Chinese tech firms face US ultimatum over issue of American accounting standards
Chinese tech firms in the United States could be forced to leave the US market after the country’s Securities and Exchange Commission (SEC) started implementing a law to remove foreign firms that did not comply with local accounting standards.Recently, the SEC, which regulates the US stock markets, amended the Holding Foreign Companies Accountable Act to remove from the US stock markets foreign firms that did not comply with local accounting standards.“The SEC has adopted interim final amendments to implement congressionally mandated submission and disclosure requirements of the Holding Foreign Companies Accountable Act (HFCA Act),” the SEC said in a statement.The SEC said that it was “seeking public comment on these submission and disclosure requirements” within 90 days of the date of the...