News & Analysis as of

PCAOB Foreign Corporations

Robinson & Cole LLP

PCAOB Confirms Complete Access to Inspect and Investigate Chinese Auditing Firms

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On December 15, 2022, the Public Company Accounting Oversight Board (PCAOB), the U.S. independent regulator of public company auditing work, announced that it has completed a test inspection of two selected auditing firms in...more

Mayer Brown Free Writings + Perspectives

PCAOB Secures Complete Access to Inspect and Investigate Chinese Audit Firms, but SEC Signals Must Remain Vigilant

Last week, the U.S. Public Company Accounting Oversight Board (“PCAOB”) announced it had secured complete access to inspect and investigate issuer engagements of audit firms headquartered in China and Hong Kong, marking the...more

Dorsey & Whitney LLP

Holding Foreign Companies Accountable Act - The Impact on Chinese Companies Listed on U.S. Stock Exchanges

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The Holding Foreign Companies Accountable Act (“HFCAA”)1, in December 2020 passed by the Congress and signed into law by then-president of the United States, Donald J. Trump, is one of the most influential measures in the...more

Morgan Lewis

US-China Auditing Oversight Agreement Signals Cooperation Between Nations but Could Lead to Increased Enforcement Risk

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Due to a recent agreement between the Public Company Accounting Oversight Board and Chinese securities regulators, many US exchange–listed companies audited by accounting firms based in mainland China and Hong Kong may be...more

Mayer Brown Free Writings + Perspectives

The SEC’s Office of the Chief Accountant (“OCA”) on Audit Quality and Investor Protection Under the Holding Foreign Companies...

On September 6, 2022, the OCA released a statement regarding audit quality and investor protection under the Holding Foreign Companies Accountable Act (“HFCAA”).  The statement reiterates the importance of high quality audits...more

Jones Day

U.S. and Chinese Regulators Sign Agreement on Access to Audit Materials

Jones Day on

In Short - The Situation: The U.S. Public Company Accounting Oversight Board's ("PCAOB") ability to inspect and investigate PCAOB-registered public accounting firms in mainland China and Hong Kong was previously restricted...more

Orrick, Herrington & Sutcliffe LLP

The U.S. and China Reach Agreement on Audit Cooperation

On August 26, 2022, the U.S. and Chinese governments reached a Statement of Protocol (“SOP”) Agreement regarding cooperation on inspecting the audit work papers of U.S.-listed Chinese companies. The SOP is the culmination of...more

Cooley LLP

Is time running out under the HFCAA?

Cooley LLP on

In December 2020, the Holding Foreign Companies Accountable Act, co-sponsored by Senators John Kennedy, a Republican from Louisiana, and Chris Van Hollen, a Democrat from Maryland, was signed into law. The HFCAA amended SOX...more

Akin Gump Strauss Hauer & Feld LLP

Navigating the Holding Foreign Companies Accountable Act – The Road to Delisting or Redemption for China-based Companies

Since March, pursuant to the new Holding Foreign Companies Accountable Act (HFCAA), the U.S. Securities and Exchange Commission (SEC) has “identified” more than 135 companies that relied on auditors headquartered in mainland...more

Goodwin

OCC Seeks Feedback on Principles for Climate-Related Financial Risk Management

Goodwin on

In this Issue. The Office of the Comptroller of the Currency (OCC) is seeking feedback on principles for climate-related financial risk management for large banks; the Department of Justice’s Antitrust Division is seeking...more

Goodwin

SEC and PCAOB Prepare to Implement the Holding Foreign Companies Accountable Act

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The U.S. Securities and Exchange Commission (SEC) has adopted final amendments that, in conjunction with final rules adopted by the Public Company Accounting Oversight Board (PCAOB) earlier this year and the recent...more

Hogan Lovells

Global Accountants' Liability Update – December 2021

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Our global team of securities and professional liability lawyers at Hogan Lovells is uniquely positioned to monitor legal developments across the globe that impact accountants’ liability risk. We have experienced lawyers on...more

The Volkov Law Group

SEC Adopts Final Rule Implementing Holding Foreign Companies Accountable Act

The Volkov Law Group on

On December 3, 2021, the U.S. Securities and Exchange Commission (“SEC”) announced the adoption of a final rule that fully implements the requirements of the Holding Foreign Companies Accountable Act (“HFCAA”) enacted by the...more

