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Washington D.C., Dec. 2, 2021 —

The Securities and Exchange Commission today adopted amendments to finalize rules implementing the submission and disclosure requirements in the Holding Foreign Companies Accountable Act (HFCAA). The rules apply to registrants the SEC identifies as having filed an annual report with an audit report issued by a registered public accounting firm that is located in a foreign jurisdiction and that the Public Company Accounting Oversight Board (PCAOB) is unable to inspect or investigate (Commission-Identified Issuers).

华盛顿特区.C,2021年12月2日 —

“We have a basic bargain in our securities regime, which came out of Congress on a bipartisan basis under the Sarbanes-Oxley Act of 2002. If you want to issue public securities in the U.S., the firms that audit your books have to be subject to inspection by the PCAOB,” said SEC Chair Gary Gensler. “This final rule furthers the mandate that Congress laid out and gets to the heart of the SEC’s mission to protect investors. The Commission and the PCAOB will continue to work together to ensure that the auditors of foreign companies accessing U.S. capital markets play by our rules. We hope foreign governments will, working with the PCAOB, take action to make that possible.”
“我们在我们的证券制度中有一个基本的协议,这是国会在两党协商基础上根据2002年的萨班斯-奥克斯利法案(Sarbanes-Oxley Act)达成的。如果你想在美国发行公共证券,审计你账簿的公司必须接受PCAOB的检查,”SEC主席加里·詹斯勒(Gary Gensler)说。这一最终规定进一步强化了国会的授权,触及了SEC保护投资者的核心使命。委员会和PCAOB将继续合作,确保进入美国资本市场的外国公司的审计机构遵守我们的规则。我们希望外国政府能够与PCAOB合作,采取行动使之成为可能。”

The final amendments require Commission-Identified Issuers to submit documentation to the SEC establishing that, if true, it is not owned or controlled by a governmental entity in the public accounting firm’s foreign jurisdiction. The amendments also require that a Commission-Identified Issuer that is a “foreign issuer,” as defined in Exchange Act Rule 3b-4, provide certain additional disclosures in its annual report for itself and any of its consolidated foreign operating entities. Further, the release provides notice regarding the procedures the SEC has established to identify issuers and to impose trading prohibitions on the securities of certain Commission-Identified Issuers, as required by the HFCAA.

最终修正案要求美国证券交易委员会认定的发行人向SEC提交文件,证明该公司在其外国司法管辖区是否不属于政府实体所有或控制。修正案还要求,按照《交易法》规则3b-4定义的“外国发行人”(Commission-Identified Issuer),在其年度报告中为自己及其任何合并的外国经营实体提供某些额外的披露。此外,根据HFCAA的要求,该公告还提供了关于SEC已建立的程序的通知,以确定发行者,并对某些SEC确定的发行者的证券实施交易禁令。

The SEC will identify Commission-Identified Issuers for fiscal years beginning after Dec. 18, 2020. A Commission-Identified Issuer will be required to comply with the submission and disclosure requirements in the annual report for each year in which it was identified. If a registrant is identified as a Commission-Identified Issuer based on its annual report for the fiscal year ended Dec. 31, 2021, the registrant will be required to comply with the submission or disclosure requirements in its annual report filing covering the fiscal year ended Dec. 31, 2022.


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Harvey Yan


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