No IPOs for Unaccountable Actors Act

Bill: 117-s-1914
Sponsor: full_name: Sen. Rubio, Marco [R-FL]
Introduced: 2021-05-27
Policy area: Finance and Financial Sector
Subjects: Accounting and auditing

Corporate finance and management

Foreign and international corporations

Government studies and investigations

Securities
Latest action: action_date: 2021-05-27
text: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Summaries:
action_date: 2021-05-27
action_desc: Introduced in Senate
text: <p><strong>No IPOs for Unaccountable Actors Act</strong></p> <p>This bill prohibits the initial listing of a foreign company's securities on a national securities exchange if the Public Company Accounting Oversight Board is unable to inspect or investigate the public accounting firm retained by the company. </p>

tv_txt: II 117th CONGRESS 1st Session S. 1914 IN THE SENATE OF THE UNITED STATES May 27, 2021 Mr. Rubio (for himself and Mr. Casey ) introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs A BILL To prohibit the initial public offering of certain securities, and for other purposes.

1. Short title This Act may be cited as the No IPOs for Unaccountable Actors Act . 2. No initial public offerings for unaccountable actors (a) Definitions In this section— (1) the term Board means the Public Company Accounting Oversight Board; (2) the term Commission means the Securities and Exchange Commission; (3) the term covered entity means— (A) an entity that is headquartered in, or otherwise controlled by an entity that is headquartered in, a foreign jurisdiction in which the Board is prevented from conducting an inspection or investigation of a registered public accounting firm under section 104 of the Sarbanes-Oxley Act of 2002 ( 15 U.S.C. 7214 ) because of a position taken by an authority in that foreign jurisdiction, as determined by the Board; or (B) an entity that— (i) is headquartered in, or otherwise controlled by an entity that is headquartered in, a foreign jurisdiction; and (ii) retains a registered public accounting firm described in section 104(i)(2)(A) of the Sarbanes-Oxley Act of 2002 ( 15 U.S.C. 7214(i)(2)(A) ); (4) the terms exchange , issuer , and security have the meanings given the terms in section 3(a) of the Securities Exchange Act of 1934 ( 15 U.S.C. 78c(a) ); and (5) the term national securities exchange means an exchange registered as a national securities exchange under section 6 of the Securities Exchange Act of 1934 ( 15 U.S.C. 78f ). (b) Prohibitions regarding covered entities Beginning on the date that is 1 year after the date of enactment of this Act— (1) the Commission shall prohibit the initial listing of the securities of a covered entity on a national securities exchange; (2) if the securities of an issuer are listed on a national securities exchange and, as a result of a business combination, that issuer becomes a covered entity, the Commission shall prohibit the national securities exchange from continuing to list the securities of the issuer; and (3) a covered entity may not register a security of the covered entity under section 12(b) of the Securities Exchange Act of 1934 ( 15 U.S.C. 78l(b) ).