Latham’s SEC Team answers seven key questions about pending legislation that could force delisting of foreign companies.
Key Points :
..Latham’s “We’ve Got Washington Covered” SEC Team provides knowledgeable viewpoints on legislation
..Foreign companies should monitor developments and continue US presence and plans
What happened?
The US Senate recently passed a bill entitled “Holding Foreign Companies Accountable Act” that gives the SEC the authority to delist any US-listed company if the company’s audit firm has a non-US office in a country in which the US Public Company Accounting Oversight Board (PCAOB) is unable to conduct complete inspections of foreign audit firms. The bill also calls for companies to provide additional disclosures with respect to foreign government control and ownership, which appears largely duplicative of existing SEC disclosure requirements for foreign companies.
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