Holding Chinese Listed Companies Accountable Act

Bill: 118-hr-4879
Sponsor: full_name: Rep. Luetkemeyer, Blaine [R-MO-3]
Introduced: 2023-07-25
Policy area: Finance and Financial Sector
Latest action: action_date: 2023-07-25
text: Referred to the House Committee on Financial Services.

Summaries:
action_date: 2023-07-25
action_desc: Introduced in House
text: <p><strong>Holding Chinese Listed Companies Accountable Act </strong></p><p>This bill establishes stricter requirements for Chinese companies that are publicly traded.</p><p>Under current law, the Securities and Exchange Commission must delist from an exchange a publicly traded company that uses, for two consecutive years, an accounting firm not subject to Public Company Accounting Oversight Board inspections.</p><p>The bill reduces this to one year for companies that are organized under Chinese laws. &nbsp;</p><!--tinycomments|2.1|data:application/json;base64,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-->

tv_txt: I 118th CONGRESS 1st Session H. R. 4879 IN THE HOUSE OF REPRESENTATIVES July 25, 2023 Mr. Luetkemeyer (for himself and Mr. Sherman ) introduced the following bill; which was referred to the Committee on Financial Services A BILL To amend the Sarbanes-Oxley Act of 2002 to specify that the trading prohibition for certain Chinese issuers that retain public accounting firms that have not been subject to inspection by the Public Company Accounting Oversight Board shall apply after 1 year, and for other purposes.

1. Short title This Act may be cited as the Holding Chinese Listed Companies Accountable Act . 2. Trading prohibition for certain Chinese issuers Section 104(i)(3) of the Sarbanes-Oxley Act of 2002 ( 15 U.S.C. 7214(i)(3) ) is amended— (1) in the paragraph heading, by inserting (or 1 year in the case of a Chinese company) after non-inspections ; and (2) in subparagraph (A), in the matter preceding clause (i), by inserting (or 1 non-inspection year in the case of a covered issuer organized under the laws of the People’s Republic of China) after years .