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U.S. bill aims to strip Chinese firms from stock exchanges over audits

Dec. 3 (UPI) — Federal lawmakers have approved a punitive measure to delist Chinese companies from U.S. stock markets if they deny government regulators access to vital audits.

The House on Wednesday passed the Holding Foreign Companies Accountable Act, which is aimed at hundreds of listed companies, mostly Chinese, whose audits have not been made available for inspection by the Public Company Accounting Oversight Board.

The same measure, first introduced last year, unanimously passed the Senate in May and now requires President Donald Trump’s approval. Trump is expected the sign the law.

The bill would affect more than 200 companies that trade on U.S. exchanges and have a combined value of $1.8 trillion in market capitalization.

Officials say in most cases Chinese accounting firms cite local laws related to data protection, privacy, confidentiality or national security when they don’t provide the PCAOB with requested information.

Under the new proposal, foreign

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Utah lawmakers prepare to seal contracts for lobbyists, consultants on public lands issues

Utah lawmakers prepare to seal contracts for lobbyists, consultants on public lands issues

(Francisco Kjolseth | Salt Lake Tribune file photo via AP) This May 8, 2017, file photo shows Arch Canyon within Bears Ears National Monument. With Joe Biden’s capture of the White House comes the likelihood that Utah’s two big national monuments will be restored to their original boundaries, reopening yet another front in the West’s public lands wars.

A handful of Utah lawmakers are about to negotiate contracts potentially worth a combined $1 million with two vendors — including a New Orleans-based law firm that has previously lobbied for reduction of Bears Ears National Monument and promoted the state’s attempts to take control of federal public lands.

The state Legislature’s Federalism Commission on Wednesday voted to empower four Utah lawmakers to iron out and finalize the agreements

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More US-listed Chinese firms seen seeking backup listings as new audit law looms

Many foreign companies already conform to the standard, but Chinese firms do not
AFP

The “Holding Foreign Companies Accountable Act” is expected to be soon signed into law by US President Donald Trump after it was passed by the US House of Representatives on Wednesday

The rush by US-listed Chinese companies to secure a secondary listing in Hong Kong or China is only set to intensify as the United States readies a new law allowing it to kick firms off its exchanges if they do not comply with US auditing rules.

The “Holding Foreign Companies Accountable Act” is expected to be soon signed into law by US President Donald Trump after it was passed by the US House of Representatives on Wednesday. It stipulates that failure to comply with the US Public Accounting Oversight Board’s audits for three years in a row, will mean a US delisting.

While it applies

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Andersen Global Enters Georgian Market; Adds MG Law Office – Press Release

SAN FRANCISCO–(Business Wire)–Andersen Global enters the Georgian market through a Collaboration Agreement with Tbilisi-based law firm MG Law Office, further expanding the organization’s coverage in the region.

MG Law, ranked Tier 1 by Legal 500, provides legal services to local and foreign companies, financial institutions, investment funds, governments and public enterprises. Led by its Founder and Managing Partner Archil Giorgadze and Co-Founder Nicola Mariani, the full-service firm focuses on corporate and M&A, banking, finance, energy tax and customs, arbitration and litigation, labor and employment, competition, infrastructure and real estate. The firm’s capabilities also include R&E, trading, blockchain and fintech.

“Our track record and our ability to provide best-in-class and innovative solutions with competitive fees adapted to the local market sets us apart from any other firm in Georgia,” Archil said. “Our success is attributed to our diverse group of professionals that have been working together for years and who

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The Klein Law Firm Reminds Investors of Class Actions on Behalf of Shareholders of RTX, ZSAN and BIIB

The MarketWatch News Department was not involved in the creation of this content.

December 03, 2020 (ACCESSWIRE via COMTEX) —
NEW YORK, NY / ACCESSWIRE / December 3, 2020 / The Klein Law Firm announces that class action complaints have been filed on behalf of shareholders of the following companies. There is no cost to participate in the suit. If you suffered a loss, you have until the lead plaintiff deadline to request that the court appoint you as lead plaintiff.

