the company has had three
“non-inspection a long time” connected to its audit.
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