Thursday, January 21, 2021
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Trump team set to crackdown US-listed Chinese groups


The Trump administration has issued its recommendations to ban Chinese companies that do not comply with US accounting standards from listing on American stock exchanges.

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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