U.S. Senator Marco Rubio wants to force mainland companies listed on American exchanges to submit to local oversight - or leave. But torching shares valued around $1.8 trillion is a harsh price to pay for transparency: petesweeneypro
U.S. Republican Senator Marco Rubio introduced the EQUITABLE Act in an opinion piece titled"You Can't Trust a Chinese Audit", published in the Wall Street Journal on June 4. EQUITABLE, an acronym for Ensuring Quality Information and Transparency for Abroad-Based Listings on our Exchanges, will"delist foreign companies that do not comply with U.S. accounting and oversight regulations from American exchanges”.
The law would disqualify foreign companies seeking to list on U.S. exchanges if they use accounting firms which withhold audit reports from American regulators.
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