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SEC finalizes rule that allows it to delist foreign stocks for failure to meet audit requirements

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Foreign public companies that are listed in the United States may be delisted if their auditors do not comply with requests for information from U.S. regulators. 

On Thursday, the Securities and Exchange Commission adopted amendments to finalize rules to implement the Holding Foreign Companies Accountable Act (HFCAA). The law was passed in 2020 after Chinese regulators repeatedly denied requests from the Public Company Accounting Oversight Board (PCAOB), which was created in 2002 to oversee the audits of public companies, to inspect the audits of Chinese firms that list and trade in the United States.

In 2020, Chinese firm Luckin Coffee fired its CEO and chief operating officer following…



Source cnbc.com

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