Skadden, Arps, Slate, Meagher & Flom LLP

SEC Adopts Final Amendments Implementing Mandates of the Holding Foreign Companies Accountable Act

On December 2, 2021, the U.S. Securities and Exchange Commission (SEC) adopted final amendments implementing the disclosure and submission requirements of the Holding Foreign Companies Accountable Act (HFCA Act). In addition,...more

Miller Canfield

SEC Approves PCAOB Rule Governing Determinations Under the Holding Foreign Companies Accountable Act

Miller Canfield on

On November 4, 2021, the U.S. Securities and Exchange Commission (SEC) approved the Public Company Accounting Oversight Board's (PCAOB) Rule 6100, Board Determinations Under the Holding Foreign Companies Accountable Act (Rule...more

Cooley LLP

SEC adopts final amendments under the Holding Foreign Companies Accountable Act

Cooley LLP on

In December 2020, the Holding Foreign Companies Accountable Act, co-sponsored by Senators John Kennedy, a Republican from Louisiana, and Chris Van Hollen, a Democrat from Maryland, was signed into law. The HFCAA amended SOX...more

WilmerHale

SEC Finalizes Rules Implementing Requirements under the HFCAA

WilmerHale on

Yesterday, the SEC adopted amendments to finalize rules implementing the submission and disclosure requirements in the Holding Foreign Companies Accountable Act (HFCAA). These amendments finalize the interim final rules...more

Goodwin

CFPB Issues Interpretive Rule on FCRA Consumer Information Matching Requirements

Goodwin on

In This Issue. The Consumer Financial Protection Bureau (CFPB) issued an interpretive rule on Fair Credit Report Act consumer information matching requirements; the Securities and Exchange Commission (SEC) approved the Public...more

Skadden, Arps, Slate, Meagher & Flom LLP

SEC Approves PCAOB Rule Establishing Framework for Determinations Under the Holding Foreign Companies Accountable Act

On November 5, 2021, the U.S. Securities and Exchange Commission (SEC) approved the Public Company Accounting Oversight Board’s (PCAOB) Rule 6100 — Board Determinations Under the Holding Foreign Companies Accountable Act....more

Vinson & Elkins LLP

SEC Chair Announces Increased Scrutiny Of Offshore Issuers With Ties To Chinese-Based Operating Companies

Vinson & Elkins LLP on

On July 30, 2021, Securities and Exchange Commission (“SEC”) Chair Gary Gensler issued a public statement announcing that he has asked SEC staff to require additional disclosures from offshore issuers with ties to China-based...more

Dorsey & Whitney LLP

Is a Proper Audit Possible of China Operations?

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The Public Company Accounting Oversight Board published a proposed rule designed to create a framework for determinations to be made under the Holding Foreign Companies Accountable Act passed last year (HFCAA). That Act...more

Stinson - Corporate & Securities Law Blog

PCAOB Proposes Rule to Create Framework for HFCAA Determinations

The Public Company Accounting Oversight Board has proposed a new rule provide a framework for its determinations under the Holding Foreign Companies Accountable Act, or the HFCAA....more

Miller Canfield

Interim Final Rules Implementing Holding Foreign Companies Accountable Act Will Be Effective Soon

Miller Canfield on

The interim final amendments (IFR) adopted by the U.S. Securities and Exchange Commission (SEC) to Forms 10-K, 20-F, 40-F and N-CSR to implement the submission and disclosure requirements of the Holding Foreign Companies...more

Morrison & Foerster LLP

SEC Issues Amended Disclosure Rules, One Step Closer To Implementing The Holding Foreign Companies Accountable Act

On March 24, 2021, the U.S. Securities and Exchange Commission (“SEC”) issued rule amendments to implement submission and disclosure requirements mandated by the Holding Foreign Companies Accountable Act (“HFCAA” or “Act”)....more

Stinson - Corporate & Securities Law Blog

SEC Adopts Interim Amendments for the Holding Foreign Companies Accountable Act

The SEC has adopted interim final amendments to Form 10-K, Form 20-F, Form 40-F, and Form N-CSR to implement the disclosure and submission requirements of the Holding Foreign Companies Accountable Act, or the HFCA Act....more

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