The proposals — announced by a working group that included Steven Mnuchin, the Treasury secretary, and Jay Clayton, the chairman of the Securities and Exchange Commission — would force Chinese companies to delist from US stock exchanges unless regulators get access to their audits.
“If they come into compliance there would be very little impact,” said a senior SEC official. “With zero compliance I think you’d have a fairly significant impact.”
“Our system puts legal responsibility and significant financial consequences on auditors who sign an audit but don’t do an adequate one,” the SEC official said.
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