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EQUITABLE Act
The Ensuring Quality Information and Transparency for Abroad-Based Listings on our Exchanges Act (EQUITABLE Act) was a proposed bill to amend the Sarbanes-Oxley Act to require the U.S. Securities and Exchange Commission to de-list foreign companies traded on U.S. stock exchanges that do not comply with oversight and audit rules. Under the bipartisan bill, foreign companies traded on U.S. stock exchanges that refused to allow the Public Company Accounting Oversight Board to inspect their financial records would face de-listing. The bill was introduced in 2019 by Marco Rubio and co-sponsored by Bob Menendez, Tom Cotton, and Kirsten Gillibrand. The bill was a response to the lack of financial transparency of Chinese companies listed on U.S. stock exchanges, often resulting from reverse mergers, and defrauding of investors. See also * Holding Foreign Companies Accountable Act The Holding Foreign Companies Accountable Act is a 2020 law that requires companies publicly listed on st ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Early 21st-century Chinese Reverse Mergers
Chinese reverse mergers within the United States are accountable for 85% of all foreign reverse mergers in the early 21st century.Lee, Charles M.C., Li, Kevin K. and Zhang, Ran. (2014) ''Shell Games: Are Chinese Reverse Merger Firms Inherently Toxic?''. Stanford Graduate School of Business Working Paper No. 3063. Available at: https://www.gsb.stanford.edu/faculty-research/working-papers/shell-games-are-chinese-reverse-merger-firms-inherently-toxic A reverse merger, also known as a reverse takeover, is where a private company acquires a publicly traded firm or "shell company" that has essentially zero value on a registered stock exchange. The shell company's securities since becoming dormant are not registered under the Securities Exchange Act of 1934, where transactions on the secondary market are monitored. Reverse mergers in US markets and other countries had occurred in the past, but a large wave of Chinese companies came to the scene in the early 2000s. At the beginning of ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
United States Federal Financial Legislation
United may refer to: Places * United, Pennsylvania, an unincorporated community * United, West Virginia, an unincorporated community Arts and entertainment Films * ''United'' (2003 film), a Norwegian film * ''United'' (2011 film), a BBC Two film Literature * ''United!'' (novel), a 1973 children's novel by Michael Hardcastle Music * United (band), Japanese thrash metal band formed in 1981 Albums * ''United'' (Commodores album), 1986 * ''United'' (Dream Evil album), 2006 * ''United'' (Marvin Gaye and Tammi Terrell album), 1967 * ''United'' (Marian Gold album), 1996 * ''United'' (Phoenix album), 2000 * ''United'' (Woody Shaw album), 1981 Songs * "United" (Judas Priest song), 1980 * "United" (Prince Ital Joe and Marky Mark song), 1994 * "United" (Robbie Williams song), 2000 * "United", a song by Danish duo Nik & Jay featuring Lisa Rowe Television * ''United'' (TV series), a 1990 BBC Two documentary series * ''United!'', a soap opera that aired on BBC One from 1965-19 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
The China Hustle
''The China Hustle'' is a 2017 finance documentary produced by Magnolia Pictures and directed by Jed Rothstein. The documentary reveals systematic and formulaic decades-long securities fraud by Chinese companies listed on the US stock market. Many of the film's protagonists such as Dan David and Jon Carnes are activist shareholders and due diligence professionals who discovered the frauds, including fabricated accounting and brazen misrepresentations, and subsequently shorted the stock in order to bring about the collapse of the entities which often led to class action lawsuits, NASDAQ delistment, and SEC deregistration. Synopsis After the financial crisis of 2007–2008, as investment firms in the United States look for ways to improve clients' investment performance while earning money for themselves, they chance upon the idea of selling opportunities to unsuspecting Americans who want to get rich by participating in the "China growth story" but do not know much about the cou ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Holding Foreign Companies Accountable Act
The Holding Foreign Companies Accountable Act is a 2020 law that requires companies publicly listed on stock exchanges in the United States to disclose to the United States Securities and Exchange Commission information on foreign jurisdictions that prevent the Public Company Accounting Oversight Board (PCAOB) from conducting inspections. Under the law, such companies will be banned from trading and delisted from exchanges if the PCAOB is not able to audit specified reports for three consecutive years. The bill requires such companies to declare they are not owned or controlled by Chinese government. Background In 2019, a similar bill titled the EQUITABLE Act was introduced by Senator Marco Rubio ( R- FL) in the United States Senate over concerns certain foreign companies were non-compliant with oversight and audit rules on American stock exchanges. This was in response to the lack of compliance and transparency among Chinese companies listed on US exchanges, thereby increasing t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
The New York Times
''The New York Times'' (''the Times'', ''NYT'', or the Gray Lady) is a daily newspaper based in New York City with a worldwide readership reported in 2020 to comprise a declining 840,000 paid print subscribers, and a growing 6 million paid digital subscribers. It also is a producer of popular podcasts such as '' The Daily''. Founded in 1851 by Henry Jarvis Raymond and George Jones, it was initially published by Raymond, Jones & Company. The ''Times'' has won 132 Pulitzer Prizes, the most of any newspaper, and has long been regarded as a national "newspaper of record". For print it is ranked 18th in the world by circulation and 3rd in the U.S. The paper is owned by the New York Times Company, which is publicly traded. It has been governed by the Sulzberger family since 1896, through a dual-class share structure after its shares became publicly traded. A. G. Sulzberger, the paper's publisher and the company's chairman, is the fifth generation of the family to head the p ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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