News & Analysis as of

Foreign Corporations China Publicly-Traded Companies

Skadden, Arps, Slate, Meagher & Flom LLP

Broad Reforms to China’s Company Law Will Affect Most PRC Companies

On December 29, 2023, China enacted the amended Company Law of the People’s Republic of China (Amended PRC Company Law), which will come into effect on July 1, 2024. These are some of the most significant changes to the laws...more

Robinson & Cole LLP

PCAOB Confirms Complete Access to Inspect and Investigate Chinese Auditing Firms

Robinson & Cole LLP on

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

Dorsey & Whitney LLP on

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

Morgan Lewis on

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

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

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

Miller Canfield

Holding Foreign Companies Accountable Act Signed into Law

Miller Canfield on

The Holding Foreign Companies Accountable Act (Act), which was signed into law by President Trump on December 18, 2020, amends the Sarbanes-Oxley Act of 2002 (Sarbanes-Oxley) and requires the Securities and Exchange...more

Skadden, Arps, Slate, Meagher & Flom LLP

Holding Foreign Companies Accountable Act Poised To Be Signed Into Law

On December 2, 2020, the U.S. House of Representatives approved the Holding Foreign Companies Accountable Act (Act). The Act is identical to the bill the U.S. Senate passed in May 2020. Most significantly, the Act requires...more

Holland & Knight LLP

U.S. Government to Take Actions Against U.S.-Listed Chinese Companies

Holland & Knight LLP on

President Donald Trump on June 4, 2020, issued the Presidential Memorandum on Protecting United States Investors from Significant Risks from Chinese Companies. It directs the President's Working Group on Financial Markets...more

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