The new rules implement a law passed by Congress in December 2020 that aims to ensure that foreign companies listed in the U.S., particularly Chinese companies, comply with U.S. rules.
Unlike many countries, China has not allowed the SEC's accounting body, the Public Company Accounting Oversight Board (PCAOB), to inspect its auditors, certifying the accounts of Chinese companies listed in the U.S.
Chinese authorities are reluctant to let overseas regulators inspect local accounting firms due to national security concerns. U.S. regulators worry the lack of U.S. oversight is putting investors at risk.
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