Chinese firms should face faster US stock delisting over audit rules, SEC chairman Gary Gensler tells lawmakers | WHAT REALLY HAPPENED X-Frame-Options: DENY X-Frame-Options: SAMEORIGIN

Chinese firms should face faster US stock delisting over audit rules, SEC chairman Gary Gensler tells lawmakers

The chairman of the Securities and Exchange Commission on Tuesday urged Chinese firms to comply with American auditing rules and said the agency supported legislation that would allow for faster delisting.

Gary Gensler, testifying before the Senate Committee on Banking, Housing and Urban Affairs, said that the agency has “had discussions directly with the Chinese authorities” about the potential speeding up of delisting and that “the clock is ticking”.

The bill – the Accelerating Holding Foreign Companies Accountable Act – would reduce the amount of time US-traded Chinese companies have to hand over their audits to US regulators to two years from three years before they can be delisted from American exchanges.

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