The Securities and Exchange Commission has finalized new rules, effective Jan. 10, under which companies that fail to comply with audits for three consecutive years will incur a five-year trading ban.
The earliest companies might be delisted would be 2024. The shares of delisted firms could continue to trade in the U.S., over the counter.
Promulgated in compliance with the Holding Foreign Companies Accountable Act (HFCAA), the rules are meant to counter Chinese companies listed on U.S. exchanges that refuse to have their audits verified.The Public Company Accounting Oversight Board ( PCAOB ) was created by the Sarbanes-Oxley Act of 2002 […]
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