The Securities and Exchange Commission chair Gary Gensler warned the hundreds of U.S.-listed Chinese firms that he was committed to the original plans to demand audit inspections or delist.
The SEC’s Gary Gensler reiterated commitment to enforcing a three-year deadline that requires Chinese firms to permit inspection of their financial audits or, if they refuse, be delisted from the New York Stock Exchange and Nasdaq as soon as 2024.
«The path is clear,» he said in a «Bloomberg» interview. «The clock is ticking.»
Increased Pressure
The SEC has ramped up the pressure as of late, recently issuing new disclosure rules after pausing IPOs from Chinese firms over lacking transparency.
Separately, a group made up of Wall Street giants and senior Chinese officials – the China-U.S. Financial Roundtable – is reportedly seeking dialogue on greater access to the mainland’s $56 trillion financial market.