Raytheon Technologies Corporation (NYSE: RTX)Class Period: February 10, 2016 – October 27, 2020Lead Plaintiff Deadline: December 29, 2020

The RTX lawsuit alleges Raytheon Technologies Corporation made materially false and/or misleading statements and/or failed to disclose during the class period that: (1) Raytheon had inadequate disclosure controls and procedures and inadequate internal control over financial reporting; (2) Raytheon had faulty financial accounting; (3) as a result, Raytheon misreported its costs

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Reactions To New U.S. Audit Law That Could See Chinese Firms Kicked Off U.S. Exchanges



a close up of a sign: Reactions To New U.S. Audit Law That Could See Chinese Firms Kicked Off U.S. Exchanges


© Provided by News18
Reactions To New U.S. Audit Law That Could See Chinese Firms Kicked Off U.S. Exchanges

U.S. President Donald Trump is expected to soon sign into law a bill that will allow the United States to kick Chinese companies off its exchanges if they fail to comply with the U.S. Public Accounting Oversight Board’s audits for three years in a row. Chinese authorities have long been reluctant to let overseas regulators inspect local accounting firms, citing national security concerns. If they do not bend, then there may be little the companies themselves can do to prevent a delisting, although some analysts expect U.S. and Chinese regulators to reach a compromise sometime in the next three years. STEPHEN CHAN, PARTNER AT LAW FIRM DECHERTS, HONG KONG: “With the House now having passed the bill and the executive order blocking certain U.S. investments in Chinese companies which the U.S

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Analysis: More U.S.-listed Chinese firms seen seeking backup listings as new audit law looms

HONG KONG (Reuters) – The rush by U.S-listed Chinese companies to secure a secondary listing in Hong Kong or China is only set to intensify as the United States readies a new law allowing it to kick firms off its exchanges if they do not comply with U.S. auditing rules.

FILE PHOTO: Raindrops hang on a sign for Wall Street outside the New York Stock Exchange in Manhattan in New York City, New York, U.S., October 26, 2020. REUTERS/Mike Segar

The “Holding Foreign Companies Accountable Act” is expected soon to be signed into law by U.S. President Donald Trump after it was passed by the U.S. House of Representatives on Wednesday. It stipulates that failure to comply with the U.S. Public Accounting Oversight Board’s audits for three years in a row will mean a U.S. delisting.

While it applies to companies from any country, the

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The Gross Law Firm Announces Class Actions on Behalf of Shareholders of LVS, FAF and ZSAN

The MarketWatch News Department was not involved in the creation of this content.

December 02, 2020 (ACCESSWIRE via COMTEX) —
NEW YORK, NY / ACCESSWIRE / December 2, 2020 / The securities litigation law firm of The Gross Law Firm issues the following notice on behalf of shareholders in the following publicly traded companies. Shareholders who purchased shares in the following companies during the dates listed are encouraged to contact the firm regarding possible Lead Plaintiff appointment. Appointment as Lead Plaintiff is not required to partake in any recovery.

Las Vegas Sands Corp. (NYSE:LVS)

Investors Affected : February 27, 2016 – September 15, 2020

A class action has commenced on behalf of certain shareholders in Las Vegas Sands Corp. The filed complaint alleges that defendants made materially false and/or misleading statements and/or failed to disclose that: (i) weaknesses existed in Marina Bay Sands’ casino control measures pertaining to fund transfers;

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China testing blunders stemmed from secret deals with firms

WUHAN, China (AP) — In the early days in Wuhan, the first city first struck by the virus, getting a COVID test was so difficult that residents compared it to winning the lottery.

Throughout the Chinese city in January, thousands of people waited in hours-long lines for hospitals, sometimes next to corpses lying in hallways. But most couldn’t get the test they needed to be admitted as patients. And for the few who did, the tests were often faulty, resulting in false negatives.

The widespread test shortages and problems at a time when the virus could have been slowed were caused largely by secrecy and cronyism at China’s top disease control agency, an Associated Press investigation has found.

The flawed testing system prevented scientists and officials from seeing how fast the virus was spreading — another way China fumbled its early response to the virus. Earlier AP reporting showed how

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US pushes ahead with new rules for Chinese firms



a close up of a sign: US and Chinese flags


© Getty Images
US and Chinese flags

The US House of Representatives has passed a law to kick Chinese companies off US stock exchanges if they do not comply with the its auditing rules.

The act would also require companies to disclose whether they are owned or controlled by a foreign government.

The Holding Foreign Companies Accountable Act still needs the President’s approval.

The move coincides with a wider push to ramp up pressure on China in the final months of the Trump presidency.

In addition to the act, the US government on Wednesday moved to ban cotton imports from a company it says uses the forced labour of detained Uighur Muslims.

The US also took action against Chinese-manufactured twist ties last week, taking the rare step of imposing tariffs to counter the effects of what the US claims is Chinese currency manipulation.

China too has increased pressure, introducing export

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