June 16, 2024


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President Trump Signs The HFCAA Into Regulation Prompting SEC To Adjust Course – Company/Commercial Legislation


United States: &#13
President Trump Indications The HFCAA Into Legislation Prompting SEC To Transform Training course&#13


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On December 18, 2020, President Trump signed the Holding Overseas&#13
Companies Accountable Act (HFCAA) into law. Later on that working day, US&#13
Securities and Exchange Commission (SEC) Chairman Jay Clayton&#13
published a assertion delivering an update on a planned SEC&#13
rulemaking in light-weight of the enactment of the HFCAA. Noting the&#13
important overlap in between the HFCAA and the prepared SEC&#13
rulemaking, Chairman Clayton has directed the workers to revise the&#13
in the vicinity of-closing rule proposal to include the congressional&#13

The passage of the HFCAA, which mandates that the SEC adopt&#13
procedures relevant to reporting firms that use an auditor located&#13
in a jurisdiction where by authorities limit the General public Organization&#13
Accounting Oversight Board’s (PCAOB) potential to inspect or&#13
examine the audit company. Particularly, the SEC would have to&#13
promulgate regulations necessitating disclosure about ties to overseas&#13
governmental entities, which includes the Chinese Communist Get together. In&#13
addition, the SEC would have to prohibit investing of a firm’s&#13
securities if the SEC establishes that the company has had three&#13
“non-inspection a long time” connected to its audit.

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