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US-listed Chinese companies with Chinese auditors targeted in SEC identification plan

( March 24, 2021, 18:48 GMT | Official Statement) -- MLex Summary: The US Securities and Exchange proposed a plan for identifying primarily US-listed Chinese companies audited by Chinese accounting firms, including affiliates of the Big Four US firms, that resist inspection by US authorities at the instigation of the Chinese government. The SEC proposal seeking public comment would carry out part of a law passed by Congress in December 2020. That law would require US authorities to inspect audit work papers in firms outside the United States; if auditors fail to comply for three straight years, the company’s shares would be prohibited from trading in the US.Statement and document follow below:...

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