(Bloomberg, Washington) Chairman of the US Securities and Exchange Commission (SEC), Gustler, said that the US regulatory agency will review the audit draft of Chinese companies traded in New York next week.He also supports the time required to drive out the non -compliant stock company out of the US exchange to two years.
According to Bloomberg, Genler said on Thursday (September 15) at the Senate Banking Committee hearing that Chinese officials and regulators have stated that they will comply with preliminary audit supervision agreements reached by both parties last month.However, he questioned: "I don't know if China will follow."
Examination in Hong Kong will be the first step to avoid more than 200 Chinese companies being forced to leave the US market.The potential delisting risk originated from Beijing's previous claims that there were hidden dangers of national security and leakage, and it was not allowed to view the audit drafts of mainland China and Hong Kong companies.
Genler also said: "The draft cannot be edited. The US listed company's accounting supervision committee can extract testimony from anyone in need. They can then share information with us./P>
The US Legislative Law of 2020 stipulates that if PCAOB inspectors cannot review the audit drafts in the US listed company in accordance with the requirements of Sabos Oaks Lifa in 2002, these companies will be delisted three years later.
Some US heavyweights have proposed to shorten the time required for non -compliant companies to delist to two years.Genler said that he supports this change, because this "will continue to have a suitable weight."He asked: "Even if Chinese officials and Chinese regulators allow compliance this year, what will happen next year?"
